Analyst Upgrades

• Intel (INTC) was upgraded to overweight from equal weight and Autodesk (ADSK) to equal weight from underweight at Morgan Stanley.
• Citigroup upgraded Blackrock (BLK) to buy from hold.
• 99c Only Stores (NDN) was upgraded to buy from hold at Deutsche Bank.
• PetSmart (PETM) was upgraded to overweight from equal weight at Barclays.
• Piper Jaffray upgraded Ruth's Hospitality (RUTH) and Morton's Restaurant (MRT) to overweight from neutral.
• BioMed Realty (BMR) was upgraded to market perform from underperform at FBR Capital.
• Wells Fargo upgraded Piedmont (PDM) to market perform from underperform.

Analyst Upgrades

• Keefe Bruyette upgraded East West Bancorp (EWBC) to outperform from market perform after the company acquired assets from Washington First International Bank. The firm has a $21 price target for shares.
• Piper Jaffray upgraded Amylin (AMLN) to overweight from neutral, citing valuation and Bydureon's profile. The firm maintains a $26 price target for shares.
• Soleil upgraded MGM Mirage (MGM) to hold from sell, citing signs of stabilization in Vegas and valuation. The firm upped its target for shares to $13 from $11.10.
• T. Rowe Price (TROW) was upgraded to outperform from market perform at FBR Capital.
• JetBlue (JBLU) was upgraded to buy from neutral at BofA/Merrill.
• NetEase.com (NTES) was upgraded to buy from hold at Standpoint Research.

Analyst Upgrades

• Wells Fargo upgraded Universal Health (UHS) to outperform from market perform to reflect the company's potential acquisition of Psychiatric Solutions (PSYS). The firm sees a 60% chance of Universal Health acquiring Psychiatric Solutions and estimates the deal would be accretive.
• Oppenheimer upgraded Lamar Advertising (LAMR) to outperform from perform following the company's Q1 results and Q2 guidance as it expects growth to pick up in Q3. The firm has a $44 price target for shares.
• UBS upgraded Las Vegas Sands (LVS) to buy from neutral based on valuation and Singapore outlook. The firm raised its price target to $28 from $24.
• Priceline.com (PCLN) was upgraded to buy from hold at ThinkEquity.
• Alcoa (AA) Was upgraded to outperform from market perform at BMO Capital.
• Brookfield Asset Management (BAM) was upgraded to outperform from neutral at Credit Suisse.

Analyst Upgrades

• Piper Jaffray upgraded Tractor Supply Co. (TSCO) to neutral to underweight ahead of the company's investment meeting Tuesday and raised its target on shares to $55 from $46.
• Barclays upgraded Norfolk Southern (NSC) to overweight from equal weight, citing earning potential and core price fundamentals. The firm raised its target to $52 from $55.
• KeyBanc upgraded Denbury Resources (DNR) to buy from hold based on expectations that the EAC acquisition has material value that is not reflected in shares. The firm has a $19 target on shares.
• BP Plc (BP) was upgraded to buy from neutral at BofA/Merrill.
• Abercrombie & Fitch (ANF) was upgraded to neutral from underperform at Cowen.
• Rowan Companies (RDC) was upgraded to sector perform from underperform at RBC Capital.

MOST NOTEWORTHY: AU Optronics (AUO), RightNow Tech (RNOW), Alaska Air (ALK), Nordstrom (JWN), Gap (GPS) and Old Dominion Freight Line (ODFL) were today's noteworthy upgrades:

• HSBC upgraded AU Optronics (NYSE: AUO) to Overweight from Neutral following the company's Q2 results.

• Jefferies raised RightNow Technology (NASDAQ: RNOW) to Buy from Hold, believing low expectations have created a buying opportunity and that fundamentals remain intact.

• JP Morgan upgraded shares of Alaska Air (NYSE: ALK) to Overweight from Netural on valuation.

• Citigroup upgraded Nordstrom (NYSE: JWN) to Buy from Hold on valuation; they consider the recent pullback a buying opportunity.

• Citigroup upgraded Gap (NYSE: GPS) to Buy from Hold from valuation and expects for better execution and cost savings in 2008 under the new CEO.

• Credit Suise upgraded Old Dominion Freight Line (NASDAQ: ODFL) to Outperform from Neutral on valuation...

OTHER UPGRADES:

• Merriman upgraded MicroTune (NASDAQ: TUNE) to Buy from Neutral.

• Citirgroup raised Aeropostale (NYSE: ARO) to Hold from Sell.

• Merrill upgraded Cathay General (NASDAQ: CATY) to Neutral from Sell.

• The NYSE Euronext (NYSE: NYX) was upgraded to Neutral from Sell.

• Wachovia raised shares of Wendy's (NYSE: WEN) to Market Perform from Underperform.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Nortel Networks Corp (NT), Bristol-Myers Squibb Co (BMY) and the select airliners were today's most noteworthy downgrades:

• Goldman cut Nortel Networks (NYSE: NT) to Sell from Neutral as the firm believes shares fully discount a successful execution on the cost restructuring.

• HSBC downgraded Bristol-Myers Squibb (NYSE: BMY) to Underweight from Neutral.

• JP Morgan sees few catalysts to drive airline shares higher and has downgraded the following stocks:

• AMR Corp (NYSE: AMR) and US Airways Group, Inc (NYSE: LCC) to Neutral from Overweight; Alaska Air Group, Inc (NYSE: ALK) and UAL Corp (NASDAQ: UAUA) to Underweight from Overweight; Continental Airlines, Inc (NYSE: CAL) and JetBlue Airways Corp (NADAQ: JBLU) to Underweight from Neutral.
  

OTHER DOWNGRADES:

• Keefe Bruyette downgraded Countrywide Financial Corp (NYSE: CFC) to Underperform from Market Perform, citing the impact of tighter credit standards for the move.

• OfficeMax Inc (NYSE: OMX) was cut to Underperform from Peer Perform at Bear Stearns.

• Matrix USA downgraded PepsiCo, Inc (NYSE: PEP) to Hold from Buy on valuation.

• Merrill Lynch downgraded Dean Foods Co (NYSE: DF) to Sell from Neutral.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Hess Corp (HES), American Home Mortgage Investment Corp (AHM) and Anglo American plc (AAUK) were today's noteworthy downgrades.

• Lehman Brothers downgraded Hess Corp (NYSE: HES) to Underweight from Equal-Weight based on valuation.
• American Home Mortgage Investment Corp (NYSE: AHM) was cut to Underperform from Market Perform at Keefe Bruyette, to Market Perform from Outperform at Friedman Billings, to Equal-Weight from Overweight at Lehman Brothers, to Sell from Hold at Citigroup and to Hold from Buy at Deutsche Bank.
• Anglo American plc (NASDAQ: AAUK) was downgraded to Underperform from Market Perform at BMO Capital Markets based on valuation.

OTHER DOWNGRADES:

• Murphy Oil Corp (NYSE: MUR) was cut to Equal-Weight from Overweight at Lehman.
• Credit Suisse downgraded Alaska Air Group, Inc (NYSE: ALK) to Neutral from Outperform.
• Gabelli downgraded shares of A. Schulman, Inc (NASDAQ: SHLM) to Hold from Buy to reflect the company's weak second-quarter.
• Raymond James downgraded Avnet, Inc (NYSE: AVT) to Market Perform from Outperform.
• Blyth, Inc (NYSE: BTH) was cut to Sell from Hold on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).