Analyst Upgrades

• Goldman upgraded Yum! Brands (NYSE: YUM) to Buy from Neutral on expectations business in the U.S. and China will improve in the second half of 2009. Goldman raised its target price on shares to $40 from $36.
• Canaccord upgraded Exco Resources (NYSE: XCO) to Buy from Speculative Buy citing the company's financial transactions to reduce debt. The firm, which has a $17 target on the stock, says Exco now has a stronger balance sheet, a greater geographic focus, and the ability to expedite drilling programs.
• ThinkEquity upgraded Shanda (NASDAQ: SNDA) to Accumulate from Source of Funds and raised its target to $60 from $50. The firm believes recent weakness on regulatory concerns is overdone and that Q2 estimates are conservative.
• Mack-Cali Realty (NYSE: CLI) was upgraded to Overweight from Equal Weight at Barclays.
• Marvel Entertainment (NYSE: MVL) was upgraded to Overweight from Neutral at JPMorgan.
• France Telecom (NYSE: FTE) was upgraded to Outperform from Underperform at Credit Suisse.

Analyst upgrades:

• Stephens upgraded shares of Ann Taylor (NYSE: ANN) to Overweight from Equal Weight to reflect the company's restructuring program, reductions in inventory and share repurchase program.
  
• AIMCO (NYSE: AIV) was upgraded to Buy from Hold at Deutsche Bank.
  
• UBS upgraded D.R. Horton (NYSE: DHI) to Neutral from Sell.
• Argus believes BigBand Networks (NASDAQ: BBND) is succeeding by adding new customers and driving new business with existing customers. Shares were upgraded to Buy from Hold.
  
• ThinkPanmure expects Capella Education (NASDAQ: CPLA) to attract students at a faster rate in the coming quarters and to improve operating margins. The firm raised shares to Buy from Accumulate and raised its target to $60 from $62.
• Advanced Medical (NYSE:EYE) was lifted to Hold from Underperform at Jefferies.

Analyst downgrades:

MOST NOTEWORTHY: Cougar Biotech, Penford and AtriaCure were today's noteworthy initiations:

• Oppenheimer believes Cougar Biotech's (NASDAQ: CGRB) lead compound abiraterone is well positioned to address two underserved lines of therapy in prostate cancer with highly unmet medical needs. The firm assumed coverage of Cougar with a Buy rating and $43 target.
  
• Jefferies believes Penford's (NASDAQ: PENX) initiatives to improve product mix and increase returns on capital should lift the company's valuation multiples, starting shares with a Buy rating and $33 target.
  
• AtriaCure (NASDAQ: ATRC) was initiated with an Outperform rating and $17 target at Barrington, as they have confidence the company's minimally invasive approach will be the standard of care procedure for the less invasive surgical management of atrial fibrillation.

OTHER INITIATIONS:

• Penske Automotive (NYSE: PAG) was initiated with a Reduce rating and $17 target at Calyon.
  
• Broadpoint initiated Applied Material (NASDAQ: AMAT) with a Neutral rating.
  
• Jefferies initiated eHealth (NASDAQ: EHTH) with a Buy rating and $36 target.