Analyst upgrades:

• Citigroup upgraded Bristol-Myers (NYSE: BMY) to Buy from Hold. Citigroup upgraded shares on their belief the company has one of the best three year growth rates among peers.
  
• Rio Tinto (NYSE: RTP) was upgraded to Buy from Underperform at Merrill Lynch. Merrill upgraded Rio Tinto following the company's debt repayment plan announcement.
  
• Credit Suisse upgraded Societe Generale (OTC: SCGLY) to Outperform from Neutral. Credit Suisse upgraded shares on valuation.
  
• Alberto-Culver (NYSE: ACV) was added to Conviction Buy List; maintain Buy at Goldman.
  
• American States Water Co. (NYSE: AWR) was upgraded to Buy from Hold at Jesup & Lamont.
  
• Hawaiian Electric (NYSE: HE) was upgraded to Outperform from Neutral at RW Baird.

Analyst downgrades:

MOST NOTEWORTHY: Gen-Probe, Monster Worldwide, LabCorp and Quest Diagnostics were today's noteworthy initiations:

• Deutsche Bank initiated shares of Gen-Probe (NASDAQ: GPRO) with a Buy rating and $78 target and expects the company's broad product portfolio in Clinical Diagnostics and Blood Screening to drive growth.
  
• CIBC initiated Monster Worldwide (NASDAQ: MNST) with a Sector Performer rating, as they believe their macro concerns are more important than the company's intermediate-term prospects and its position within the global recruiting market.
  
• William Blair views the valuation of LabCorp (NYSE: LH) as compelling given the company's growth outlook. The firm started shares off with an Outperform rating.
  
• William Blair also initiated Quest Diagnostics (NYSE: DGX) with a Market Perform rating, and prefers a wait-and-see approach as the company's diversification strategy unfolds.

OTHER INITIATIONS:

• Wachovia initiated Cleco (NYSE: CNL), ITC Holdings (NYSE: ITC) and Aqua America (NYSE: WTR) with Outperform ratings and American States Water (NYSE: AWR) with a Market Perform rating.
  
• Baird resumed coverage of Ritchie Bros (NYSE: RBA) with a Neutral rating and $78 target.