Analyst Upgrades

• HSBC upgraded Massey Energy (MEE) to overweight from neutral based on improved 2011 pricing power given industry supply-side discipline. Despite the upgrade, the firm cuts its price target to $40 from $54.
• Needham upgraded Blue Coat Systems (BCSI) to buy from hold following yesterday's announcement that Michael J. Borman has been named the new CEO. The firm has a $27 price target on the stock.
• Citigroup upgraded Teekay Offshore Partners (TOO) to buy from hold after the company announced shuttle tanker contracts to reflect improved operating performance. The firm raised its target for shares to $26 from $15.
• Prosperity Bancshares (PRSP) was upgraded to equal weight from underweight at Morgan Stanley.
• Ceradyne (CRDN) was upgraded to buy from hold at Benchmark Co.
• CTC Media (CTCM) was upgraded to buy from hold at Deutsche Bank.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• ADC Telecommunications Inc. (NASDAQ: ADCT) beat Q2 estimates and raised its full-year guidance.
• Alcoa Inc. (NYSE: AA) near-term earnings prospects led to an analyst downgrade.
• Banco de Chile (NYSE: BCH) earnings prospects after an acquisition led to an analyst's upgrade.
• Benihana Inc. (NASDAQ: BNHN) posted lower Q4 profits but still beat earnings estimates.
• Bob Evans Farms Inc. (NASDAQ: BOBE) reported solid Q4 results due in part to cost management.
• Brown-Forman Corp. (NYSE: BF.B) easily beat Q4 estimates and offered full-year guidance.
• CMGI Inc. (NASDAQ: CMGI) lowered its guidance, sending shares tumbling 25%.
• Coca Cola Hellenic Bottling Co. (NYSE: CCH) warned of weaker earnings due to economic conditions.
• Conn's Inc. (NASDAQ: CONN) reported solid Q1 results and issued in-line guidance for the year.
• Dick's Sporting Goods Inc. (NYSE: DKS) earnings prospects impress analysts despite recent guidance.
• Guess? Inc. (NYSE: GES) topped Q1 expectations due to strong international expansion.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) swung to a Q1 profit despite falling revenues.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted a bigger-than-expected loss on further write-downs.

MOST NOTEWORTHY: PetSmart, Banco de Chile and Xerium Technologies were today's noteworthy upgrades:

• JP Morgan upgraded PetSmart (NASDAQ: PETM) to Overweight from Neutral citing the company's position in a relatively strong category, benefits from food inflation, and margin improvements.
  
• Deutsche Bank upgraded shares of Banco de Chile (NYSE: BCH) to Buy from Hold as they expect greater earnings power following the acquisition of Citibank Chile.
  
• Citigroup upgraded Xerium Tech (NYSE: XRM) to Buy from Hold on the success of the company's debt renegotiation. The firm also raised the company's target to $7 from $2.

OTHER UPGRADES:

• Goldman Sachs added State Street (NYSE: STT) and Lorillard (NYSE: LO) to the Conviction Buy List.
  
• Boyd Gaming (NYSE: BYD) was raised to Neutral from Sell at Banc of America.
  
• William Blair raised American Superconductor (NASDAQ: AMSC) to Outperform from Market Perform.
  
• Cameco (NYSE: CCJ) was upgraded to Buy from Neutral at UBS.