Analyst Upgrades

• Advance Auto Parts (AAP) was upgraded to Perform from Underperform at Oppenheimer.
• Macquarie upgraded Gen-Probe (GPRO) and Beckman Coulter (BEC) to neutral from underperform.
• Tyco (TYC) was upgraded to neutral from reduce at Nomura.
• BofA/Merrill upgraded Cousins Properties (CUZ) to buy from underperform.
• Morgan Stanley upgraded Energy Conversion (ENER) to equal weight from underweight.
• Thermo Fisher (TMO) was upgraded to buy from hold at Auriga.

Analyst upgrades:

• Citigroup upgraded shares of Salesforce.com (NYSE: CRM) to Buy from Hold on valuation following the recent weakness and expects positive seasonality in the second half of 2008.
  
• Gilat Satellite (NASDAQ: GILT) was upgraded to Outperform from Market Perform at William Blair on valuation.
• Cott Corp (NYSE: COT) was raised at UBS to Neutral from Sell.
  
• EOG Resources (NYSE: EOG) was upgraded to Market Perform from Underperform at Bernstein.
  
• Integra LifeSciencues (NASDAQ: IART) was raised to Buy from Hold at Argus.

Analyst downgrades:

• Jefferies downgraded shares of Marvell Tech (NASDAQ: MRVL) to Hold from Buy on HDD inventory concerns and share loss at Research in Motion (NASDAQ: RIMM) after checks indicated MRVL likely lost the design for the RIM Javelin to Freescale. The firm lowered their target to $15 from $22.
  
• Oppenheimer downgraded Integrated Device (NASDAQ: IDTI) to Perform from Outperform as they believe the upcoming Intel (NASDAQ: INTC) server memory transition will pressure shares for several quarters.
  
• Broadpoint downgraded shares of Healthaways (NASDAQ: HWAY) to Neutral from Buy as they see few near-term catalysts.

MOST NOTEWORTHY: Overseas Shipholding, Tenet Healthcare and Luxottica were today's noteworthy upgrades:

• Bear upgraded Overseas Shipholding Group (NYSE: OSG) to Outperform from Peer Perform following its Q4 results, citing seasonal strength.
  
• Tenet Healthcare (NYSE: THC) was upgraded to Hold from Underperform at Jefferies after quarterly operating trends showed signs of stabilization.
  
• Goldman raised Luxottica Group (NYSE: LUX) to Buy from Neutral and added shares to their Conviction Buy List as they find the valuation attractive at current levels.

OTHER UPGRADES:

• UBS raised Telefonica (NYSE: TEF) to Buy from Neutral.
  
• Goldman added El Paso Pipeline Partners (NYSE: EPB) to its Conviction Buy List.
  
• Royal Ahold (OTC: AHONY) was upgraded to Buy from Neutral at Merrill Lynch.

MOST NOTEWORTHY UPGRADES:

• There were no notable upgrades today.

MOST NOTEWORTHY DOWNGRADES:

• Bear Stearns downgraded MSC Industrial (NYSE:MSM) shares to Peer Perform from Outperform following yesterday's durable goods data as they believe the U.S. maintenance, repair and overhaul market could modestly slow in the near-term.
  
• Citigroup downgraded shares of Golden Telecom (NASDAQ:GLDN) to Hold from Buy and lowered their target to $105, equal to the takeout offer from VimpelCom.
• Chicago Bridge & Iron (NYSE:CBI) was downgraded to Neutral from Add at Capital One Southcoast.

MOST NOTEWORTHY INITIATIONS:

• Lehman Brothers initiated El Paso Pipeline (NYSE:EPB) with an Overweight.
  
• Alliant Techsystems NYSE:ATK) was initiated with a Neutral at Cowen, which said expectations for ATK are high.

MOST NOTEWORTHY UPGRADES:

• Potash Corp. (NYSE: POT) was upgraded to Buy from Neutral at Goldman based on the company's unprecedented sustainable pricing power.

MOST NOTEWORTHY DOWNGRADES:

• Resources Connection (NASDAQ: RECN) was downgraded to Equal Weight from Overweight at Morgan Stanley.

MOST NOTEWORTHY INITIATIONS:

• Credit Suisse believes Willbros Group Inc. (NYSE: WG) is well-positioned to capitalize on increased pipeline construction. The firm started shares with an Outperform rating and $46 target.
  
• CIBC, which said Rubicon Tech (NASDAQ: RBCN) is the leading sapphire supplier with the most advanced and highest quality substrate, views the company as uniquely positioned to leverage fast ramping LED volumes as new applications drive demand. CIBC initiated Rubicon with a Sector Outperformer rating and $23 target.
• Citigroup initiated El Paso Pipeline (NYSE: EPB) with a Buy rating and $28 target.
  
• Keefe Bruyette initiated Mercer Insurance (NASDAQ: MIGP) with a Market Perform rating and $19 target.
  
• Internet Brands (NASDAQ: INET) was initiated with an Overweight rating and $14 target at Thomas Weisel.

MOST NOTEWORTHY: First Bancorp. and Volcom were today's noteworthy initiations:

• B. Riley initiated First Bancorp. (NYSE: FBP) with a Buy rating, citing the company's balance sheet growth, reduced expenses and strong capital base.
  
• Volcom Inc. (NASDAQ: VLCM) was also initiated with a Buy rating by B. Riley, as the firm believes the company can grow its business through further penetration into domestic markets, brand extension into new categories and increased demand for its brands.

OTHER INITIATIONS:

• Energy Solutions (NYSE: ES) was initiated with an Equal Weight rating by Morgan Stanley.
• Goldman Sachs started El Paso Pipeline (NYSE: EPB) with a Buy rating.
• 3PAR Inc. (NYSE: PAR) was initiated with an Outperform by RBC Capital Markets.