Analyst upgrades:

• Keefe Bruyette upgraded KeyCorp (NYSE: KEY) to Outperform from Market Perform due to valuation and the company's capital position. The firm has an $8 target price on the stock.
• BofA/Merrill upgraded its view of the semiconductor sector and upgraded Intel (NASDAQ: INTC) and Marvell Technology (NASDAQ: MRVL) to Buy from Neutral, LSI Corp. (NYSE: LSI) to Buy from Underperform, and Maxim (NASDAQ: MXIM) and National Semiconductor (NYSE: NSM) to Neutral from Underperform. The firm now sees 2010 revenue growth of 21% vs. its prior estimate of 14% due to improving electric demand and lean inventories.
• Thomas Weisel upgraded Vital Images (NASDAQ: VTAL) to Overweight from Market Weight based on compelling valuation and potential upside from its new ViTAL Enterprise product offering.
• Jones Apparel (NYSE: JNY) was upgraded to Buy from Neutral at Goldman.
• Hess Corp. (NYSE: HES) was upgraded to Overweight from Equal Weight at Barclays.
• Nationwide Health (NYSE: NHP) was upgraded to Outperform from Market Perform at Morgan Keegan.

• KeyBanc upgraded Epicor (NASDAQ: EPIC) to Buy from Hold based on several near-term catalysts that include possible convertible debt repurchases, reasonable Q4 results, a proxy fight, and a boost from the Epicor 9 product cycle in 2H09.
  
• KeyBanc also upgraded AK Steel (NYSE: AKS) to Buy from Hold based on relative valuation and said the company could benefit from lower iron ore, scrap natural gas, and labor inputs.
  
• JP Morgan upgraded Lennar (NYSE: LEN) to Overweight from Neutral based on relative valuation.
• Marriott (NYSE: MAR) was upgraded to Buy from Neutral at Goldman.
  
• Raymond James (NYSE: RJF) was raised to Market Perform from Underperform at Wachovia.
  
• Deere (NYSE: DE) was upgraded to Outperform from Market Perform at Bernstein.

Analyst upgrades:

• Deutsche Bank upgraded shares of UBS (NYSE: UBS) to Buy from Hold following the company's Q3 update as they believe the quarter marks a turning point.
• Merill raised BP Plc (NYSE: BP) and Total SA (NYSE: TOT) to Neutral from Underperform.
• DISH Network (NASDAQ: DISH) was lifted to Hold from Sell at Soleil.
  
• Friedman Billings upgraded Sovereign Bancorp (NYSE: SOV) to Market Perform from Underperform as they believe the company's deposits are showing stability despite the massive sell-off.
  
• Kaufman Bros. raised Longtop Financial (NYSE: LFT) to Buy from Hold on valuation as they believe Chinese software service stocks now reflect the investment risks.
• Lear (NYSE: LEA) was upgraded to Hold from Sell at Citigroup.

• Morgan Stanley downgraded eBay (NASDAQ: EBAY) to Equal Weight from Overweight citing checks that indicate deteriorating trends are worst than expected.
  
• Juniper (NASDAQ: JNPR) and Pediatrix Medical (NYSE: PDX) were downgraded to Market Perform from Outperform at Morgan Keegan.
  
• Merrill cut StatoilHydro (NYSE: STO) to Underperform from Neutral.
  
• HSBC (NYSE: HBC) was lowered to Market Perform from Outperform at Keefe Bruyette.

Analyst upgrades

• Rodman & Renshaw upgraded shares of Amgen (NASDAQ: AMGN) to Outperform from Market Perform following the positive top line results from the FREEDOM study. The firm established an $80 target. Jefferies upgraded shares to Buy from Hold following the positive top-line efficacy and safety results for Denosumab in PMO as they view it as a "big win." The firm raised their target to $71 from $47.
• Best Buy (NYSE: BBY) was upgraded to Buy from Neutral at Banc of America.
  
• Goldman upgraded Kimberly Clark (NYSE: KMB) to Neutral from Sell and Dick's Sporting Good (NYSE: DKS) to Buy from Neutral.
  
• Rowan Companies (NYSE: RDC) was lifted at JP Morgan to Neutral from Underweight.

• Jesup & Lamont downgraded shares of Moog (NYSE: MOG.A) to Neutral from Buy on concerns of the company's high rate of R&D and its relative valuation. Keefe Bruyette downgraded shares of Federated Investors to Market Perform from Outperform following the company's lower than expected Q2 results and cut their target to $35.
  
• Ryanair (NASDAQ: RYAAY) was cut to Hold from Buy at Citigroup.

• Morgan Joseph believes Amgen (NASDAQ: AMGN)'s positive FREEDOM trial results will have a profound and lasting impact on the company's growth but also on its scientific credibility. The firm initiated coverage with a Buy rating and $77 target.
• Piper assumed Ctrip.com (NASDAQ: CTRP) with a Neutral rating and Epicor Software (NASDAQ: EPIC) with a Buy rating and $8 target.
  
• Banc of America initiated Britannia Bulk (NYSE: DWT) with a Buy rating and $19 target.

Analyst upgrades:

• Jefferies upgraded shares of Ensco International (NYSE: ESV) to Buy from Hold on valuation as they find the company's long-term EPS growth and potential upside from the GOM/Mexico jack-up market compelling.
  
• Friedman Billings upgraded Juniper (NASDAQ: JNPR) to Outperform from Market Perform following the better-than-expected Q2 report. The firm raised Juniper's target to $29 from $27.
  
• Friedman Billings upgraded shares of Southwestern Energy (NYSE: SWN) to Outperform from Market Perform on valuation following the recent weakness. Southwestern's target was raised to $43 from $40.
• Chipotle Mexican Grill (NYSE: CMG) was upgraded to Neutral from Underperform at Merrill.
  
• Merrill also upgraded Delta (NYSE: DAL) to Buy from Neutral.

• Baird downgraded Crocs (NASDAQ: CROX) to Neutral from Outperform following the company's weak Q2 report and guidance.
• Merriman cut Nautilus Group (NYSE: NLS) to Sell from Neutral to reflect the company's dependence on the consumer home fitness market at a time when consumer spending trends are weakening. The firm believes shares are overvalued and could potentially decline to the $4.00-$4.50 level.
• E.W. Scripps (NYSE: SSP) was downgraded at JP Morgan to Neutral from Overweight.
  
• HSBC lowered Daimler AG (NYSE: DAI) to Neutral from Overweight.
  
• Epicor Software (NASDAQ: EPIC) was downgraded to Hold from Buy at KeyBanc.

Altera (NASDAQ: ALTR) is up almost 10% on good earnings news.

IBM (NYSE: IBM) is up 2% on a strong quarter and raised guidance.

Nokia (NYSE: NOK) is down 10% after missing analyst forecasts for its quarter.

Epicor Software (NASDAQ: EPIC) is off over 14% on lower guidance.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.