Analyst Upgrades

• Canaccord upgraded BHP Billiton (BHP) to buy from hold. The firm expects BHP Billiton to emerge from the downturn with better operating margins and less dependence on an economic recovery. The firm also upgraded Rio Tinto (RTP) to buy from neutral but expects BHP Billiton to outperform near-term.
• Keefe Bruyette upgraded Raymond James (RJF) to market perform from underperform after raising estimates to reflect higher revenues and lower loan loss provisioning. Despite the upgrade, the firm remains cautious on the stock.
• Goldman upgraded InterActiveCorp (IACI) to buy from neutral. The firm upgraded shares based on improved momentum for its Search and ServiceMagic units and its belief that Ask.com may be an acquisition target. The firm believes Microsoft (MSFT) could be a logical acquirer for the unit once it receives approval for the Yahoo! (YHOO) partnership.
• Baidu.com (BIDU) was raised to buy from hold at Deutsche Bank.
• Symantec (SYMC) was upgraded to outperform from market perform at Wells Fargo.
• Brookdale Senior Living (BKD) was upgraded to equal weight from underweight at Barclays.

Analyst Upgrades

• Baird upgraded Visa (V) to outperform from neutral and raised its target to $100 from $88, citing valuation and an improvement in key trends that include transactions, volume and international travel.
• FBR Capital upgraded Illinois Tool Works (ITW) to outperform from market perform to reflect valuation and expectations for earnings upside in the first half of 2010. The firm raised its target on shares to $58 from $55.
• Goldman added Brookdale Senior Living (BKD) to its conviction buy list based on a bottom in fundamentals and positive senior housing trends. The firm raised its target to $22 from $20.
• Exxon Mobil (XOM) was upgraded to buy from hold at Societe Generale.
• Newfield Exploration (NFX) was upgraded to overweight from equal weight at Barclays.
• PPD (PPDI) was upgraded to buy from hold at Jefferies.

Analyst upgrades:

• Keefe Bruyette upgraded BB&T (NYSE: BBT) to Market Perform from Underperform as it believes downside risk has been reduced following the company's capital raise. The firm raised its target price to $23 from $15.
  
• Janney Montgomery upgraded FEI Company (NASDAQ: FEIC) to Buy from Neutral on expectations margins will improve and various country stimulus packages will provide benefits in 2010. The firm has a $31 target on the stock.
  
• Citigroup upgraded Tyco Electronics (NYSE: TEL) to Buy from Hold as it believes automotive headwinds are priced in and the company's long-term fundamentals are intact. The firm raised its target price to $25 from $19.
• Barrick Gold (NYSE: ABX) was upgraded to Outperform from Sector Perform at RBC Capital.
  
• J.B. Hunt (NYSE: JBHT) was raised to Overweight from Equal Weight at Stephens.
  
• Roper Industries (NYSE: ROP) was upgraded at Oppenheimer to Outperform from Perform.

MOST NOTEWORTHY: Travelzoo Inc (TZOO) and Cisco Systems Inc (CSCO) topped today's list of noteworthy upgrades:

• Travelzoo Inc (NASDAQ: TZOO) was upgraded to Strong Buy from Underperform with a $38 target at First Albany based on valuation and the potential for significant upside in first quarter. Stifel upgraded Travelzoo to Hold from Sell, also on valuation.

• Following the company's Q2 results and guidance, Baird upgraded shares of Cisco Systems Inc (NASDAQ: CSCO) to Outperform from Neutral with a $32 target.

OTHER UPGRADES:

• AG Edwards upgraded shares of Marriott Int'l Inc (NYSE: MAR) to Buy from Hold with a $56 target. The firm believes that given recent indications of sulid industry fundamentals, Marriott is being overlooked. In addition, AG Edwards believes Marriot is poised to report strong earnings on Thursday.

• Broadcom Corp (NASDAQ: BRCM) was upgraded to Overweight from Equal Weight with a $40 target at Morgan Stanley.

• FEI Company (NASDAQ: FEIC) was upgraded by Credit Suisse to Neutral from Underperform following its Q4 report and outlook.

• Goldman added Gilead Sciences Inc (NASDAQ: GILD) to the America's Buy List based on its HIV franchise and pipeline. Goldman also upgraded Earthlink (ELNK) to Neutral from Sell on valuation.

• Baird upgraded Business Objects ADS (NASDAQ: BOBJ) to Outperform from Neutral following the company's solid Q4 report.

• Merrill Lynch upgraded British Airways ADS (NYSE: BAB) to Buy from Neutral.

• Digene Corp (NASDAQ: DIGE) was upgraded to Outperform from Market Perform at Piper Jaffray.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).