The stock of Frontline Ltd. (FRO), which I first discussed here on April 28, 2009 at a price of $19.17, continues to meander at/near $26.

A shipper and operator of very large crude carriers (VLCC) and Suezmax tankers, Frontline has been hindered by a volatile spot tanker market, as only about 25-27% of its work is tied to fixed-rate contracts.

Frontline should post a double-digit revenue increase in 2011, but that's contingent on several variables, including day rates, fleet utilization rates, and operating expenses, each of which could vary substantially. The possibility of oil production disruptions in Middle East nations stemming from political/social unrest adds another unknown variable for at least the quarter ahead, perhaps longer.

Analyst Upgrades

• Heico (HEI) to outperform from market perform at FBR Capital.
• Eaton (ETN), Silgan Holdings (SLGN), MYR Group (MYRG) and Shaw Group (SHAW) to outperform from neutral at RW Baird.
• Infosys (INFY) to buy from Neutral at Nomura.
• Isle of Capri (ISLE) to buy from neutral at Merriman.
• NovaGold (NG) to sector perform from underperform at RBC Capital.
• CarMax (KMX) and Rockwell Collins (COL) to outperform from neutral at Credit Suisse.
• DHT Holdings (DHT) to overweight from neutral at JPMorgan.
• Cabot Oil & Gas (COG) to overweight from underweight at Morgan Stanley.

Frontline Ltd. (FRO), which I first discussed here on April 28, 2009, at a price of $19.17, continues to meander.

A shipper and operator of very large crude carriers (VLCC) and Suezmax tankers, Frontline has been hindered by a volatile spot tanker market, as only 34% of its work is tied to fixed-rate contracts.

Frontline, currently trading at/near $26, should post a 20-25% revenue rise in 2011, but that's contingent on a host of variables, including day rates, fleet utilization rates, and operating expenses, each of which could vary substantially in the year ahead.

Analyst Upgrades

• Deere (DE) to outperform from market perform at Wells Fargo.
• American Eagle (AEO) to buy from neutral at Janney Capital.
• FedEx (FDX) and Shaw (SJR) to outperform from neutral at Credit Suisse.
• Superior Energy (SPN) and Rowan Cos. (RDC) to overweight from equal weight at Barclays.
• Tesoro (TSO) to outperform from neutral at Macquarie.
• Mechel (MTL) to buy from neutral at Goldman.
• SunPower (SPWRA), LDK Solar (LDK) and First Solar (FSLR) to buy from hold at ThinkEquity.

Frontline Ltd. (FRO), which I first discussed here on April 28, 2009 at a price of $19.17, appears to have weathered the U.S.'s deepwater offshore oil drilling moratorium reasonably well, but given sector uncertainty, it's perfectly reasonable for more-cautious investors to close their FRO position now, and take the roughly $7 gain.

However, those investors who can tolerate high-risk can retain their full position and go for a possible larger gain.

Dayrates for the company's very large crude tankers (VLCCs) and Suezmax tankers rose to an average of $45,300 and $31,800 in the first quarter, respectively, up from $33,200 and $21,300 in the fourth quarter of 2009.

Analyst Upgrades

• Janney Montgomery upgraded MasterCard (MA) to buy from neutral. The firm has a $250 price target on the stock.
• Lazard upgraded Frontline (FRO) to hold from sell following the better than expected Q1 report.
• Knight Capital (NITE) was upgraded at BMO Capital to outperform from market perform. The firm cites valuation and improved fundamentals for the downgrade. The firm has an $18 price target on the stock.
• Royal Dutch Shell (RDS.A) was upgraded to overweight from equal weight at Barclays.
• Carnival (CCL) was upgraded to neutral from sell at Goldman.
• Computer Sciences (CSC) was upgraded to buy from hold at Stifel Nicolaus.

Shipping leaser Frontline Ltd. (FRO) which I first wrote about on April 28, 2009 at a price of $19.17, has finally entered smoother waters. And it's about time.

Dayrates for the company's very large crude tankers (VLCCs) and Suezmax tankers rose to $33,200 and $21,300 in the fourth quarter, respectively.

Further, the calculation here is that 2010 global GDP growth with be sufficient to maintain an adequate-to-high oil price of $60-80 per barrel. That should be enough to keep tanker dayrates firm. The economic bears argue sluggish GDP growth will weigh on oil demand, depressing oil's price, and thus reduce demand for tankers. As they say in The Bronx, N.Y., we'll believe it when we see it, hence the risk/return remains tipped in favor of an FRO position.

Ship leasor Frontline Ltd.'s (FRO) stock has risen substantially since since the initial recommendation on April 28, 2009, at $19.17, but the company's longer-term outlook is still giving institutional investors the jitters. It's a close call, but I'm reiterating the buy rating.

Dayrates for very large crude containers and Suezmax tankers -- expected to firm late in 2009 -- did not, due to a large increase in the worldwide fleet and production cuts by OPEC. The First Call FY2009/FY2010 EPS estimates for Frontline are $1.34 to $1.65.

Analyst Upgrades

• Deutsche Bank upgraded Research in Motion (RIMM) to hold from sell to reflect the company's Q3 results and guidance. The firm raised its target price on shares to $75 from $60.
• Keefe Bruyette upgraded Northern Trust (NTRS) and State Street (STT) to outperform from market perform to reflect valuation and favorable longer-term secular trends. The firm keeps a $58 price target on Northern Trust and a $51 target on State Street.
• UBS upgraded Universal Health (UHS) to buy from neutral and raised its target to $38 from $31. The firm said hospital checks indicate bad debt has not increased vs. Q3 and that Universal Health should report an in-line to better-than-expected Q4.
• Take-Two Interactive (TTWO) was upgraded to hold from sell at Kaufman Bros.
• Whiting Petroleum (WLL) was raised to outperform from market perform at Wells Fargo.
• BP Plc (BP) was upgraded at Goldman to buy from neutral.

Though the earnings season is winding down, and the coming week includes the Thanksgiving holiday in the U.S., plenty of reports are still due out. And analysts surveyed by Thomson Reuters don't seem to be expecting too many turkeys among this week's bunch.

Leading U.S. meat processor Tyson Foods Inc. (TSN), which has just named a new chief executive officer and a new chief operating officer, is expected to report fiscal fourth-quarter earnings of $0.26 per share, up from $0.14 in the same period of last year. But revenue is expected to total $6.9 billion, or 4.3% less than a year ago. The full-year forecast is for a profit of $0.25 per share (-16.7) on $26.4 billion (-3.9%) in sales. This dividend payer has offered upside surprises in the past two quarters, topping estimates by 11 cents per share in the third quarter.

TheStreet.com's Jim Cramer says it's not too late to get on board these rocket ships.

During the great narrow bull market that was 2006-2007, anyone who hitched a ride on any bulk or oil carrier, any DryShips (DRYS) (Cramer's Take) or Diana (DSX) (Cramer's Take), or any Frontline (FRO) (Cramer's Take) or Nordic American Tanker (NAT) (Cramer's Take), or anyone who bought anything ag-related -- Deere (DE) (Cramer's Take), Monsanto (MON) (Cramer's Take), Potash (POT) (Cramer's Take) -- looked like a genius.

Beginning midyear last year, you looked like a moron.

Analyst upgrades:

• Wells Fargo upgraded Qualcomm (QCOM) to outperform from market perform. The firm believes key risks have been eliminated, such as the license dispute with Nokia (NOK) and litigation with Broadcom (BRCM), and thinks Qualcomm is well-positioned for handset unit shipments growth. Wells has a $50 to $60 target range on shares.
• Oppenheimer upgraded Juniper Networks (JNPR) to outperform from perform as it views shares as compelling at current levels and thinks the company is well positioned for 2010. Opco set a $31 price target on the stock.
• FBR Capital upgraded Frontline (FRO) to outperform from market perform after raising its rating on the tanker industry to overweight. The firm raised its target on shares to $33 from $23.
• PetSmart (PETM) was upgraded to buy from neutral at Goldman.
• Career Education (CECO) was upgraded to equal weight from underweight at Barclays.
• Rosetta Resources (ROSE) was upgraded to buy from neutral at SunTrust.

Frontline Ltd.'s (FRO) stock has risen only incrementally since the April 28, 2009 Buy recommendation at $19.17, but the view from here maintains that considerable upside remains, hence I'm reiterating the buy rating. Here's why:

The spot market rate for Frontline's very large crude carriers (VLCC) and Suezmax tankers is likely to stabilize, with a modest improvement in rates heading into the second half of 2010.

Analyst upgrades:

• FBR Capital upgraded Frontline (NYSE: FRO) to Market Perform from Underperform to reflect the company's above-average day rates and alleviated near-term financing pressures. The firm raised its target on shares to $23 from $14.
• Baird upgraded Varian Medical (NASDAQ: VARI) to Outperform from Neutral and said checks at ESTRO meeting indicate European radiation therapy market demand will remain "respectable" in 2010 and that launch of Unique could drive incremental demand in developing markets. The firm has a $49 target on shares.
• Goldman believes GameStop (NYSE: GME) Street expectations are beatable and valuation is attractive. The firm upgraded shares to Conviction Buy from Neutral and has a $28 target.
• Borg-Warner (NYSE: BWA) was upgraded to Outperform from Market Perform at Wells Fargo.
• KKR Financial (NYSE: KFN) was upgraded to Outperform from Market Perform at JMP Securities.
• Cathay Pacific (OTC: CPCAY) was upgraded to Outperform from Neutral at Credit Suisse.

During the Chicago Bulls' great run of NBA championships, Michael Jordan was once asked if he was worried about competing against an impressive Utah Jazz team in the finals one year.

"Not really," Jordan said.

Likewise with my stance toward Frontline Ltd. (NYSE: FRO). FRO has meandered somewhat since recommended on April 28, 2009 at $19.17, but just look on that as an extended buy opportunity. I'm reiterating my Buy rating for FRO.