Analyst Upgrades

• RightNow (RNOW) to overweight from neutral at Piper Jaffray.
• Vivo Participacoes (VIV) to overweight from equal weight at Barclays.
• Genesis Energy (GEL) to outperform from sector perform at RBC Capital.

Analyst Downgrades

• First Community (FCBC) and WesBanco (WSBC) to hold from buy at Stifel Nicolaus.
• Dresser Rand (DRC) to neutral from buy at Global Hunter.

MOST NOTEWORTHY: Taleo, Hatteras Financial and Harmonic were today's noteworthy initiations:

• Baird initiated Taleo (NASDAQ:TLEO) with a Neutral citing uncertainty regarding the integration plan and financial guidance regarding the Vurv acquisition.
  
• Wachovia believes Hatteras Financial (NYSE:HTS) is well-positioned to capitalize on opportunities in the Agency RMBS sector given the steep yield curve & slow mortgage payments, low expense structure, and Agency-only strategy. Shares were initiated with an Outperform rating.
  
• Brean Murray expects Harmonic (NASDAQ:HLIT) to benefit from an increased competitive environment among cable, telco, and satellite operators and their need for encoding and video stream processing equipment. Shares were assumed with a Buy rating and $13 target.

OTHER INITIATIONS:

• Jesup & Lamont initiated GP Strategies (NYSE:GPX) with a Buy rating and $12.50 target.
  
• Norfolk Southern (NYSE:NSC) was initiated at BMO Capital with a Market Perform rating.
  
• UBS assumed Genesis Energy (AMEX:GEL) with a Neutral rating and $22 target.

MOST NOTEWORTHY: BioForm Medical, Hexcel and Genesis Energy were today's noteworthy initiations:

• Jefferies initiated BioForm Medical (NYSE: BFRM) with a Buy rating and $12 target and believes the risk/reward is positive given the company's differentiated technology and the strong growth dynamics of the dermal filler market. They also think the possibility of a takeout provides a valuation floor in the stock.
  
• UBS believes Hexcel Corp. (NYSE: HXL) will grow faster than other aerospace suppliers given the production ramp in composite rich aircraft. The firm assumed coverage with a Buy rating and $30 target.
  
• Wachovia expects Genesis Energy (AMEX: GEL) to benefit from recently announced acquisitions, strong tertiary oil recovery activity by Denbury Resources (NYSE: DNR) in Mississippi, and growing industrial gas segment, starting shares with an Outperform rating..

OTHER INITIATIONS:

• Banc of America initiated Dollar Tree Stores (NASDAQ: DLTR) with a Neutral rating and $30 target.
  
• JP Morgan initiated First Horizon National Corp. (NYSE: FHN) with an Overweight rating.
  
• Sandridge Energy (NYSE: SD) was started with an Overweight rating at Lehman, a Neutral rating at Goldman and a Peer Perform rating at Bear.

Shares of Tetra Technologies Inc. (NYSE: TTI) sank more than 26% Friday after the Texas oil and gas company reported disappointing second-quarter earnings.

Tetra posted a net income of $22.9 million, or 30 cents a share, on revenue of $258.1 million. Earnings per share were 22 cents less than analysts expected. Second-quarter net income last year was $29.2 million, or 39 cents per share, on revenue of $207.1 million.

Tetra was one of several energy companies to fall short of analysts' expectations Friday. Standing out to a lesser extent was Genesis Energy LP (AMEX: GEL), which posted a net loss of $1.4 million, or 9 cents per share, for the second quarter of 2007, compared to net income of $3.4 million or 24 cents in 2006. Analysts were expecting 16 cents per share.

Just before 2 p.m. Friday, shares of Tetra were selling at $19.44, nearly $7 under Thursday's close of $26.41.

MOST NOTEWORTHY: Genesit Energy LP (GEL), EnerNoc (ENOC) and Comcast (CMCSA) were today's noteworthy initiations:

• Genesis Energy (AMEX: GEL) was initiated with a Buy rating and $40 target at Stanford, as the firm believes the company's affiliation with Denbury Resources and pending acquisition of petroleum products, terminals, and transportation businesses from the Davison family will drive rapid growth.

• EnerNoc Inc (NASDAQ: ENOC) was initiated with a Hold rating and $42 target at Jefferies, due to valuation. EnerNoc was also initiated at Morgan Stanley with an Equal Weight rating and $40 target.

• Stifel expects Comcast (OTC: CMCSA) to benefit from higher penetration levels of DVR and HDTV set-top boxes over the next several years and initiated shares with a Buy rating and $34 target.

OTHER INITIATIONS:

• Select asset managers were initiated at Credit Suisse:

• AllianceBernstein (NYSE: AB), Affiliated Managers (NYSE: AMG), Fortress Investment (NYSE: FIG), Invesco (NYSE: IVZ), Franklin Resources (NYSE: BEN) and T Rowe Price (NASDAQ: TROW) were initiated with Outperform ratings.

• Blackrock (NYSE: BLK), Calamos Asset Mgmt (NADAQ: CLMS), Eaton Vance Corp (NYSE: EV), Federated Investors (NYSE: FII), Janus Capital (NYSE: JNS), Legg Mason Inc (NYSE: LM) and Waddell & Reed (NYSE: WDR) were initiated with Neutral ratings.

• Deutsche Bank initiated Ryland Group (NYSE: RYL) with a Buy rating and $52 target, as well as Pulte Homes (NYSE: PHM) and Meritage Homes Corp (NYSE: MTH) with Hold ratings and a $23 target and $29 target, respectively.

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