• 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.

Analyst upgrades:

• Janney Montgomery upgraded Aqua America (NYSE: WTR) to Buy from Neutral on valuation, viewing the recent weakness as a buying opportunity. The firm has a $19 target on the stock.
• UBS upgraded Gildan Activewear (NYSE: GIL) to Buy from Neutral due to customer Broder's improved liquidity and the improved outlook for margins.
• RBC Capital upgraded State Street (NYSE: STT) to Top Pick from Outperform and raised its target to $55 from $40. The analyst said the $2B capital raise addresses TCE ratio concerns and large unrealized losses in the investment portfolio.
• Sherwin-Williams (NYSE: SHW) was upgraded to Overweight from Neutral at JP Morgan.
• Advance Auto Parts (NYSE: AAP) was upgraded to Buy from Underperform at Banc of America/Merrill.
• M&T Bank (NYSE: MTB) was upgraded to Outperform from Market Perform at Bernstein.

In his Validea newsletter and his just published book Guru Strategies, stock advisor John Reese assesses companies based on the investment strategies of "legendary investors" such as Ben Graham and Warren Buffett.

Recently, the advisor has highlighted two retailers that pass his guru screens: Gildan Activewear (NYSE: GIL) and Jos. A. Bank Clothiers (NASDAQ: JOSB). Here's his contrarian look at the two out-of-favor firms.

"You might never have heard Gildan Activewear, a Montreal-based clothing manufacturer, but you may well have worn its products. Gildan sells T-shirts, sport shirts and fleece to wholesale distributors as 'blanks' -- that is, without logos or decorating. Screen printers then decorate the items with various designs and logos.

Even with the stimulus checks, retail sales numbers for June and July have been nothing to cheer about. And this coming week should provide another look at how things have been shaping up in the apparel and accessories arena. A number of companies are scheduled to release quarterly numbers, from upscale retailer Nordstrom to the parent of discounter TJ Maxx, from hipster Urban Outfitters to global giant Wal-Mart. Here's a look at what Wall Street is anticipating.

Analysts surveyed by Thomson Financial expect the following to report strong earnings growth when compared to the same period of the previous year.

• Urban Outfitters Inc. (NASDAQ: URBN): $0.30 EPS (+36.7%) on revenue of $448.5 million (+28.7%)
• Estée Lauder Cos. Inc. (NYSE: EL): $0.56 EPS (+19.6%) on revenue of $1.9 billion (+9.4%)
• TJX Cos. Inc. (NYSE: TJX): $0.46 EPS (+17.4%) on revenue of $4.6 billion (+6.8%)
• Fossil Inc. (NASDAQ: FOSL): $0.25 EPS (+16%) on revenue of $346.8 million (+13.2%)
• Wal-Mart Stores Inc. (NYSE: WMT): $0.84 EPS (+14.3%) on revenue of $101.7 billion (+9.3%)
• Elizabeth Arden Inc. (NASDAQ: RDEN): $0.22 EPS (+9.1%) on revenue of $237.6 million (-2.1/%)
• Abercrombie & Fitch Co. (NYSE: ANF): $0.93 EPS (+5.4%) on revenue of $872 million (+8.4%)

MAJOR PAPERS:

• U.S. mall owner and operator General Growth Properties Inc (NYSE: GGP) is reportedly shopping its portfolio for capital to pay off $18.7B of debt coming due over the next four years to potential joint venture partners, according to the Wall Street Journal.
• The Wall Street Journal also reported that Merrill Lynch & Co Inc (NYSE: MER) is expected to reported another quarterly loss this week, as well as up to $8B in new write-downs, a person familiar with the matter said. This would bring its total to more than $30B since October.
• The Financial Times reported that General Electric Company (NYSE: GE) is planning to invest up to $2B in China in acquisitions and other deals in order to double its revenues in the country...

• Barron's Online said Gildan Activewear Inc (NYSE: GIL), the leading maker of undecorated t-shirts and sweatshirts for the U.S. wholesale market, might be worth a look. All of the company's shirts are now made in Gildan-owned factories in Central America and Caribbean, allowing Gildan to achieve cost benefits of offshore manufacturing before competitors like Hanesbrands Inc (NYSE: HBI). Gildan has recently broadened its market with the acquisitions of two sock makers.

MAJOR PAPERS:

• A potential $90B deal between mining companies Companhia Vale Do Rio Doce (NYSE: RIO) and Xstrata has hit a number of snags that could possibly end talks, reported the Wall Street Journal, including that Xstrata shareholder Glencore International, which has agreements to market a large part of what Xstrata's mines, wants to expand that to include Vale products besides iron ore.
• According to people familiar with the matter, bids for Australian retail-property giant Centro Properties are expected from The Blackstone Group LP (NYSE: BX) and General Electric Company's (NYSE: GE) GE Real Estate, among others, the Wall Street Journal reported.

• Montreal-based Gildan Activewear Inc (NYSE: GIL) recently paid $135M for V.I. Prewett & Son, a supplier of private label socks to large retailers such as Wal-Mart Stores Inc (NYSE: WMT). Gildan expects socks to add about $200M in annual revenue, equal to about 20c a share, according to "The New America" column in Investor's Business Daily's.
• A strike at a key auto parts supplier has forced General Motors Corporation (NYSE: GM) to shut down a pickup plant in Pontiac, the Associated Press reported. The plant will stop production today due to the strike against the parts supplier, American Axle and Manufacturing Holdings Inc (NYSE: AXL), over a contract dispute.