Analyst Upgrades

• NYSE Euronex (NYX) to conviction buy from neutral at Goldman.
• General Dynamics (GD) to buy from hold at Citigroup.
• Deere (DE), Parker-Hannifin (PH) and ExlService (EXLS) to overweight from neutral at JPMorgan.
• Aflac (AFL) to outperform from market perform at FBR Capital.
• Wynn Resorts (WYNN) to buy from neutral at Janney Capital.
• Amdocs (DOX) to buy from neutral at UBS.
• Juniper (JNPR) to buy from hold at ThinkEquity.
• Rudolph Tech (RTEC) and KLA-Tencor (KLAC) to perform from underperform at Oppenheimer.
• Hershey (HSY) and Pinnacle Entertainment (PNK) to outperform from market perform at Wells Fargo.
• Spirit AeroSystems (SPR) to equal weight from underweight at Morgan Stanley.
• Micron (MU) to outperform from neutral at RW Baird.

Cloud computing is red-hot in the tech world. And yes, it has been a money-maker for investors, especially shareholders in Salesforce.com (CRM).

No doubt, there are other strong players in the market. But it can be easy to get overlooked.

An example is NetSuite (N). The company is a pioneer in cloud computing, getting its start in 1998. Since then, NetSuite has built a comprehensive offering of business applications for things like inventory, HR, e-commerce, accounting and so on.

MOST NOTEWORTHY: Spirit Aerosystems, Genpact and SEI Investments were today's noteworthy initiations:

• Friedman Billings believes Spirit Aerosystems (NYSE: SPR) is well-positioned on key aircraft platforms and has significant revenue visibility. The firm started shares with an Outperform rating and $33 target.
  
• Baird is positive on Genpact's (NYSE: G) recurring, non-discretionary revenue, strong growth in Global Client revenue, market leading position; shares were assumed with an Outperform rating and $16 target.
  
• SEI Investments (NASDAQ: SEIC) was initiated with a Market Perform rating and $27 target at Keefe Bruyette, as they are cautious in the near-term due to industry headwinds.

OTHER INITIATIONS:

• Merrill Lynch initiated Sirius Satellite (NASDAQ: SIRI) with a Sell rating.
  
• Lehman started Tiffany & Co (NYSE: TIF) with an Overweight rating and $52 target.
  
• Oppenheimer initiated Cavium Networks (NASDAQ: CAVM) with a Perform rating.

MOST NOTEWORTHY: Staples, Office Depot, GlobalSCAPE and CytRx were today's noteworthy initiations:

• Jefferies initiated shares of Staples Inc (NASDAQ: SPLS) with a Hold rating and $22-$24 target. The firm finds the current valuation fair given the increased risk of excess store growth in the industry, increased promotional activity and deceleration of employment growth.
  
• Jefferies expects shares of Office Depot Inc (NYSE: ODP) to trade sideways given the company's accelerating store growth, greater promotional activity and execution issues. The firm resumed coverage with a Hold rating and $22-$24 target.
  
• Soleil started shares of GlobalSCAPE Inc (AMEX: GSB) with a Buy rating and $12 target, as they believe the company has the opportunity to grow revenues around 35%-40% annually and is an attractive acquisition candidate for suitors who address the corporate networking infrastructure marketplace.
  
• Cytrx Corporation (NASDAQ: CYTR) was initiated with a Buy rating and $6 target at Oppenheimer, as they are optimistic regarding the market potential of arimoclomol in amyotrophic lateral sclerosis and sees several catalysts approaching over the next 12-18 months.

OTHER INITIATIONS:

• Deutsche Bank started shares of Alliance Imaging Inc (NYSE: AIQ) and Pediatrix Medical Group Inc (NYSE: PDX) with Hold ratings and target of $10.50 and $70, respectively.
  
• Credit Suisse started shares of Accenture Ltd (NYSE: ACN), Genpact Limited (NYSE: G) and Cognizant Technology Solutions Corporation (NASDAQ: CTSH) with Outperform ratings and targets of $50, $20 and $53, respectively.

MOST NOTEWORTHY: Sigma Designs, Satyam and Genpact were today's noteworthy initiations:

• Deutsche Bank initiated shares of Sigma Designs (NASDAQ: SIGM) with a Buy rating and $62 target, as they believe the company can maintain its leadership position in the fast-growing IPTV and high-def DVD markets. Baird said Sigma's IPTV momentum is accelerating, Blu-ray demand in strong, and Ultrawideband is the next growth opportunity. The firm resumed coverage with an Outperform rating.
  
• Banc of America started shares of Satyam Computer Services (NYSE: SAY) with a Neutral rating and $39 target on valuation, as they believe better value exists in peers Cognizant Technology (NASDAQ: CTSH) and Infosys Technologies (NASDAQ: INFY).
  
• UBS initiated Genpact (NYSE: G) with a Neutral rating and $18 target on valuation.

OTHER INITIATIONS:

• Goldman resumed coverage of HealthSpring (NYSE: HS) with a Neutral rating and $23 target.
  
• Wachovia initiated Gentiva Health (NASDAQ: GTIV) with an Outperform rating.

Genpact likes to work in the background. That is, the company manages business processes for other companies. These include collections, customer service, supply chain management, and IT infrastructure. A big part of Genpact's operations are in India.

Now, the company has filed to go public, and it looks like it will be a big one as Genpact is the creation of General Electric Co. (NYSE: GE).

The company has a repository of knowledge of best practices among many verticals, in-depth experience in Six Sigma and expertise in managing thousands of different processes across the globe.

The growth has been rapid. There are now 35 new clients and revenues are $613 million. The headcount is 28,000 and more than 5,500 employees are Six Sigma trained.

Besides the backing of GE, Genpact has private equity investments from General Atlantic and Oak Hill Capital Partners.

The lead underwriters include Morgan Stanley (NYSE: MS), Citigroup (NYSE: C), and JPMorgan (NYSE: JPM). The proposed ticker symbol is "G."

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.