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Analyst upgrades, downgrades and initiations: DELL, IBM, IPCR, NETL ...

Analyst upgrades:

Citigroup upgraded MEMC Electronic (NYSE: WFR) to Buy from Hold after channel checks indicated solar poly price pressures are easing. The firm added MEMC to its Top Picks Live list and raised its price target on shares to $24 from $15.
FBR Capital upgraded PHH Corp (NYSE: PHH) to Outperform from Market Perform to reflect an improvement in mortgage banking fundamentals and recent management changes at the company. The firm raised its target on shares to $23 from $13.
Deutsche Bank upgraded PerkinElmer (NYSE: PKI) to Hold from Sell on valuation, seeing a balanced risk/reward at current levels. The firm raised its target on shares to $19 from $14.
Pearson plc (NYSE: PSO) was upgraded to Outperform from Neutral at Credit Suisse.
Dell (NASDAQ: DELL) was upgraded to Conviction Buy from Neutral at Goldman.
Nymagic (NYSE: NYM) was upgraded to Market Perform from Underperform at Keefe Bruyette.

Analyst upgrades:

Friedman Billings upgraded LSI Corp (NYSE: LSI) to Outperform from Market Perform as it believes the risk/reward is attractive at current levels as the company's near-term business trends are stabilizing. The firm maintains a $4 target on the stock.
Merriman upgraded shares of Medarex (NASDAQ: MEDX) to Neutral from Sell on valuation following the stock's 40% decline year-to-date.
Morgan Stanley upgraded ITT Educational (NYSE: ESI) to Overweight from Equal Weight. The firm believes valuation appropriately discounts risks from its internal lending program.
Noble (NYSE: NE) was upgraded to Buy from Neutral at Goldman and added to the Conviction Buy List.
Energizer (NYSE: ENR) was raised to Neutral from Sell at UBS.
Arch Chemicals (NYSE: ARJ) was upgraded at KeyBanc to Hold from Underweight.

MOST NOTEWORTHY: PennantPark (PNNT), Delta Air Lines (DAL) and several insurance companies were today's noteworthy initiations:

PennantPark Investment Corp. (NASDAQ: PNNT) was initiated with a Buy rating and $17 target at Jefferies. The finds shares compelling given the potential dividend growth and book multiple expansion. PennantPark was also initiated at Keefe Bruyette with an Outperform rating and $18 target, at Banc of America with a Buy rating and $16 target and at Friedman Billings with an Outperform rating and $17 target.
Delta Air Lines Inc. (NYSE: DAL) was initiated at Bear Stearns with a Peer Perform rating and at Cathay Financial with an Outperform rating.
Banc of America initiated RenaissanceRe Holdings Ltd. (NYSE: RNR) with a Buy rating and Montpelier Re Holdings Ltd. (NYSE: MRH) and IPC Holdings Ltd. (NASDAQ: IPCR) with Neutral ratings.

OTHER INITIATIONS:

Dell Inc. (NASDAQ: DELL) was initiated with a Hold rating and $24 target at Soleil.
Robert W. Baird initiated Avery Dennison Corp. (NYSE: AVY) with an Outperform rating.
Steel Dynamics Inc. (NASDAQ: STLD) was initiated with a Buy rating and $58 target at Citigroup.
Nollenberger initiated Lakes Entertainment Inc. (NASDAQ: LACO), MTR Gaming (NASDAQ: MNTG) and Full House Resorts (NYSE: FLL) with Buy ratings and Monarch Casino (NASDAQ: MCRI) with a Neutral rating.

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

#	Blogger	Posts	Cmts
1	Joseph Lazzaro	107	0
2	Tom Johansmeyer	98	3
3	Connie Madon	50	0
4	Steven Mallas	43	0
5	Mark Fightmaster	42	0
6	Tom Taulli	40	0
7	Steven Halpern	31	0
8	Trey Thoelcke	29	0
9	Melly Alazraki	26	0
10	Zac Bissonnette	24	0
11	Paul Foster	24	0
12	Brian White	22	0
13	Jon Ogg	21	0
14	Jim Cramer	21	0
15	Brent Archer	21	0
16	Elizabeth Harrow	18	0
17	Eric Buscemi	17	0
18	Sheldon Liber	13	0
19	Michael Fowlkes	8	0
20	Beth Gaston Moon	8	0

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