Analyst upgrades:

• ThinkEquity upgraded Yahoo! (YHOO) to Buy from Hold based on valuation, checks that indicate Q2 display/search improvement, search stabilization, improved cost structure, and share repurchases.
• Societe Generale upgraded Roche Holding (RHHBY) to Buy from Hold based on expectations Avastin will be approved in breast cancer, despite negative FDA briefing documents.
• FBR Capital upgraded Atheros (ATHR) to Outperform from Market Perform based on valuation and positive checks that indicate powerline networking chips are gaining traction in China. The firm has a $43 price target on the stock.
• Juniper (JNPR) was upgraded to Buy from Hold at Canaccord.
• Ultimate Software (ULTI) was upgraded to Buy from Hold at Roth Capital.
• Liberty Property Trust (LRY) was upgraded to Market Perform at Wells Fargo.

Analyst downgrades:

• Auriga downgraded ADC Telecomm (ADCT) to Hold from Buy following the company's merger announcement with Tyco Electronics (TEL).
• TD Newcrest expects Manulife's (MFC) Q2 loss to be worse than expected due to the impact from lower interest rates. The firm cut shares to Hold from Buy.
• Goldman downgraded Perrigo (PRGO) to Sell from Neutral and lowered its target to $50 from $61. The firm cites relative valuation for the downgrade. Target to $50 from $61.
• F5 Networks (FFIV) was downgraded to Hold from Buy at Canaccord.
• Anglo American (AAUKY) and BHP Billiton (BHP) were downgraded to Neutral from Outperform at Credit Suisse.

Analyst initiations:

• QKL Stores (QKLS) was initiated with a Buy rating and $7 price target at Global Hunter.
• Rodman & Renshaw started Rick's Cabaret (RICK) with an Outperform rating.

Analyst Upgrades

• Auriga upgraded Cisco (CSCO) to buy from hold, citing the company's improving strategic position in data centers.
• Blue Nile (NILE) was raised to buy from hold by Citigroup due to the recent pullback in shares.
• DuPont Fabros (DFT) was upgraded to buy from neutral at UBS, which said that said fundamentals in the data center space have been improving.
• Baird upgraded Sterling Bancshares (SBIB) to neutral from underperform based on valuation.
• Goldman Sachs upgraded Bristol-Myers (BMY) to buy from neutral.
• Amazon.com (AMZN) was raised to conviction buy from buy by Goldman.
• Jefferies upgraded Celgene (CELG) to buy from hold.

Analyst upgrades:

• Deutsche Bank upgraded Spartech (NYSE: SEH) to Buy from Hold as it sees further upside following the company's "strong" Q2 results. The firm raised its target on shares to $10 from $2.50.
• Oppenheimer upgraded Clorox (NYSE: CLX) to Outperform from Underperform. The firm believes the company's FY10 outlook is conservative, providing room for upside, and that the valuation is compelling at current levels. Opco set a $70 price target on the stock.
• Goldman upgraded Steel Dynamics (NASDAQ: STLD) to Buy from Neutral and raised its target to $20 from $16, citing reduced balance sheet concerns following the capital raise. Note that AK Steel (NYSE: AKS) was downgraded to Neutral from Buy.
• PG&E (NYSE: PCG) was upgraded to Buy from Hold at Citigroup.
• Pool Corp. (NASDAQ: POOL) was upgraded to Outperform from Market Perform at William Blair.
• Liberty Property Trust (NYSE: LRY) was upgraded to Outperform from Market Perform at Wachovia.

Analyst upgrades:

• Citigroup upgraded shares of Liberty Property Trust (NYSE:LRY) to Hold from Sell to reflect the company's capital raises and progress on leasing over the past quarter. The firm raised their target price to $21 from $16.
  
• UBS upgraded shares of Lonmin (Other OTC:LNMIY) to Neutral from Sell as they believe Xstrata may make an offer for the company.
  
• Cantor Fitzgerald upgraded RadiSys (NASDAQ:RSYS) to Buy from Hold after the company reported better-than-expected Q4 results and provided Q1 guidance which the firm believes indicates that fiscal 2009 results will be better than expected. The firm set a target of $8.50.
• Duke Energy (NYSE:DUK) and PG & E (NYSE:PCG) were raised to Outperform from Sector Perform at RBC Capital.
  
• Techne (NASDAQ:TECH) was upgraded at Baird to Outperform from Neutral.

MOST NOTEWORTHY: Kohlberg Capital, ClickSoftware and Liberty Property Trust were today's noteworthy initiations:

• JMP Securities started shares of Kohlberg Capital (NASDAQ: KCAP) with an Outperform rating and $14 target. The firm believes Kohlberg Capital's alliance with Kohlberg and Company allows Kohlberg Capital to take advantage of considerable expertise. JMP Securities believes Kohlberg Capital has an attractive risk/reward ratio.
  
• Roth Capital initiated ClickSoftware (NASDAQ: CKSW) with a Hold rating and $3.60 target and expects EPS pressure from the depreciating dollar near-term.
  
• Liberty Property Trust (NYSE: LRY) was initiated with a Hold rating at Stifel, citing lack of internal earnings divers and fair valuation.

OTHER INITIATIONS:

• Oppenheimer initiated VisionChina Media (NASDAQ: VISN) with a Perform rating and $25 target.
  
• Merrill assumed MGM Mirage (NYSE: MGM) with a Neutral rating.
  
• Morgan Stanley started BJ's Wholesale (NYSE: BJ) and Costco (NASDAQ: COST) with Equal Weight ratings.