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Analyst upgrades: CNC, EAT, HLIT, IEX and RDS.A

MOST NOTEWORTHY: Centene, Brinker International, Harmonic, Idex and Royal Dutch Shell were today's noteworthy upgrades:

Jefferies upgraded shares of Centene Corporation (NYSE: CNC) to Buy from Hold as they expect the company is benefiting from above 20% revenue growth next year and SG&A leverage opportunity over the next 12–18 months.
Bear Stearns upgraded shares of Brinker International (NYSE: EAT) to Outperform from Peer Perform as they believe Brinker's turnaround efforts can enhance shareholder value.
Friedman Billings raised shares of Harmonic (NASDAQ: HLIT) to Outperform from Market Perform based on the favorable outlook for cable and satellite spending on HD video and other projects.
The firm also upgraded Idex Corporation (NYSE: IEX) to Outperform from Market Perform, citing the company's positive 2008 outlook and solid end markets.
Goldman upgraded Royal Dutch Shell (NYSE: RDS.A) to Neutral from Sell on valuation.

OTHER UPGRADES:

CIBC upgraded J. Crew Group (NYSE: JCG) to Sector Outperformer from Sector Performer and Parker Hannifin (NYSE: PH) to Sector Performer from Sector Underperformer.
Sprint Nextel Corporation (NYSE: S) was upgraded to Outperform from Neutral at Credit Suisse.
RBC Capital Markets upgraded LaSalle Hotel Properties (NYSE: LHO) to Top Pick from Outperform.

MOST NOTEWORTHY: News Corp, Limelight Networks, Corning and Carmike Cinemas were today's noteworthy initiations:

RBC Capital is positive on News Corporation's (NYSE: NWS) strategy of investing cash flow away from mature enterprises to fund high-growth initiatives such as Sky Italia and Fox Interactive Media. The firm initiated shares with an Outperform rating and $26 target.
Kaufman Brothers rates Limelight Networks Inc (NASDAQ: LLNW) a Sell based on a significant increase in the competitive environment with Akamai discounting on large deals, Level 3 Communications Inc (NASDAQ: LVLT) introducing a competitive offering in November 2007, Korean major-CD Networks becoming aggressive, and new entrants becoming aggressive with their value propositions.
Deutsche Bank initiated Corning Inc (NYSE: GLW) with a Buy rating and $31 target as they believe shares are fundamentally undervalued given the company's strong fundamentals and promising outlook.
Carmike Cinemas Inc (NASDAQ: CKEC) was started at JP Morgan with an Overweight rating. The firm said the company is the most exposed to 3-D, which could lead to potential upside due to low margins and leverage capital structure.

OTHER INITIATIONS:

UBS started shares of St. Jude Medical Inc (NYSE: STJ) with a Sell rating and $43 target and shares of Medtronic Inc (NYSE: MDT) with a Buy rating and $64 target.
Bear Stearns initiated shares of TJX Companies Inc (NYSE: TJX) and Ross Stores Inc (NASDAQ: ROST) with Peer Perform ratings.
KeyBanc initiated shares of LaSalle Hotel Properties (NYSE: LHO) with a Hold rating.
Caris started shares of Acme Packet Inc (NASDAQ: APKT) with an Above Average rating and $17 target.

MOST NOTEWORTHY: Restaurants, CB Richard Ellis Group Inc (NYSE: CBG) and Jones Lang LaSalle Incorporated (NYSE: JLL) were today's noteworthy initiations:

Deutsche Bank initiated shares of McDonald's Corporation (NYSE: MCD) and Yum! Brands Inc (NYSE: YUM) with Buy ratings and a $61 target and $76 target, respectively, and shares of Panera Bread Company (NASDAQ: PNRA) and Chipotle Mexican Grill Inc (NYSE: CMG) with Hold ratings an a $54 target and $83 target, respectively.
Wachovia initiated shares of CB Richard Ellis with an Outperform rating, as it views CBG as a compelling investment opportunity giving its leading position in the top real estate markets and breadth of services.
Wachovia also initiated shares of Jones Lang LaSalle with an Outperform rating, as it expects JLL to benefit from international services given the increasing flow of real estate dollars across boarders and to less well developed regions of the globe.

OTHER INITIATIONS:

Citigroup initiated shares of GameStop Corp (NYSE: GME) with a Buy rating and $46 target.
Citigroup also initiated shares of The PNC Financial Services Group Inc (NYSE: PNC) with a Buy rating and $84 target.
Soleil initiated shares of Salesforce.com Inc (NYSE: CRM) with a Buy rating and $50 target.
Goldman Sachs initiated shares of 3M Company (NYSE: MMM) and LM Ericsson Telephone Company (NASDAQ: ERIC) with Neutral ratings.