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Analyst upgrades, downgrades and initiations: LSI, ESI, UBS, CS JBHT ...

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.

Analyst upgrades:

Citigroup upgraded shares of Sovereign Bancorp (NYSE: SOV) to Buy from Hold on their belief Sovereign will merge with Banco Santander (NYSE: STD) according to the terms on their October 13 agreement.
Jefferies upgraded Whole Foods (NASDAQ: WFMI) to Hold from Underperform on valuation as they believe the capital infusion from Leonard Green limits downside risk. The company's target was raised to $11 from $9.50.
Banc of America upgraded Max Capital (NASDAQ: MXGL) to Buy from Neutral on valuation, the company's strategic changes to lower earnings volatility and their belief it is well positioned to benefit from an improved P&C marketplace.
Qimonda (NYSE: QI) was upgraded to Neutral from Underperform at Cowen.
Health Net (NYSE: HNT) was raised to Neutral from Sell at Goldman.
Parkway Properties (NYSE: PKY) was lifted to Market Perform from Underperform at Wachovia.

Analyst downgrades:

Analyst upgrades:

Goldman upgraded shares of Novartis (NYSE: NVS) to Buy from Neutral as they believe the Alcon (NYSE: ACL) acquisition has diversified the company's business.
Tyson Foods (NYSE: TSN) was upgraded to Equal Weight from Underweight on valuation.
JP Morgan raised Albermarle (NYSE: ALB) to Overweight from Neutral.
BMO Capital upgraded Wynn Resorts (NASDAQ: WYNN) to Outperform from Market Perform.
Synovus Financial (NYSE: SNV) was lifted to Buy from Hold at Sterne Agee.

Analyst downgrades:

Morgan Stanley downgraded Reynolds American (NYSE: RAI) to Underweight from Equal Weight based on the impact from Altria's (NYSE: MO) purchase of competitor UST (NYSE: UST), which may result in pricing pressure.
Goldman downgraded AstraZeneca (NYSE: AZN) to Sell from Neutral as they believe shares do not support near-term fundamentals.
Max Capital (NASDAQ: MXGL) was downgraded to neutral from Buy at Banc of America.
AudioCodes (NASDAQ: AUDC) was lowered at Merrill to Neutral from Buy.
Pinnacle Financial (NASDAQ: PNFP) was downgraded to Neutral from Outperform at Baird.