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Analyst upgrades: TEVA, NVAX, COCO, FIC and TEN

MOST NOTEWORTHY: Teva Pharma, Novavax, Corinthian Colleges, Fair Isaac and Tenneco were today's noteworthy upgrades:

Friedman Billings upgraded Teva Pharmaceutical (NASDAQ: TEVA) to Outperform from Market Perform following Teva's better-than-expected Q3 report and guidance.
Oppenheimer upgraded shares of Novavax (NASDAQ: NVAX) to Buy from Neutral based on positive expectations for Ph I/IIa pandemic influenza data, the start of clinical trials for seasonal influenza, and expected announcement of a vaccine product candidate in Q4.
Corinthian Colleges (NASDAQ: COCO) was upgraded to Buy from Neutral at Merrill following its better-than-expected Q1 report and guidance.
Citigroup upgraded of Fair Isaac (NYSE: FIC) to Buy from Hold shares to reflect the company's strong Q4 results and improved outlook.
Tenneco (NYSE: TEN) was raised to Outperform from Market Perform at Wachovia based on valuation and revenue opportunities in commercial truck market.

OTHER UPGRADES:

Energizer Holdings (NYSE: ENR) was upgraded at Bear Stearns to Peer Perform from Underperform.
Key Banc upgraded Post Properties (NYSE: PPS) to Hold from Underweight.
Morgan Stanley upgraded MetroPCS (NYSE: PCS) to Overweight from Equal Weight.
William Blair upgraded LECG Corporation (NASDAQ: XPRT) to Market Perform from Underperform.

MOST NOTEWORTHY: General Motors, Acuity Brands, Post Properties, Manpower and IMAX Corp were today's noteworthy upgrades:

UBS upgraded General Motors (NYSE: GM) to Buy from Sell citing a potential $3B in cost savings from the "transformational contract" with the UAW.
Acuity Brands (NYSE: AYI) was upgraded to Outperform from Neutral at Baird based on valuation and management's ability to execute.
Post Properties (NYSE: PPS) was raised to Neutral from Sell at Merrill Lynch following its Q3 report and guidance.
Citigroup upgraded shares of Manpower (NYSE: MAN) to Buy from Hold as they like the company's business model and balance sheet.
Soleil upgraded shares of IMAX Corporation (NASDAQ: IMAX) to Buy from hold with digital IMAX set to launch in Q208, to reflect the attractive economics of the company's new joint venture model.

OTHER UPGRADES:

Verizon Communications (NYSE: VZ) was upgraded to Market Perform from Underperform at Raymond James.
JMP Securities upgraded Actuate Corporation (NASDAQ: ACTU) to Outperform from Market Perform.
Citigroup upgraded FormFactor (FORM) to Buy from Hold and added shares to their Global Tech Conviction List.
CIBC upgraded Northgate Minerals Corporation (NYSE: NXG) to Sector Performer from Sector Underperformer.

MOST NOTEWORTHY: Forest Laboratories Inc (FRX), The St. Joe Co (JOE) and Tyco Int'l Ltd (TYC) topped today's list of downgrades:

Following the withdrawal of Orapem, Forest Laboratories Inc (NYSE: FRX) was downgraded to Sell from Hold at Citigroup, with a $47 target, given the company's dependence on two products and early stage pipeline.

The St. Joe Co (NYSE: JOE) was downgraded to Underperform from Market Perform at Wachovia, citing valuation and secondary-home sale activity which continues to pressure steady primary-home activity in core markets; BB&T also downgraded St. Joe, to Hold from Buy on valuation.

Deutsche Bank downgraded Tyco Int'l Ltd (NYSE: TYC) to Hold from Buy on valuation with a $33 target, as they find shares fairly valued heading into the separation.

OTHER DOWNGRADES:

Bank of America downgraded Alltel Corp (NYSE: AT) to Neutral from Buy on valuation and lowered its target to $58 from $66.

UBS downgraded Sohu.com Inc (NASDAQ: SOHU) to Neutral from Buy, with a $28 target, following second-quarter results. Lehman Brothers downgraded Sohu.com to Equal Weight from Overweight on the news.

Merrill also downgraded Ingersoll-Rand Co Ltd (NYSE: IR) to Neutral from Buy, citing weakness in the residential market and execution uncertainty for the downgrade.