Analyst Upgrades

• Credit Suisse upgraded Alliant Techsystems (ATK) to outperform from neutral following the company's increased FY11 guidance. The firm has an $85 target on the stock.
• FBR Capital upgraded Hyatt Hotels (H) to market perform from underperform following the company's Q2 results. The firm raised its target for shares to $44 from $38.
• BB&T upgraded to Smithfield Foods (SFD) to buy from hold, citing tighter supplies, strong pork prices and improving export demand. The firm has a $19 target on the stock.
• Holly (HOC) was upgraded to outperform from market perform at BMO Capital.
• Cogent Communications (CCOI) was upgraded to outperform from neutral at Cowen.
• Catalyst Health (CHSI) was upgraded to overweight from equal weight at First Analysis.

Analyst upgrades:

• Citigroup upgraded American Express (NYSE: AXP) to Buy from Hold and added the stock to its Top Picks Live list following the company's investor day. Citi believes American Express' credit trends are improving and raised its price target on shares to $36 from $28.
• Janney Montgomery upgraded Gardner Denver (NYSE: GDI) to Buy from Neutral after meeting with management to reflect expectations for EPS growth in 2010 and valuation. The firm has a $38 target on the stock.
• BofA/Merrill upgraded Freeport McMoRan (NYSE: FCX) to Buy from Underperform and raised its target to $87 from $49 based on strong copper fundamentals.
• Cbeyond (NASDAQ: CBEY) was upgraded to Overweight from Equal Weight at Stephens.
• Gibraltar Industries (NASDAQ: ROCK) was upgraded to Outperform from Neutral at Baird.
• Fortress (NYSE: FIG) was upgraded to Outperform from Market Perform at Keefe Bruyette.

Analyst upgrades:

• UBS upgraded Kansas City Southern (NYSE:KSU) to Buy from Neutral and lowered its target to $26 from $35 citing valuation.
  
• Gabelli upgraded Media General (NYSE:MEG) to Hold from Sell because the firm thinks that Harbinger Capital has sold most of its shares in the company. As a result, the firm thinks the stock will be under less selling pressure.
  
• Eagle Bulk Shipping (NASDAQ:EGLE) was upgraded to Neutral from Underperform at Merrill Lynch.
• Centene (NYSE:CNC) was raised to Buy from Neutral at Goldman.
  
• Ralcorp (NYSE:RAH) was upgraded at Credit Suisse to Outperform from Neutral.
  
• Interpublic Group (NYSE:IPG) was upgraded to Equal Weight from Underweight at Morgan Stanley.

Analyst downgrades:

• Keefe Bruyette downgraded Healthcare Realty(NYSE:HR) to Market Perform from Outperform on concerns the company's development activity could be dilutive to near-term earnings.
  
• Citigroup downgraded Satyam (NYSE:SAY) to Sell from Buy as they believe the company's acquisition plans, and subsequent cancellation of the deals, will lessen investor confidence in the name.
  
• Oppenheimer downgraded Apple (NASDAQ:AAPL) to Perform from Outperform citing Steve Jobs cancellation of his annual key note speech at Macworld on January 6. The analyst said the unexpected announcement underscores Apple's long-term dependence on Job's health and its lack of succession plan.
• Baird downgraded Carlisle NYSE:CSL)to Neutral from Outperform.
  
• Gibraltar Industries (NASDAQ:ROCK) was downgraded at Piper Jaffray to Sell from Buy.
  
• NetApp (NASDAQ:NTAP) was cut to Accumulate from Buy at ThinkPanmure.

Analyst initiations:

• Citigroup believes the acquisition of Barr enhances Teva's (NASDAQ:TEVA) growth. The firm started shares with a Buy rating and $52 target.
  
• Suntrust initiated American Express (NYSE:AXP) with a Reduce citing slowing growth and greater-than-industry deterioration in credit quality.
  
• Roth Capital initiated The Buckle (NYSE:BKE) with a Hold rating and $17 target citing the deteriorating macro environment.
• Amazon.com (NASDAQ:AMZN) and Allegheny Tech (NYSE:ATI) were assumed with Neutral ratings and targets of $52 and $26, respectively, at UBS.
  
• Digital Realty (NYSE:DLR) was initiated at Piper Jaffray with a Buy rating.
  
• Mylan (NYSE:MYL) was started with an Overweight rating and $15 target at JP Morgan.

MOST NOTEWORTHY: Teva Pharmaceutical, Blue Coat Systems and American International Group were today's noteworthy upgrades:

• Deutsche Bank upgraded shares of Teva Pharmaceutical (NASDAQ: TEVA) to Buy from Hold to reflect the company's greater growth prospects following the acquisition of Barr (NYSE: BRL). The firm raised the target to $56 from $47.
  
• ThinkPanmure upgraded Blue Coat Systems (NASDAQ: BCSI) to Buy from Source of Funds based on the company's growth prospects following positive channel checks.
  
• American International Group (NYSE: AIG) was raised to Buy from Neutral at Banc of America on valuation, as they find the risk/reward attractive at current levels.

OTHER UPGRADES:

• Goldman upgraded the Semiconductor Production Equipment sector to Neutral from Cautious and added Verigy (NASDAQ: VRGY) to its Conviction Buy List.
  
• Morgan Stanley upgraded Whole Foods (NASDAQ: WFMI) and Cintas (NASDAQ: CTAS) to Equal Weight from Underweight.
  
• Gibraltar Industries (NASDAQ: ROCK) was raised to Buy from Neutral at Piper.

Gibraltar Industries (NASDAQ: ROCK) manufactures residential and commercial building products and processed metal products for industrial applications. The Building Products segment offers ventilation systems, mailboxes, roof edging, flashing, metal roofing, steel framing, gutters, shelving and fasteners. The Processed Metal unit fashions cold-rolled strip steel into a variety of intermediate products for companies in the automotive and hardware industries. It also provides coated sheet steel and powdered metal. The firm operates 81 facilities in the United States, Canada, China, England, Germany and Poland.

Gibraltar surprised the Street earlier in the month, when it reported Q1 EPS of 27 cents and revenues of $325.5 million. Analysts had been expecting 14 cents and $317.6 million. The CEO attributed success to growth in the company's commercial building, industrial and international businesses. Management also guided FY08 EPS to $1.05-$1.25 ($1.02 consensus).

MOST NOTEWORTHY: Morgan Stanley, Boardwalk Pipeline and Brasil Telecom were today's noteworthy downgrades:

• Oppenheimer downgraded Morgan Stanley (NYSE: MS) to Perform from Outperform based on limited upside to its revised earnings outlook.
  
• RBC downgraded shares of Boardwalk Pipeline (NYSE: BWP) to Sector Perform from Outperform following the company's Q4 results, due to overruns and project delays.
  
• Brasil Telecom (NYSE: BRP) was lowered to Neutral from Overweight at JP Morgan on corporate governance share concerns.

OTHER DOWNGRADES:

• Wachovia lowered Gibraltar Industries (NASDAQ: ROCK) and Masco (NYSE: MAS) to Market Perform from Outperform.
  
• Citigroup lowered Blue Nile (NASDAQ: NILE) to Hold from Buy.

On the ABC show Brothers and Sisters, one of the main characters (a brother) is gay, and currently dating a soap star. The soap star is keeping his yen for a boyfriend a secret at all costs as he's sure his fans will revolt if he's exposed. I keep wondering if the plotline is a serious examination of daytime television fans and their bigotry or the writers are just poking fun at the ridiculousness of any star in today's climate hiding homosexuality. It seems that many stars have increased their bankability by coming out, from Ellen DeGeneres to her gorgeous girlfriend, Portia de Rossi.

And today, the news that Cyndi Lauper is launching her 'True Colors Music Tour' to support gay and lesbian equality appeared in my inbox and I have to wonder, is Cyndi Lauper gay? (As far as I know, she's not; she's been married to a man for years and they appear happily heterosexual.) Or is her association with the gay audience simply a marketing tool?

Let me start out by saying that (a) I support GBLT rights and only got the news because I had clicked to back gay marriage and (b) I really, really want to go to Cyndi Lauper's tour. But the point is that I've been beginning to wonder if being gay has gone from anachrony to characteristic, and an attractive characteristic at that, kind of like being from a small town in Oklahoma, or being connected in the tabloids with the hottest, youngest actor of the moment.