Analyst Upgrades

• Las Vegas Sands (LVS) to outperform from neutral at Credit Suisse.
• Boston Scientific (BSX) to outperform from sector perform at RBC Capital.
• Windstream (WIN) to buy from hold at Citigroup.
• Expeditors (EXPD) to buy from neutral at UBS.
• A123 Systems (AONE) to neutral from underperform and Chesapeake Midstream (CHKM) to buy from neutral at BofA/Merrill.
• AvalonBay (AVB) to outperform from neutral and Post Properties (PPS) to neutral from underperform at Cowen.

Analyst Upgrades

• Valero Energy (VLO) to outperform from perform at Oppenheimer.
• Changyou.com (CYOU) to overweight from equal weight at Morgan Stanley.
• Albermarle (ALB) to overweight from neutral at JPMorgan.
• ICU Medical (ICUI) to buy from neutral at Roth Capital.
• Check Point (CHKP) to outperform from market perform at Bernstein.
• FMC Corporation (FMC) to buy from neutral at BofA/Merrill.
• Rangold Resources (GOLD) to neutral from sell at Goldman.
• Global Cash Access (GCA) to buy from hold at Duncan-Williams.

This post is one in a series in which more than 60 newsletter advisors share their Top Stock Picks for 2011. This special report is courtesy of TheStockAdvisors.com.

"Our top pick for 2011 is natural gas producer (RRC), which is on our recommended buy list," says Geoffrey Seiler.

The editor of BullMarket.com explains, "With natural gas prices depressed, we think now is the time to buy low, and Range is one of the best-positioned companies in the natural gas sector, both in terms of growth, assets, and being a low-cost producer.

Analyst Upgrades

• Citigroup upgraded Endo Pharmaceuticals (ENDP) to buy from hold and raised its price target for shares to $40 from $28 following the company's acquisition of Qualitest. The firm believes the deal makes financial and strategic sense. Shares were also upgraded to outperform from perform at Oppenheimer with a $40 price target following the company's acquisition of Qualitest. The firm views the deal as potentially transformative for Endo.
• Goldman upgraded Carnival (CCL) to buy from neutral, citing low supply growth and cost-cutting measures. The firm also raised its price target to $44 from $36.
• Needham upgraded Jabil Circuit (JBL) to strong buy from buy with a $23 target.
• Siliconware Precision (SPIL), United Microelectronic (UMC) and Advanced Semiconductor (ASX) were upgraded to buy from underperform at BofA/Merrill.
• Check Point (CHKP) was upgraded to overweight from equal weight at Morgan Stanley.
• Raymond James (RJF) was upgraded to buy from neutral at Ticonderoga.

Analyst Upgrades

• UBS said Martin Marietta's (MLM) Q2 showed evidence of leverage to a recovery and the firm views risk/reward in shares as attractive. Shares were upgraded to buy from neutral, but its price target was lowered to $96 from $101.
• Soleil upgraded Regis (RGS) to buy from hold after the company said it is exploring strategic options. The firm raised its target for shares to $26 from $14.
• Wunderlich upgraded Sirius XM Radio (SIRI) to buy from hold with a $1.50 price target following the company's Q2 results. The firm believes Sirius' product continues to resonate with healthier higher-end consumers and notes that CEO Mel Karmazin said a resolution could be reached with Howard Stern by the Q3 conference call.
• Magellan Midstream (MMP) was upgraded to outperform from sector perform at RBC Capital.
• Savient (SVNT) was upgraded to neutral from underperform at BofA/Merrill.
• EMS Tech (ELMG) was upgraded to buy from hold at Needham.

Analyst Upgrades

• Piper Jaffray upgraded Dreamworks (DWA) to overweight from neutral following the company's Q2 results. The firm also raised its target for shares to $38 from $30.
• Stephens upgraded Global Payments (GPN) with a $50 price target following the company's Q4 results. Note, shares were downgraded this morning at Janney Montgomery.
• BMO Capital upgraded Carrizo Oil & Gas (CRZO) to outperform from market perform, citing the company's planned exploration activity. The firm raised its price target to $27 from $23.
• eHealth (EHTH) was upgraded to perform from underperform at Oppenheimer and to buy from neutral at BofA/Merrill.
• NASDAQ OMX (NDAQ) was upgraded to buy from hold at Stifel Nicolaus.
• C.H. Robinson (CHRW) was upgraded to outperform from market perform at BMO Capital.

Analyst Upgrades

• Credit Suisse upgraded Blackrock (BLK) to outperform from neutral and added shares to its U.S. Focus List. The firm cites valuation for the upgrade. The firm raised its target to $280 from $270.
• Keefe Bruyette upgraded Greenhill & Co. (GHL) to outperform from market perform following the company's acquisition of Caliburn. The firm raised its price target for shares to $110 from $82.
• Deutsche Bank upgraded Athenahealth (ATHN) to buy from hold, citing the removal of the company's accounting overhang and a strong long-term outlook. The firm raised its price target for shares to $51 from $40.
• Ann Taylor (ANN) was upgraded to neutral from underperform at BofA/Merrill.
• Jacobs Engineering (JEC) was upgraded to sell from conviction sell at Goldman.
• Sterling Bancorp (STL) was upgraded to outperform from market perform at BMO Capital.

Analyst Upgrades

• Oppenheimer upgraded Abercrombie & Fitch (ANF) to outperform from perform as it finds the risk/reward on shares attractive and believes the company's Q4 results and easing comparisons could serve as positive catalysts. The firm set a $46 price target on shares.
• Bernstein upgraded 3M Company (MMM) to outperform from market perform based on expectations the company will continue to beat and raise guidance and that the organic growth rate will continue to improve. The firm raised its target to $99 from $90.
• Roth Capital expects Nvidia (NVDA) to benefit from its new GPU platform Fermi in Q1, resulting in a PC business recovery. Additionally, the firm, which upgraded shares to buy from hold and has a $21 target, expects Nvidia to offset Intel (INTC) declines by selling low-end GPUs compatible with Intel's Pinetrail and Westmere platforms.
• Syngenta (SYT) was upgraded to buy from hold at Collins Stewart.
• Cameron (CAM) was raised to overweight from neutral at HSBC.
• Sigma-Aldrich (SIAL) was lifted to outperform from neutral at Baird.

"Exxon's big acquisitions often serve as a blueprint for the rest of the industry," says energy sector advisor Elliott Gue, referring to its recent $41 billion acquisition of natural gas producer XTO Energy.

In Personal Finance newsletter, he says, "The landmark deal represents a major bet on the future of natural gas and sets the stage for a raft of similar acquisitions by energy majors in 2010." Here's a look at four favorites in the sector.

TheStreet.com's Jim Cramer says the biggest companies can lobby their way to huge profits.

Anyone serious about climate change knows that coal is the worst enemy of the environment. We can have all of the electric cars we want, if they are hooked into a coal-based utility system then the gains are irrelevant. We can also be sure that while all sorts of companies, like the General Electrics (GE) (Cramer's Take) and Cokes (KO) (Cramer's Take) and Nikes (NKE) (Cramer's Take) and Nestles, support climate control, they are not equal to one Southern Company (SO) (Cramer's Take), which is an important coal-burning company and a huge lobbyist for the coal industry.

Our nation has a two-pronged climate philosophy: pushes on conservation and on renewables. Neither is enough to get us through the next 10 years; we can't produce enough renewable energy at a cheap price and we can't caulk our way out of the jam.

Analyst upgrades:

• Citigroup upgraded Phillips-Van Heusen (NYSE: PVH) to Buy from Hold following the company's Q1 results as it believes management is executing well in the current environment and that the company could meet the high end of guidance. The firm raised its price target to $24 from $19.
  
• Friedman Billings upgraded Cliffs Natural (NYSE: CLF) to Outperform from Market Perform as it believes capacity utilization has stabilized and CLF's valuation is attractive at current levels. The firm raised its price target to $27 from $23.
  
• Thomas Weisel believes demand at Microchip's industrial (NASDAQ: MCHP) customers has troughed and that market share loss concerns are unwarranted. The firm upgraded shares to Overweight from Market Weight and raised its target to $27 from $19.
• CBS Corp (NYSE: CBS) was upgraded to Neutral from Sell at Goldman.
  
• U-Store It Trust (NYSE: YSI) was raised to Outperform from Neutral at Baird.
  
• Ener1 (NASDAQ: HEV) was lifted at Banc of America/Merrill to Buy from Neutral.

"We sense a turn for the better coming in the oil sector," says Peter Way who tracks 'big money' investors for his Block Trader Oil & Gas Report. Here's his look at the "big block" traders.

"When we use the hedging analysis employed in our stock price forecasts, there are significant differences between some adjacent futures expirations. Here's the current picture:

"Front month (November) hedging suggests likely near-term higher prices. But the December contracts are likely to continue the past 3-month price decline – briefly.

"After that we could see crude rise over a few months into the $115-125 area or even higher, providing a bullish backdrop for most energy stocks. We sense a turn for the better coming in this sector.

"Several issues are selling at attractive prices now. Among major integrated producers, the standout prospect among the big oils is Petrochina (NYSE: PTR).

MOST NOTEWORTHY: Invesco, Kimberly Clark and Crawford & Company were today's noteworthy initiations:

• Jefferies finds Invesco (NYSE: IVZ) compelling given the company's focus on expense control, strong cash flow characteristics, and attractive valuation. Shares were assumed with a Buy rating and $33 target.
  
• Caris started Kimberly Clark (NYSE: KMB) with a Below Average rating and $58 target. The firm believes consensus estimates may be too high given the high cost of commodities.
  
• Suntrust started Crawford & Company (NYSE: CRDB) with a Buy rating and $8 target, and believes the company is at the "front end" of a turnaround in operations.

OTHER INITIATIONS:

• Bernstein initiated Energizer Holdings (NYSE: ENR) with an Outperform rating and $100 target.
  
• BMO Capital assumed Range Resources (NYSE: RRC) with an Outperform rating and $85 target.
  
• Intrepid Potash (NYSE: IPI) was started with a Sell rating and $40 target at Soleil.

MOST NOTEWORTHY: Mechanical Technology, Range Resources and Venoco Inc were today's noteworthy initiations:

• Merriman assumed coverage of Mechanical Technology (NASDAQ:MKTY) with a Buy rating and expects share appreciation as they company pursues the large market for charging and powering cell phones, digital cameras, digital video equipment and PDAs. They believe a 12-month stock price range of $2.50-$3.00 is justified.
  
• Jefferies initiated Range Resources (NYSE:RRC) with a Buy rating and $65 target as they believe the company is well-positioned to generate above-average production/reserve growth over the next several years.
  
• Venoco (NYSE:VQ) was initiated with a Hold rating and $21 target at Jefferies. The firm thinks some slippage in the timing of pipeline projects is possible and feels the company's 2008 production outlook could prove to be overly optimistic.

OTHER INITIATIONS:

• Bank of New York (NYSE:BK) was initiated with an Outperform rating at William Blair.
  
• Deutsche Bank initiated Medco Health (NYSE:MHS) with a Buy rating and $130 target.
  
• Societe Generale started Philips Electronics (NYSE:PHG) with a Buy rating.

The Block Traders' Oil & Gold Monitor is a unique newsletter that focuses on big block trading activity by institutional buyers. Through a sophisticated analysis of market maker hedge positions, editor Peter Way determines forecasted gains for specific sectors and stocks. Here, he looks at some current market maker favorites in the oil & gas industry.

Peter Way explains, "The reality for crude oil price expectations are reflected by hedging on some $85 billion of crude oil future contracts. Every month in 2008 sees enough likelihood of prices at $80 and above to cause a brisk business in insurance at those levels. In short, the crude oil price picture is one of stability to strength from high levels. As with any natural resource, it's always safer to bet on shortage than oversupply."

Looking at big market maker activity in individual stocks and stocks, the advisor adds, "The value buildup in Exploration & Production companies is clearly already under way and is likely to continue. Expect to see E&P companies acquired by the major integrated companies. Expect to see Oilfield Services companies kept very busy as supply continuity issues grow more severe."