Analyst upgrades:

• Citigroup upgraded shares of Liberty Property Trust (NYSE:LRY) to Hold from Sell to reflect the company's capital raises and progress on leasing over the past quarter. The firm raised their target price to $21 from $16.
  
• UBS upgraded shares of Lonmin (Other OTC:LNMIY) to Neutral from Sell as they believe Xstrata may make an offer for the company.
  
• Cantor Fitzgerald upgraded RadiSys (NASDAQ:RSYS) to Buy from Hold after the company reported better-than-expected Q4 results and provided Q1 guidance which the firm believes indicates that fiscal 2009 results will be better than expected. The firm set a target of $8.50.
• Duke Energy (NYSE:DUK) and PG & E (NYSE:PCG) were raised to Outperform from Sector Perform at RBC Capital.
  
• Techne (NASDAQ:TECH) was upgraded at Baird to Outperform from Neutral.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• American International Group Inc. (NYSE: AIG) blamed another big loss on housing and credit markets.
• Barrett Business Services Inc. (NASDAQ: BBSI) beat Q2 estimates and raised its Q3 guidance.
• Fannie Mae (NYSE: FNM) Q2 loss was three times more than analysts had predicted.
• Freddie Mac (NYSE: FRE) big loss was due to loan write-offs, but revenue rose 10%.
• HSBC Holdings PLC (NYSE: HBC) reported a drop in profit and warned of more difficulties to come.
• InterContinental Exchange (NYSE: ICE) posted Q2 results that were in line with Wall Street expectations.
• Marvel Entertainment Inc. (NYSE: MVL) posted strong Q2 results on Iron Man and Incredible Hulk movies.
• Midway Games Inc. (NYSE: MWY) widened its Q2 net loss as revenues slumped.
• News Corp. (NYSE: NWS) posted strong Q4 results on asset gains, and warned of slower growth.
• Playboy Enterprises Inc. (NYSE: PLA) posted a worse-than-expected Q2 loss despite cost controls.
• Procter & Gamble Co. (NYSE: PG) healthy Q4 and full-year results beat analysts' expectations.
• RadiSys Corp. (NASDAQ: RSYS) easily beat Q2 expectations on strong demand for wireless products.
• Time Warner Inc. (NYSE: TWX) net income slumped on declining AOL subscriber fees (see transcript).
• Tyco International Ltd. (NYSE: TYC) beat Q3 earnings expectations and raised its full-year guidance.
• Whole Foods Market International (NASDAQ: WFMI) posted dismal results and suspended its dividend.

RadiSys Corporation (NASDAQ: RSYS) makes system products for embedded computer applications used in the manufacturing automation, medical, transportation, telecommunications, gaming and test equipment markets. Products include embedded boards, board-level modules and chip-level components. The company also offers system integration and repair services. Clients include Nokia (NYSE: NOK), Nortel Networks (NYSE: NT) and IBM (NYSE: IBM).

The firm pleased investors last week, when it reported Q2 EPS of 14 cents and revenues of $97.6 million. Analysts had been expecting six cents and $87.8 million. The CEO attributed success to strong demand for the company's wireless and IP media server products. Management also guided Q3 EPS to 16-22 cents (nine cent consensus) and Q3 revenues to $98-$103 million ($91.2M consensus).

RadiSys Corporation (NASDAQ: RSYS) makes system products for embedded computer applications used in the manufacturing automation, medical, transportation, telecommunications, gaming and test equipment markets. Products include embedded boards, board-level modules and chip-level components. The company also offers system integration and repair services. Clients include Nokia (NYSE: NOK), Nortel Networks (NYSE: NT) and IBM (NYSE: IBM).

The firm pleased investors earlier in the month, when it announced Q3 EPS of 11 cents and revenues of $83.6 million. Analysts had been expecting a penny and $77.1 million. Management also guided Q4 EPS to 11-15 cents (5 cent consensus) and Q4 revenues to $92-$98 million ($83.56M consensus). The CEO was particularly pleased with the prospect of recent acquisitions going cash flow positive in the fourth quarter. Jefferies, Cantor Fitzgerald and Needham subsequently declared the stock a "buy." RSYS shares popped on the news and then moved into a bullish "flag" consolidation pattern. Prices frequently exit flags moving in the same direction they were traveling on entry. In this case, that would be to the upside.

MOST NOTEWORTHY: RadiSys, Diageo plc, Vitesse, Big 5 Sporting Goods and Coca-Cola Enterprises were today's noteworthy upgrades:

• Jefferies upgraded shares of RadiSys (NASDAQ: RSYS) to Buy from Hold following the Q3 upside to reflect the large ramp of new business expected in 2008.
  
• Lehman raised its rating on Diageo plc (NYSE: DEO) to Equal Weight from Underweight and has increased confidence that the group can increase margins.
  
• CIBC upgraded shares of Vitesse (NASDAQ: VTSS) to Sector Performer from Sector Underperformer following the company's business update, as they believe progress is being made on numerous fronts.
  
• Nollenberger upgraded shares of Big 5 Sporting Goods (NASDAQ: BGFV) to Buy from Neutral following the better-than-expected Q3 results and improved full-year outlook, as they believe visibility has improved significantly.
  
• Citigroup upgraded Coca-Cola Enterprises (NYSE: CCE) to Buy from Hold on valuation as they believe the stock is undervalued given Glaceau's expansion to European markets. The broker recommends taking profits in Pepsi Bottling Group (NYSE: PBG) and swapping into CCE.

OTHER UPGRADES:

• Baird upgraded Modine Manufacturing (NYSE: MOD) and Accuride (NYSE: ACW) to Neutral from Underperform.
  
• Deutsche Bank upgraded Energizer (NYSE: ENR) to buy from Hold.
  
• Goldman added Celanese (NYSE: CE) to its Conviction Buy List.

MOST NOTEWORTHY: Clearwire, Citrix Systems, Altria Group, Overstock.com and Interpublic Group were today's noteworthy upgrades:

• Jefferies upgraded shares of Clearwire Corporation (NASDAQ: CLWR) to Buy from Hold on valuation as they believe the stock is trading as if the Sprint Nextel Corporation (NYSE: S) deal is off. Jefferies thinks the Sprint/Clearwire deal is still in the best interest of both companies.
  
• Deutsche Bank upgraded shares of Citrix Systems (NASDAQ: CTXS) to Buy from Hold, as they believe the contribution from XenSource beginning in Q4 could be better than expected.
  
• UBS upgraded shares of Altria Group (NYSE: MO) citing stronger Q3 International results and potential share repurchases. Shares were upgraded to Buy from Neutral.
  
• Piper Jaffray raised shares of Overstock.com (NASDAQ: OSTK) to Market Perform from Underperform, as they are incrementally more positive on shares following the company's Q3 upside. They believe the company has turned the corner on profitability.
  
• Bear Stearns upgraded shares of Interpublic Group (NYSE: IPG) to Outperform from Peer Perform on valuation and expectations for improved performance in 2008.

OTHER UPGRADES:

• Morgan Stanley upgraded Walgreen (NYSE: WAG) to Overweight from Equal Weight.
  
• Friedman Billings raised its rating on IMS Health (NYSE: RX) to Outperform from Market Perform.
  
• JP Morgan upgraded Stericycle (NASDAQ: SRCL) to Overweight from Neutral.
  
• Citigroup upgraded Xerox Corporation (NYSE: XRX) to Hold from Sell.
  
• RadiSys Corporation (NASDAQ: RSYS) was upgraded to Buy from Hold at Cantor.

MOST NOTEWORTHY: Roo Group (RGRP) Best Buy (BBY), Circuit City Stores (CC) and several healthcare companies were today's noteworthy initiations:

• ROO Group (OTCBB: RGRP) was initiated with a Buy rating and $3.50 target at Cantor. The firm believes the company is one of the few pure-play online video public investment opportunities for investors today.
• Best Buy (NYSE: BBY) and Circuit City Stores (NYSE: CC) were initiated at FTN Midwest with a Buy rating and Neutral rating, respectively.
• LifePoint Hospitals (NASDAQ: LPNT), Community Health Systems (NYSE: CYH), Tenet Healthcare (NYSE: THC) and MedCath Corp. (NASDAQ: MDTH) were all initiated with Hold ratings at AG Edwards. AG Edwards also initiated shares of Universal Health Services (NYSE: UHS) with a Buy rating and $72 target, citing the company's strong patient volume growth and favorable reimbursement trends.

OTHER UPGRADES:

• Famous Dave's of America (NASDAQ: DAVE) was initiated with a Buy rating at Feltl & Co.
• Needham initiated shares of RadiSys Corp. (NASDAQ: RSYS) with a Buy rating and $17 target, as it expects the company to benefit from the development of standards-based embedded solutions.
• Atmel Corp. (NASDAQ: ATML) was initiated with a Buy rating and $7.50 target at American Technology.
• Genomic Health (NASDAQ: GHDX) was initiated with an Outperform rating at Leerink Swann.
• Delta Air Lines (NYSE: DAL) was initiated with a Buy rating and $24 target at Soleil.
• Banc of America initiated shares of Hertz Global Holdings (NYSE: HTZ) with a Buy rating and $27 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).