Analyst upgrades:

• Citigroup upgraded Robert Half (NYSE: RHI) to Hold from Sell following the company's Q2 results, believing the worst may be behind the company. Citi raised its target on shares to $24 from $18.
• Goldman upgraded AnnTaylor (NYSE: ANN) to Buy from Neutral and raised its target to $13 from $6.50, citing improved merchandising and inventories.
• Baird upgraded TrueBlue (NYSE: TBI) to Outperform from Underperform and raised its target to $12 from $9, citing the better-than-expected Q2 report and guidance, strong balance sheet, and valuation.
• F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Underperform at BofA/Merrill.
• Credit Suisse (NYSE: CS) was upgraded to Buy from Hold at Deutsche Bank.
• Sanmina (NASDAQ: SANM) was upgraded to Neutral from Underperform at Credit Suisse.

Analyst Upgrades

• Citigroup upgraded Deutsche Bank (NYSE: DB) to Hold from Sell citing reduced legacy risks and strength in the fixed income franchise.
• Janney Montgomery upgraded Fuel Systems (NASDAQ: FSYS) to Buy from Neutral based on valuation, the OEM market in Europe for alternative transportation is growing faster than expected, and the $30M equity raise was smaller than expected.
• Freeport McMoRan (NYSE: FCX) was upgraded to Outperform from Market Perform by FBR Capital. The firm believes that the company will benefit from copper supply issues over the long term, and it thinks the stock has reached an attractive entry point.
• Black & Decker (NYSE: BDK) was upgraded to Neutral from Underperform at Credit Suisse.
• American Tower (NYSE: AMT) was raised to Overweight from Neutral at JPMorgan.
• EMC Corp. (NYSE: EMC) was upgraded at Barclays to Overweight from Equal Weight.

This post was written by Minyanville Contributor Smita Sadana.

A stock that I am keenly watching today is Riverbed Technology (NASDAQ: RVBD), which is up in this down market. Minyans might remember that we had concluded a successful long trade in this stock. For more please see my note on April 24th.

Here are some thoughts on the new technical picture:

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

• Amazon.com Inc. (NASDAQ: AMZN) reported strong Q1 results easily beat expectations.
• Bank of America Corp. (NYSE: BAC) posted better-than-expected Q1 earnings, helped by home refinancing.
• Caterpillar Inc. (NYSE: CAT) reported its first quarterly loss since 1992 and cut its revenue outlook.
• Coca-Cola Co. (NYSE: KO) posted Q1 earnings that were in line with expectations, but shares fell.
• eBay Inc. (NASDAQ: EBAY) posted better-than-expected Q1 earnings despite a decline in sales.

• Earnings beat expectations. RVBD reported EPS of 13 cents vs. consensus of 10 cents. The revenue number was also higher.
  
  
• Several brokers have enthusiastically raised their targets for RVBD. Lazard Capital raised the price target from $14 to $17, and Wedbush and William Blair upgraded the stock.
  
  
• The percentage of float shorted was 21% at the beginning of April. This stands out as the most interesting piece of data for a trader like me. Given the ignition provided by the good earnings announcement, wouldn't the shorts rush to cover?

Analyst upgrades:

• JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
• Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
• Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
• ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
• China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Analyst upgrades:

• Oppenheimer upgraded Genzyme (NASDAQ: GENZ) to Outperform from Perform on expectations that upcoming regulatory events, mainly approvals of Mozobil and 2,000L Myozyme, will serve as positive catalysts.
  
• Ladenburg analyst Dick Bove raised Bank of New York (NYSE: BK) to Buy from Neutral as he now believes the Russian lawsuit is turning in the bank's favor and is no longer a significant risk.
  
• Societe Generale upgraded UBS (NYSE: UBS) to Buy from Hold on valuation and the company's deal with the Swiss government.
  
• Bed Bath & Beyond (NASDAQ :BBBY) was upgraded to Market Perform from Underperform at Friedman Billings.
  
• RC2 Corp (NASDAQ: RCRC) was lifted at Wachovia to Outperform from Market Perform.
  
• Cintas (NASDAQ: CTAS) was upgraded to Hold from Sell at Citigroup.

Analyst downgrades:

MOST NOTEWORTHY: Riverbed Technology, Sirius Satellite and ASML Holdings were today's noteworthy downgrades:

• Deutsche Bank downgraded shares of Riverbed Technology (NASDAQ: RVBD) to Hold from Buy after it negatively preannounced to reflect economic conditions and the company's lack of visibility.
  
• Credit Suisse said shares of Sirius Satellite (NASDAQ: SIRI) are trading near fair value and that shares will probably trade in a range between mid-$2s to $3 in 2008. Shares were downgraded to Neutral from Outperform.
  
• JP Morgan lowered ASML Holdings (NASDAQ: ASML) to Neutral from Overweight as they believe chip manufacturing equipment orders are suffering from the weak DRAM memory market.

OTHER DOWNGRADES:

• Dell (NASDAQ: DELL) was cut at Goldman to Neutral from Buy.
  
• Tesco PLC (OTC: TSCDY) was downgraded to Hold from Buy at Societe Generale.
• RBC Capital cut Radware (NASDAQ: RDWR) to Sector Perform from Outperform.

Mosaic (NYSE:MOS) is trading up almost 8% on strong earnings.

First Solar (NASDAQ:FSLR) is up almost 2% on positive comments by Jim Cramer.

Riverbed Technology (NASDAQ:RVBD) is selling off almost 8% on guidance below Wall St. estimates.

Dell (NASDAQ:DELL) is down over 2% on news of more lay-offs and analyst concerns about earnings.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

The choppy/consolidating (or perhaps worse) market conditions sometimes give the impression that growth plays do not exist, but that is not the case, and one growth company worth reviewing is Riverbed Technology

Riverbed Technology, Inc. (NASDAQ: RVBD) develops hardware and software that improves the performance of applications shared over networks. The company sells directly, and via reseller channels and distributors.

Analysts see another impressive, 40-60% revenue growth year in 2008, following a 156% increase in 2007, on growing demand for the company's traffic management solutions.

Further, the company is well-positioned to benefit from increase demand for wan (wide area network) optimization, as these tools become mission-critical for many companies. Operating costs remain under control. The Reuters FY 2007/FY 2008 EPS consensus estimates for RAVID are $0.64 to $0.76.

In just a few years, Riverbed Technology (NASDAQ: RVBD) has built a strong technology offering, which helps move large files -- such as Microsoft (NASDAQ: MSFT) PowerPoints, SAP (NYSE: SAP) data files and so on -- across networks at high speeds. In fact, last week I had a chance to meet the CEO, Jerry Kennelly, who was quite upbeat even though Riverbed's stock price was down about 28% to $34.61.

Although, based on the fiscal Q3 results, things seem fine. Revenues spiked 158% to $63.3 million and net income was $2.8 million, or $0.04 per share, which compares to a net loss of $3.1 million, or $0.16 per share in the same period a year ago. About $9.7 million of Q3's expenses came from stock option compensation.

Riverbed has continued its innovation. Back in August, the company launched its Steelhead Mobile product, which improves the performance of file downloads for laptops. Riverbed claims that about 41% of workers in the US are mobile, such as in remote offices, hotel rooms, coffee shops and so on.

MOST NOTEWORTHY: Riverbed Technology (RVBD), Silicon Storage (SSTI), Regal Entertainment (RGC), Fannie Mae (FNM) and Freddy Mac (FRE) were today's more noteworthy initiations:

• CIBC initiated shares of Riverbed Technology (NASDAQ: RVBD) with a Sector Performer rating, citing valuation. The firm believes the mobile opportunity is a wild card, and cites increased Cisco Systems (CSCO) risk.

• Silicon Storage (NASDAQ: SSTI) as announced several new products in late 2006 and 1H07 with shipments expected to start in 2H07 along with significant revenues in 2008; Barrington initiated shares with a Market Perform rating.

• Ferris Baker Watts initiated Regal Entertainment (NYSE: RGC) with a Neutral rating, seeing annual top-line growth only in the low- to mid-single digits.

• Fox-Pitt Kelton believes both Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are finally set to emerge from restatement issues with new accounting procedures and operating systems in place, initiating both companies with an Outperform rating...

OTHER INITIATIONS:

• Needham initiated Tennant (NYSE: TNC) with a Buy rating.

• Merrill Lynch started TriZetto Group (NASDAQ: TZIX) and Eclipsys (NASDAQ: ECLP) with Neutral ratings.

• CIBC started Centene (NYSE: CNC) with a Sector Performer rating.

• Deutsche initiated Thomson (NYSE: TOC) with a Buy rating.

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

MOST NOTEWORTHY: Pacer Int'l (PACR), ComScore (SCOR), Riverbed Technology (RVBD) and CBS Corp (CBS) were today's noteworthy initiations:

• William Blair believes Pacer Int'l (NASDAQ: PACR) is in a favorable industry, with growth-specific opportunities and short-term concerns and started shares with a Market Perform rating.

• William Blair starting ComScore (NASDAQ: SCOR) with an Outperform rating, believing the online marketing research sector will have 20%+ growth over the next 3-5 years.

• Nollenberger believes Riverbed (NASDAQ: RVBD) is positioned to gain market share and is a technology and product leader, starting shares with a Buy rating and $55 target. BMO

• Capital initiated CBS Corp (NYSE: CBS) with an Outperform and expects the stock is $1.74/share for 2007 and $2.03 in 2008 with upside should there be a levered buyback...

OTHER INITIATIONS:

• Life Time Fitness (NYSE: LTM) was started with a Buy rating and $67 target at ThinkEquity.

• Citigroup started Petrobras (NYSE: PBR) with a Buy rating.

• SMH Capital initiated Energen (NYSE: EGN) with a Buy.

• Keybanc started WABCO Holdings (NYSE: WBC) with a Buy rating.

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

If you have ever had to deal with the slow response times of shared network software programs, you'll be able to appreciate the fact that there is a firm in San Francisco that can do something about it.

Riverbed Technology (NASDAQ: RVBD) provides hardware and associated software that speed the performance of shared computer network applications. The devices boost efficiency across wide area networks, routinely cutting business application times by factors of five and more. The company scales its systems to operate in environments ranging in size from small businesses to major data centers. Strategic partners include Hewlett-Packard (NYSE: HPQ) and EMC Corporation (NYSE: EMC). Cisco Systems (NASDAQ: CSCO) and Juniper Networks (NASDAQ: JNPR) are competitors.

The company pleased investors last week, when it reported Q1 EPS of twelve cents (ex-items) and revenues of $42.8 million. Analysts had been looking for five cents and $37.5 million. Management also guided Q2 EPS to 11-12 cents (six cent consensus) and Q2 revenues to $48-$49 million ($42.09M consensus).

MOST NOTEWORTHY: CVS Corp (CVS), Express Scripts, Inc (ESRX) and Goodrich Petroleum Corp (GDP) were some of today's more notable initiations:

• CVS Corp (NYSE: CVS) was reinstated at Credit Suisse with an Outperform and at JP Morgan with Neutral ratings.

• Express Scripts (NASDAQ: ESRX) was reinstated at Credit Suisse with an Outperform rating, up from its Neutral rating, and resumed at Bank of America with a Buy rating. JP Morgan reinstated Express Scripts share with an Overweight rating.

• Goodrich Petroleum (NYSE: GDP) was initiated with an Overweight rating at JP Morgan.

OTHER INITIATIONS:

• Jefferies initiated Cellcom Israel Ltd (NYSE: CEL) with a Buy rating and $21 target.

• CIBC initiated 3SBio Inc (NASDAQ: SSRX) with a Sector Outperformer rating and $17 target; the firm said 3SBio Inc offers the broadest range of BioGenerics in the Chinese market and views the company as an execution story and country play.

• Cowen started G-III Apparel Group, Ltd (NASDAQ: GIII) with an Outperform rating based on expectations of market share growth to be driven by new brands and products.

• BMO Capital Markets expects Riverbed Technology, Inc (NASDAQ: RVBD) with a Market Perform rating.

• Lazard started Synta Pharmaceuticals Corp (NASDAQ: SNTA) with a Buy rating; Bear Stearns initiated shares of Synta with an Outperform rating.

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