MOST NOTEWORTHY: Xilinx, Inc (XLNX), Red Robin Gourmet Burgers, Inc (RRGB), Ingram Micro Inc (IM), Silicon Laboratories (SLAB) and Comtech Group, Inc (COGO) were today's more noteworthy initiations:

• Deutsche Bank believes upside remains on Xilinx Inc's (NASDQ: XLNX) margins and tax rates, initiating shares with a Buy rating and $38 target.

• JP Morgan waits for improved new unit volumes and better earnings visibility before getting more constructive on Red Robin Gourmet Burgers Inc (NASDAQ: RRGB) and initiated shares with a Neutral rating.

• Given the lack of catalysts to improve margins above their peers, JP Morgan doesn't expect multiple expansions from Ingram Micro (NYSE: IM) in the near-term, assuming shares with a Neutral rating.

• Deutsche Bank expects Silicon Labratories (NASDAQ:: SLAB) multiples to expand with operating margins, starting shares with a Buy rating and $40 target.

• Needham believes Comtech Group Inc (NASDAQ: COGO) is uniquely leveraged to benefit from the growth of manufacturing in China and started shares with a Buy rating and $21 target...

OTHER INITIATIONS:

• Deutsche Bank initiated shares of Marvell Technology Group (NASDAQ: MRVL) with a Buy rating.

• Citigroup started GTx, Inc (NASDAQ: GTXI) with a Buy rating.

• Pacific Growth started Itron, Inc (NASDAQ: ITRI) with a Buy rating.

• First Marblehead Corp (NYSE: FMD) was initiated with a Hold rating and $38 target at Sandler.

• UBS started Kaiser Aluminum Corp (NASDAQ: KALU) with a Buy rating and $100 target.

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

MOST NOTEWORTHY: Warner Music Group Corp (WMG), Red Robin Gourmet Burgers, Inc (RRGB) and Berkshire Hathaway Inc (BRK.A) were some of today's notable upgrades:

• Pali Capital upgraded shares of Warner Music Group Corp (NYSE: WMG) on valuation.

• Matrix USA upgraded Red Robin Gourmet Burgers Inc (NASDAQ: RRGB) to Hold from Sell on valuation.

• Berkshire Hathaway Inc (NYSE: BRK.A) was upgraded to In Line from Underperform at Fox-Pitt, Kelton.

OTHER UPGRADES:

• UBS upgraded ARM Holdings plc (NASDAQ: ARMHY) to Buy from Neutral as the firm believes the company will be a significant beneficiary of the acceleration in 3G handset adoption in 2007.

• Wachovia upgraded Pactiv Corp (NYSE: PTV) to Outperform from Market Perform on valuation.

• Baird raised Patterson Companies (NASDAQ: PDCO) rating to Outperform from Neutral.

• BMO Capital raised UCBH Holdings, Inc (NASDAQ: UCBH) rating to Outperform from to Market Perform.

• O2Micro International Ltd (NASDAQ: OIIM) was upgraded to Buy from Neutral at Oppenheimer citing a possible near-term court settlement with Samsung, which provides significant earnings leverage.

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

Electronic Arts, Inc. (NASDAQ:ERTS) shares were up 12% to $59.45 in heavy trading with two hours to go in the session. Already in the pre-market, ERTS rose more than 8% after reporting earnings that beat estimates and boosting its fiscal year guidance as well as having a positive industry outlook for next year.

ERTS reported a 16% increase in sales for the quarter to $784 million, while analysts had expected $673 million. Some of the company's games such as the Madden NFL '07 and NCAA Football '07 saw record sales. The company is gearing up for the new PlayStation 3 from Sony Corporation (NYSE:SNE) which should launch this month.

Electronic Arts also raised its full-year sales forecast and said it would earn up to 15 cents a share for the year. This is compared to a previous forecast of breaking even.

Conversely, shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) plunged more than 27% to $33.52 in heavy trading today. The casual hamburger restaurant reported quarterly earnings yesterday, posting earnings of $6 million, or 36 cents a share, on revenue of $148.6 million. While analysts were expecting 43 cents a share, excluding a charge, the company would have earned 42 cents a share. The company also lowered its forecast for the year.

Red Robin was hit with four downgrades from CIBC, Friedman Billings Ramsey, Bank of America and Bear Stearns. Weakness in new markets and a reduction in earnings growth were cited as reasons for the downgrades.

MOST NOTEWORTHY: Gap (GPS), Red Hat (RHAT) and Red Robin (RRGB) top today's extensive list of downgrades.

• Gap, Inc. (NYSE:GPS) was downgraded to Hold from Buy on valuation at Citigroup. The firm believes the 25% rally in the past two months had priced in much of the improvements at Gap.
• Red Hat, Inc. (NASDAQ:RHAT) was downgraded at Robert W. Baird to Neutral from Outperform following Microsoft Corp.'s (NASDAQ:MSFT) partnership announcement with Novell, Inc. (NASDAQ:NOVL).
• Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was downgraded at four firms this morning: CIBC, Friedman Billings Ramsey, Bank of America and Bear Stearns. The downgrade was based on weakness in new markets and a reduction in earnings growth.

OTHER DOWNGRADES:

• Qualcomm, Inc. (NASDAQ:QCOM) was downgraded to Neutral from Buy at Oppenheimer, citing disappointing guidance and indications that the licensing dispute with Nokia (NOK) could extend several quarters.
• Needham downgraded Powerwave Technologies, Inc. (NASDAQ:PWAV) to Hold from Buy after their weak fourth quarter report.
• Norfolk Southern Corp. (NYSE:NSC) was downgraded at JP Morgan to Neutral from Overweight. The firm cited valuation and competitive pressures from CSX Corp (CSX).

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