Analyst Upgrades

• Goldman upgraded Reliance Steel (RS) to buy from neutral and The Buckle (BKE) to neutral from sell.
• RAM Energy (RAME) was upgraded to outperform from market perform at Rodman & Renshaw.
• RBC Capital upgraded H&E Equipment (HEES) and Cameco (CCJ) to outperform from sector perform, and Denison Mines (DNN) to sector perform from underperform.
• Alexandria Real Estate (ARE) was upgraded to overweight from neutral at JPMorgan.
• Investment Technology (ITG) was upgraded to outperform from neutral at Wedbush.

Analyst Upgrades

• Time Warner Cable (TWC) was upgraded to outperform from market perform at Bernstein.
• Citigroup upgraded MEMC Electronic (WFR) and Skilled Healthcare (SKH) to buy from hold at Citigroup.
• Administaff (ASF) was upgraded to buy from hold at Roth Capital.
• The Buckle (BKE) was upgraded to buy from hold at KeyBanc.
• BofA/Merrill upgraded DreamWorks (DWA) to neutral from underperform.
• Corrections Corp. (CXW) was upgraded to buy from neutral at SunTrust.
• Marvell Technology (MRVL) was upgraded to positive from neutral at Susquehanna.

Analyst Upgrades

• KeyBanc upgraded Las Vegas Sands (LVS) to hold from underweight based on Singapore performance and a potential revaluation of the yuan.
• ThinkEquity upgraded Seattle Genetics (SGEN) to buy from hold based on the positive SGN-35 HL data. The firm raised its price target to $16 from $12.
• Merriman upgraded Applied Signal (APSG) to buy from neutral with a $28 to $31 valuation range, citing greater confidence in earnings estimates and the company's recent contract wins.
• Siliconware Precision (SPIL) was upgraded to neutral from underperform at Macquarie.
• Pulte Group (PHM) was upgraded to neutral from sell at Goldman.
• Greenbrier (GBX) was upgraded to outperform from market perform at Morgan Keegan.

Analyst Upgrades

• Wells Fargo upgraded Gap (GPS) to outperform from market perform, citing valuation and expectations for EPS to grow in FY11. The firm thinks consensus estimates are achievable and has a $20 to $22 target valuation range for shares.
• BMO Capital upgraded Abercrombie (ANF) to outperform from market perform and has a $43 target on the stock. The firm believes Abercrombie's domestic business is turning and that the company is beginning to take share from competitors.
• Piper Jaffray upgraded Codexis (CDXS) to overweight from neutral as it believes Shell's (RDS.A) biofuel commercialization plans and a potential carbon capture partnership present near-term catalysts for the stock. The firm upped its target for shares to $12 from $11.
• Tortoise Energy Capital (TYY) and Tortoise Energy (TYG) were upgraded to buy from hold at Wunderlich.
• Comerica (CMA) was upgraded to outperform from neutral at Baird.
• Methanex (MEOH) was upgraded to strong buy from outperform at Raymond James.

Seattle Genetics (SGEN) was on the upswing Monday morning after the company inked a collaboration agreement with heavyweight pharmaceutical firm GlaxoSmithKline (GSK). Under the terms of the deal, Seattle Genetics will receive an upfront fee of $12 million and potential milestone payments of up to $390 million for allowing Glaxo to use its antibody-drug conjugate technology.

The treatment is intended to reduce the side effects of chemotherapy. Currently, Seattle Genetics has nine licensees for the technology, and has raked in more than $35 million this year from collaborations like the one with Glaxo.

Analyst upgrades:

• FBR upgraded Abercrombie & Fitch (ANF) to reflect strong channel checks over the Black Friday weekend. The firm raised its target on shares to $46 from $39.
• Morgan Stanley upgraded Safeway (SWY), citing improvements in pricing.
• Baird upgraded US Bancorp (USB) based on valuation. The firm raised its target price to $29 from $25.
• HSBC Holdings (HBC) was upgraded to buy from neutral at BofA/Merrill.
• Genzyme (GENZ) was upgraded to buy from hold at Citigroup.
• Deere (DE) was upgraded to outperform from market perform at Wells Fargo.

Analyst upgrades:

• Goldman said International Paper (NYSE: IP) is its top pick in the group citing leverage to early cycle containerboard. The firm upgraded shares to Conviction Buy from Buy and has a $26 target on the stock.
• Morgan Keegan upgraded Healthcare Realty Trust (NYSE: HR) to Outperform from Market Perform citing valuation and better-than-expected Q2 results.
• William Blair upgraded Harbin Electric (NASDAQ: HRBN) to Outperform from Market Perform as it believes the Chinese economy is likely to accelerate and the company's balance sheet is strengthened following the retirement of debt.
• Allstate (NYSE: ALL) was upgraded to Buy from Neutral at BofA/Merrill.
• VeriSign (NASDAQ: VRSN) was upgraded to Outperform from Neutral at Credit Suisse.
• Commercial Vehicle Group (NASDAQ: CVGI) was upgraded to Overweight from Underweight at JPMorgan.

Analyst upgrades:

• PepsiCo (NYSE: PEP) was upgraded to Buy from Hold at Deutsche Bank.
• Fortress (NYSE: FIG) was upgraded at Citigroup to Hold from Sell.
• Prudential (NYSE: PUK) was lifted to Overweight from Neutral at JP Morgan.
• Keefe Bruyette upgraded Franklin Resources (NYSE: BEN) to Outperform from Market Perform and added shares to their Best Ideas List on valuation as they see an attractive risk/reward at current levels.
• UBS upgraded ASML Holding (NASDAQ: ASML) to Buy from Neutral on valuation as they believe the company remains a market leader.
• Oppenheimer raised Seattle Genetics (NASDAQ: SGEN) to Outperform from Perform on valuation following the recent weakness as they expect positive clinical news flow beginning in December.

Analyst downgrades:

• UBS downgraded U.S. Steel (NYSE: X) to Sell from Buy and lowered its target to $30 from $60 citing deteriorating U.S. conditions and concerns about the company's high fixed costs in a falling steel price environment.
• Royal Dutch Shell (NYSE: RDS.A) was downgraded to Underperform from Neutral at Credit Suisse.
  
• China Unicom (NYSE: CHU) was lowered to Underweight from Neutral at JP Morgan.

Analyst upgrades:

• Ericsson (NASDAQ: ERIC) was upgraded to Add from Hold at WestLB.
  
• JP Morgan upgraded Shire Plc (NASDAQ: SHPGY) to overweight from Neutral to reflect Vyvanse share gains and valuation.
  
• Wachovia upgraded Jefferies (NYSE: JEF) to Market Perform from Underperform because they believe that the recent collapse of the large cap bank sector, Jefferies' cash equity business, and the company's partial privatization as a result of its Leucadia investment will shield shares.
  
• Canaccord upgraded Amylin Pharma (NASDAQ: AMLN) to Hold from Sell.
• ADC Telecomm (NASDAQ: ADCT) was upgraded to Buy from Hold at Kaufman Bros. on valuation following the recent weakness.
• STEC Inc (NASDAQ: STEC) and Popular (NASDAQ: BPOP) were raised to Buy from Neutral at B. Riley.
  

Analyst downgrades:

• Merrill downgraded Disney (NYSE: DIS) to Underperform from Neutral and cut its target to $27 from $34 citing the impact from the current economic climate on earnings.
  
• Barclays downgraded IBM (NYSE: IBM) to Equal Weight from Overweight citing the impact from the weakening economy and the company's large exposure to the financial services industry. IBM's target was cut to $108 from $130.
  
• Jefferies downgraded Salesforce.com (NYSE: CRM) to Underperform from Buy on increased risks of deteriorating payment terms and price pressure on renewals. The company's target was lowered to $36 from $75.
• Goldman downgraded First Solar (NASDAQ: FSLR) and added shares to the Conviction Sell List.

MOST NOTEWORTHY: WuXi Pharma, Apple and Genentech were today's noteworthy initiations:

• Global Hunter expects WuXi Pharma (NYSE:WX) to remain under pressure in the near-term due to gross margin constraints and dilution risk from the AppTec acquisition. The firm finds the stock fairly valued at current levels and initiated shares with a Neutral rating.
  
• ThinkPanmure assumed Apple (NASDAQ:AAPL) with a Buy rating and $225 target and recommends investors take advantage of recent weakness to build core positions.
  
• Genentech (NYSE:DNA) was started at Deutsche Bank with a Buy rating and $83 target. The firm sees limited downside and the potential for significant upside if Avastin works in adjuvant colon cancer.

OTHER INITIATIONS:

• NetLogic (NASDAQ:NETL) was initiated with a Neutral rating and $36 target at Piper.
  
• UBS assumed Seattle Genetics (NASDAQ:SGEN) with a Neutral rating and $10 target.
  
• Rowan Companies (NYSE:RDC) was started with a Buy rating and $70 target at Jesup & Lamont.

MOST NOTEWORTHY: Cardionet, Molson Coors and TIM Participacoes were today's noteworthy initiations:

• Cardionet (NASDAQ: BEAT) initiated with an Overweight, target $29 at Thomas Weisel, who believes Cardionet is well positioned for future growth in the ambulatory monitoring market.
  
• Molson Coors Brewing Co. (NYSE: TAP) was initiated with a Market Perform, target $61 at BMO Capital.
  
• TIM Participacoes (NYSE: TSU) was re-initiated with an Outperform at Bear Stearns.

OTHER INITIATIONS:

• Invesco (NYSE: IVZ) was initiated with an Overweight at J.P. Morgan.
• Orion Marine Group (NASDAQ: OMGI) was initiated with a Buy, target of $18, at SMH Capital.
• Seattle Genetics Inc. (NASDAQ: SGEN) was initiated with a Neutral, target of $12, at Bank of America.

MOST NOTEWORTHY: CTC Media, Callidus Software and Seattle Genetics were today's noteworthy initiations:

• Merrill initiated CTC Media (NASDAQ: CTCM) with a Buy rating, citing the company's healthy ad growth outlook and substantial barriers to entry.
  
• B. Riley initiated Callidus Software (NASDAQ: CALD) with a Buy rating and $7 target and believes the company's growing On-Demand offering is being overlooked by investors.
• Seattle Genetics (NASDAQ: SGEN) was assumed with an Overweight rating at JP Morgan. The firm views the company as an attractive investment opportunity given the company's growing pipeline of differentiated antibody therapies and partnership with Genentech (NYSE: DNA).

OTHER INITIATIONS:

• Cowen initiated Boston Scientific (NYSE: BSX) with a Neutral rating and St. Jude Medical (NYSE: STJ) with an Outperform rating.
  
• Lehman initiated UDR Inc (NYSE: UDR) with an Equal Weight rating.