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Analyst initiations: OXPS, SUPX and SYT

MOST NOTEWORTHY: OptionXpress Holdings, Supertex and Syngenta were today's noteworthy initiations:

Merriman believes OptionXpress Holdings (NASDAQ: OXPS) has lost market share, and remains vulnerable on many fronts. They expect the competitive landscape will continue to intensify, pressuring margins and growth rates. The firm initiated shares with a Sell rating.
Morgan Keegan started Supertex (NASDAQ: SUPX) with a Market Perform rating, citing lack of near-term catalysts.
Syngenta (NYSE: SYT) was initiated with an Outperform rating at Bear, as they are positive on the company's defensive growth profile and valuation.

OTHER INITIATIONS:

HSBC initiated FedEx (NYSE: FDX) with a Neutral rating and $102 target and United Parcel Service (NYSE: UPS) with an Overweight rating and $86 target.
Credit Suisse started Liberty Media (NASDAQ: LCAPA) with an Outperform rating and $140 target.

MOST NOTEWORTHY: Sunoco, Valero Energy, UBS AG, Lehman Brothers and Supertex were today's noteworthy upgrades:

Citigroup upgraded both Sunoco (NYSE: SUN) and Valero (NYSE: VLO) to Buy from Hold, as they believe both companies will benefit from the collapse of ethanol prices since refiners are mainly supplied under term contracts struck above current levels.
Merrill upgraded shares of UBS (NYSE: UBS) to Buy from Neutral to reflect the company's lack of exposure to fixed income.
Credit Suisse upgraded shares of Lehman Brothers (NYSE: LEH) to Outperform from Neutral citing improved performance prospects.
Supertex (NASDAQ: SUPX) was raised to Buy from Neutral at Oppenheimer. The firm expects a rebound in all business segments, Medical is entering a seasonally strong September quarter, and notes Motorola (NYSE: MOT) shipments are growing.

OTHER UPGRADES:

CIBC upgraded Novatel Wireless (NASDAQ: NVTL) to Sector Outperformer from Sector Performer.
Suntrust upgraded American Reprographics (NYSE: ARP) to Buy from Neutral.
Taiwan Semiconductor (NYSE: TSM) was upgraded to Overweight from Neutral at JP Morgan.
Jefferies upgraded Dover Downs (NYSE: DDE) to Buy from Hold.