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Analyst upgrades:
- Janney Montgomery upgraded Adobe (ADBE) to buy from neutral on expectations for a strong CS5 product cycle in 2010. The firm raised its target on shares to $43 from $33.
- Kaufman Bros. upgraded Rackspace (RAX) to buy from hold to reflect the company's "strong" Q3 results and expectations growth will accelerate in 2010. The firm raised its target on shares to $22.50 from $16. Oppenheimer upgraded Rackspace to outperform from perform and established a $24 price target on the stock.
- Stephens upgraded Ann Taylor (ANN) to overweight from equal weight as it believes the company's core brand will recover faster than originally thought. The firm raised its target on shares to $17 from $12.
- Rockwell (ROK) was upgraded to neutral from underperform at Baird.
- Taiwan Semi (TSM) was raised to outperform from market perform at FBR Capital.
- Royal Bank of Scotland (RBS) was upgraded to buy from hold at Deutsche Bank.
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