Analyst Upgrades

• Canaccord upgraded IBM (IBM) to buy from hold, citing the better-than-expected Q4 report, an ongoing economic recovery and higher IT budgets. The firm raised its target to $150 from $130.
• Citigroup upgraded Archer Daniels Midland (ADM) to buy from hold to reflect strength in the oilseed processing market and a positive inflection in ethanol profitability. The firm raised its target on shares to $37 from $33.
• FBR Capital upgraded Tesco (TESO) to outperform from market perform on expectations the company's top drive orders will accelerate in the coming quarters. The firm raised its target price on shares to $18.
• CBS (CBS) was upgraded to buy from hold at Jefferies.
• HSBC Holdings (HBC) was upgraded to buy from hold at RBS.
• Essex Property Trust (ESS) was upgraded to overweight from equal weight at Barclays.

Analyst upgrades:

• FBR Capital upgraded CapitalSource (NYSE: CSE) to Outperform from Market Perform on valuation as it sees an attractive risk/reward at current levels. The firm raised its target on shares to $5 from $3.
• Kaufman Bros. upgraded The Knot (NASDAQ: KNOT) to Buy from Hold following the company's Q2 results to reflect stable national advertising and a better bottom-line outlook. The firm raised its target on shares to $11 from $8.50.
• Baird upgraded Obagi Medical (NASDAQ: OMPI) to Outperform from Neutral and raised its target to $10 from $7 following the strong Q2 report. The firm believes business bottomed in Q1 and the outlook is improving.
• IPC The Hospitalist Co. (NASDAQ: IPCM) was upgraded to Overweight from Equal Weight at Stephens.
• King Pharma (NYSE: KG) was upgraded at BofA/Merrill to Buy from Hold.
• Infinera (NASDAQ: INFN) was upgraded to Hold from Underperform at Jefferies.