Analyst Upgrades

• Amgen (AMGN) to overweight from neutral at Piper Jaffray.
• Goodrich Petroleum (GDP) to outperform from market perform at Wells Fargo.
• Tutor Perini (TPC) to buy from neutral at UBS.
• Covidien (COV) to buy from neutral at Goldman.
• Sara Lee (SLE) and Comcast (CMCSA) to outperform from market perform at Bernstein.
• Research In Motion (RIMM) to outperform from sector perform at FBN Securities.

Analyst Upgrades

• Citigroup upgraded Mosaic (MOS) to buy from hold and raised its price target to $78 from $64 citing improving ag fundamentals and the potential for BHP (BHP) to issue a higher bid for Potash (POT), which Citi feels would bode well for Mosaic.
• Cowen upgraded VMware (VMW) to outperform from neutral, citing recent share weakness and the company's significant growth opportunity.
• Citigroup upgraded CareFusion (CFN) with a $29 price target, citing valuation and the potential for margin expansion.
• Pfizer (PFE) was upgraded to outperform from neutral at Cowen.
• Juniper (JNPR) was upgraded to outperform from perform at Oppenheimer.
• Stryker (SYK) was upgraded to buy from gradually accumulate at Soleil.

Option traders appear to be setting up for a bullish move on iShares Barclays 7 to 10 Year Treasury (IEF). Traders plowed into 4,342 new call option contracts -- 3.33 times the average volume -- on the stock on Wednesday. And we know that traders were eager to get into this trade because 99% of the trades came in on the ask price.

It looks like traders are trying to get into these Treasuries ahead of the Fed, just in case it moves ahead with more quantitative easing. The ETF closed Wednesday at $97.39, down 0.17% during the past month.

MOST NOTEWORTHY: XM Satellite Radio (XMSR) and Cisco Systems (CSCO) topped today's list of notable downgrades.

• XM Satellite Radio Holdings 'A' (NASDAQ: XMSR) was downgraded by Bank of America to Neutral from Buy, with a $17 target, as they see limited upside potential and significant downside potential if the company doesn't merge with Sirius Satellite Radio (NASDAQ: SIRI).

• Cisco Systems (NASDAQ: CSCO) was downgraded at Prudential and Bank of America to Neutral, citing valuation for the move.

OTHER DOWNGRADES:

• Cablevision Systems 'A' (NYSE: CVC) was downgraded to Neutral from Buy at Bank of America as they believe the Dolan family's $30/share bid is probably their best and final offer.

• Getty Images (NYSE: GYI) was downgraded to Sell from Hold at Kaufman Brothers. They cited the changing stock imaging market, lowered expectations for 2007 and the options review overhang for the downgrade.

• UIL Holdings (NYSE: UIL) was downgraded to Underweight from Hold at BB&T, citing valuation and lowered estimates.

• RBC Capital Markets downgraded Abitibi Consolidated (NYSE: ABY) to Underperform from Sector Performer.

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