Analyst Upgrades

• BP (BP) to buy from hold at RBS.
• Symantec (SYMC) to buy from hold at Deutsche Bank.
• GenOn Energy (GEN) and Nationwide Health Properties (NHP) to buy from hold at Citigroup.
• Logitech (LOGI) and Patriot Coal (PCX) to neutral from sell, as well as ARM Holdings (ARMH) to buy from neutral, at Goldman.
• Silvercorp Metals (SVM) to outperform from market perform at BMO Capital.
• Cinemark (CNK) to equal weight from underweight at Morgan Stanley.
• Smith & Nephew (SNN) to market perform from underperform at Bernstein.
• Molex (MOLX) to overweight from underweight at JPMorgan.

Analyst upgrades:

• ThinkEquity upgraded Yahoo! (YHOO) to Buy from Hold based on valuation, checks that indicate Q2 display/search improvement, search stabilization, improved cost structure, and share repurchases.
• Societe Generale upgraded Roche Holding (RHHBY) to Buy from Hold based on expectations Avastin will be approved in breast cancer, despite negative FDA briefing documents.
• FBR Capital upgraded Atheros (ATHR) to Outperform from Market Perform based on valuation and positive checks that indicate powerline networking chips are gaining traction in China. The firm has a $43 price target on the stock.
• Juniper (JNPR) was upgraded to Buy from Hold at Canaccord.
• Ultimate Software (ULTI) was upgraded to Buy from Hold at Roth Capital.
• Liberty Property Trust (LRY) was upgraded to Market Perform at Wells Fargo.

Analyst downgrades:

• Auriga downgraded ADC Telecomm (ADCT) to Hold from Buy following the company's merger announcement with Tyco Electronics (TEL).
• TD Newcrest expects Manulife's (MFC) Q2 loss to be worse than expected due to the impact from lower interest rates. The firm cut shares to Hold from Buy.
• Goldman downgraded Perrigo (PRGO) to Sell from Neutral and lowered its target to $50 from $61. The firm cites relative valuation for the downgrade. Target to $50 from $61.
• F5 Networks (FFIV) was downgraded to Hold from Buy at Canaccord.
• Anglo American (AAUKY) and BHP Billiton (BHP) were downgraded to Neutral from Outperform at Credit Suisse.

Analyst initiations:

• QKL Stores (QKLS) was initiated with a Buy rating and $7 price target at Global Hunter.
• Rodman & Renshaw started Rick's Cabaret (RICK) with an Outperform rating.

Analyst Upgrades

• Deutsche Bank upgraded Southern Copper (SCCO) to buy from hold to reflect valuation and positive near-term catalysts. The firm raised its target for shares to $38 from $35.
• JMP Securities upgraded Ultimate Software (ULTI) to outperform from market perform. The firm cites the company's expanding employee base for the upgrade. The firm has a $40 target on the stock.
• Piper Jaffray upgraded Aeropostale (ARO) to neutral from underweight following the company's Q4 results and raised its target for shares to $31 from $24.
• Kennametal (KMT) was upgraded to sell from conviction sell at Goldman.
• Lifetime Brands (LCUT) was upgraded to outperform from market perform at Barrington.
• Volvo (VOLVY) was upgraded to overweight from underweight at JPMorgan.

Analyst upgrades:

• Stephens upgraded Emergency Medical Services (NYSE: EMS) to Overweight from Equal Weight on valuation as they believe shares are undervalued at current levels. The firm has a $42 target on the stock.
  
• Deutsche Bank upgraded Deutsche Telekom (NYSE: DT) to Buy from Hold ahead of the company's earnings report as they expect the results to provide confidence in the dividend.
  
• Baird upgraded CoPart (NASDAQ: CPRT) to Outperform from Neutral due to the defensive nature of the salvage auction market, strong balance sheet, and potential growth beyond salvage and outside the U.S.
• First Financial (NASDAQ: FFBC) was raised to Market Perform from Underperform at Keefe Bruyette.
  
• GPC Biotech (NASDAQ: GPCB) was upgraded at Piper Jaffray to Neutral from Sell.
  
• Smith & Nephew (NYSE: SNN) was upgraded to Buy from Hold at Citigroup.

MOST NOTEWORTHY: Southwest Gas, Hittite Microwave and Repsol SA were today's noteworthy upgrades:

• Citigroup upgraded shares of Southwest Gas (NYSE: SWX) to Buy from Hold on valuation, as they believe the company's fundamentals have improved enormously over the last three years.
• Thomas Weisel upgraded shares of Hittite Microwave (NASDAQ: HITT) to Overweight from Market Weight, as they believe the company is executing on its strategy of increasing new product introductions and growing its global sales efforts. They believe shares are undervalued and maintain a $43 target.
  
• Repsol SA (NYSE: REP) was raised to Buy from Hold at Deutsche Bank as they expect good news to flow in 2008.

OTHER UPGRADES:

• Goldman upgraded CNOOC (NYSE: CEO) to Buy from Neutral and added shares to their Conviction Buy List.
  
• Urban Outfitters (NASDAQ: URBN) was raised to Equal Weight from Underweight at Morgan Stanley.
  
• Broadpoint raised Ultimate Software (NASDAQ: ULTI) to Buy from Neutral.

MOST NOTEWORTHY: 1-800-Flowers.com, Ctrip.com International, 51job and Choice Hotels were today's noteworthy initiations:

• Nollenberger started shares of 1-800-Flowers.com (NASDAQ: FLWS) with a Buy rating and $14 target and believes shares are undervalued at current levels given the company's compelling growth prospects, strong cash flow generation, and solid balance sheet.
  
• Bear believes Ctrip.com (NASDAQ: CTRP) is the best positioned online travel company ahead of structural changes and consolidation in China's fragmented travel agency industry. The firm initiated shares with an Outperform rating and $80 target.
  
• Bear expects 51job (NASDAQ: JOBS) to benefit from China's increasing Internet user base due to the internet's broadening reach among job seekers, resuming coverage with an Outperform rating and $28 target.
  
• Goldman started Choice Hotels (NYSE: CHH) with a Buy rating and $45 target, as they are positive on the stock given unit growth and minimal capital needs, among other reasons.

OTHER INITIATIONS:

• Thomas Weisel initiated On Semiconductor (NASDAQ: ONNN) with an Overweight rating and $15 target.
  
• Broadpoint initiated Ariba (NASDAQ: ARBA) with a Buy rating and $15 target and Ultimate Software (NASDAQ: ULTI) with a Neutral rating.
  
• Merrill started shares of Savient Pharmaceuticals (NASDAQ: SVNT) with a Neutral rating.