Analyst Upgrades

• Deutsche Bank upgraded Barrick Gold (ABX) to buy from hold and reiterates a buy rating on Newmont Mining (NEM) after upping its 2011 gold forecast to $1,450 per ounce and 2012 forecast to $1,600 per ounce. The firm upped its target for Barrick shares to $53 from $45, for Newmont shares to $74 from $72, and on hold-rated Goldcorp (GG) and Kinross Gold (KGC) to $40 and $20, respectively.
• Citigroup upgraded General Dynamics (GD) to hold from sell following the recent pullback in shares. The firm keeps a $67 price target for the stock.
• UBS upgraded Public Service (PEG) to buy from neutral and has a $34 price target on the stock. The firm cites the company's solid balance sheet, earnings profile, and valuation for the upgrade.
• News Corp. (NWS) was upgraded to buy from hold at Soleil.
• AK Steel (AKS) was upgraded to neutral from underperform.
• Progress Energy (PGN) was upgraded to buy from neutral at BofA/Merrill.
• PNC Financial (PNC) was upgraded to outperform from market perform at Keefe Bruyette.

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.

MOST NOTEWORTHY: UQM Technologies, Blue Nile, NPS Pharmaceuticals, Massey Energy and Hartford Financial were today's noteworthy downgrades:

• Merriman downgraded shares of UQM Technologies Inc (AMEX: UQM) to Neutral from Buy after Phoenix Motorcars delayed its electric vehicle manufacturing ramp, as they view the company's Phoenix Motorcars relationship as the primary driver for near-term growth.
• Citigroup downgraded shares of Blue Nile Inc (NASDAQ: NILE) to Sell from Hold on valuation as they believe near-term risks outweigh rewards. They see risk to Q3 revenue estimates and their analysis suggests an in-line quarter at best.
• NPS Pharmaceuticals Inc (NASDAQ: NPSP) was downgraded to Neutral from Buy at Oppenheimer and to Hold from Buy at Jefferies. Oppenheimer lowered shares following disappointing Gattex data; Jefferies believes the P3 GATTEX results in short bowel syndrome make the chances of successful low-dose approval unpredictable.
• Friedman Billings downgraded Massey Energy Company (NYSE: MEE) to Underperform from Market Perform based on valuation, 2008/2009 outlook, spinoff of Patriot Coal appears to be a better investment option, and another blow to mountaintop mining and permit issues.
• JP Morgan removed The Hartford Financial Services Group Inc (NYSE: HIG) from their Focus List; however, they believe the company's fundamental outlook remains positive and expects strong Q3 results.

OTHER DOWNGRADES:

• Morgan Stanley downgraded EV3 Inc (NASDAQ: EVVV) to Underweight from Equal Weight.
• Business Objects SA (NASDAQ: BOBJ) was downgraded to Hold from Buy at Roth Capital.
• Goldman downgraded The Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Neutral from Buy.
• Banc of America downgraded The Pepsi Bottling Group Inc (NYSE: PBG) to Neutral from Buy.