Analyst Upgrades

• Citigroup upgraded Colgate (CL) and Phillips-Van Heusen (PVH) to buy from hold.
• Wells Fargo upgraded IDACORP (IDA) to outperform from market perform.
• Union Pacific (UNP) was upgraded to outperform from neutral at RW Baird.
• Goldman upgraded Quicksilver (KWK) to neutral from sell.
• Republic Airways (RJET) was upgraded to buy from hold at Deutsche Bank.
• BofA/Merrill upgraded GAMCO Investors (GBL) to neutral from underperform.
• Senior Housing (SNH) was upgraded to outperform from market perform at JMP Securities.

Analyst Upgrades

• Goldman upgraded Eaton (ETN) to conviction buy from neutral.
• AECOM Technology (ACM) was upgraded to outperform from neutral at Macquarie.
• Piper Jaffray upgraded Hologic (HOLX), Gen-Probe (GPRO) and Qiagen (QGEN) to overweight from neutral.
• GeoMet (GMET) was upgraded to accumulate from neutral at Global Hunter.
• Accretive Health (AH) was upgraded to outperform from neutral at RW Baird.
• Morgan Stanley upgraded Reinsurance Group (RGA) to overweight from equal weight.
• BofA/Merrill upgraded Clearwire (CLWR) to neutral from underperform.

Analyst Upgrades

• Canaccord upgraded Whole Foods (WFMI) to buy from hold based on the company's solid growth outlook. The firm has a $49 target on the stock.
• Bernstein upgraded Mylan (MYL) to outperform from market perform, citing valuation and expectations that its generic business will grow over then next two years. The firm has a $22 target on the stock.
• Jefferies upgraded Omega Healthcare (OHI) to buy from hold with a $26 target based on the company's earnings outlook, valuation and upside from its SNF portfolio.
• Procter & Gamble (PG) was upgraded to buy from hold at Argus.
• Ryland Group (RYL) was upgraded to buy from hold at Deutsche Bank.
• Deere (DE) was upgraded to buy from neutral at Longbow.

Analyst upgrades:

• Jefferies upgraded Ansys (NASDAQ: ANSS) shares to Buy from Hold following the company's reduced guidance as it now believes estimates are much more achievable. Despite the upgrade, the firm lowered its target price to $25 from $29.
  
• Deutsche Bank upgraded shares of Signet Jewelers (NYSE: SIG) to Buy from Hold on expectations the company will benefit from a capacity reduction in U.S. jewelry retailing.
  
• Thomas Weisel upgraded Omnicare (NYSE: OCR) to Overweight from Market Weight citing improving fundamentals and misunderstandings regarding Obama's healthcare proposal.
• Verizon (VZ) was lifted to Outperform from Sector Perform at RBC Capital.
  
• The Inventure Group (NYSE: SNAK) was raised to Buy from Hold at Roth Capital.
  
• Chico's FAS (NYSE: CHS) was upgraded at Friedman Billings to Outperform from Market Perform.

Analyst downgrades:

• Stephens downgraded Wilbros Group (NYSE: WG) to Equal Weight from Overweight to reflect a lack of visibility into earnings and deterioration in the company's end markets. The firm lowered its target price to $9.
• Jefferies downgraded Limelight Networks (NASDAQ: LLNW) to Hold from Buy as it believes the company can not sustain profits or cash flow this year given its capex requirements. The firm lowered its target price to $3 from $4.
  
• Barclays cut SLM Corp (NYSE: SLM) to Equal Weight from Overweight following President Obama's proposal to eliminate Federal Family Education Loan Program.
• Synta Pharma (NASDAQ: SNTA) was lowered to Hold from Buy at Roth Capital and to Sector Perform from Outperform at RBC Capital.
  
• U.S. Cellular (NYSE: USM) was downgraded at Baird to Underperform from Neutral.
  
• Paychex (NASDAQ: PAYX) was downgraded to Sell from Neutral at Goldman.

Analyst initiations:

• ThinkEquity expects Emulex (NYSE: ELX) to generate positive FCF in 2010 and views valuation as attractive. Shares were initiated with a Buy rating and $7 target.
  
• Lazard Capital initiated Constant Contact (NASDAQ: CTCT) with a Buy rating and $19 target. The firm believes the company is well positioned in the Software as a Service category of E-mail Marketing.
• Morgan Stanley assumed Dollar Tree (NASDAQ: DLTR) with an Overweight rating and $45 target and Family Dollar (NYSE: FDO) with an Equal Weight rating.
  
• Regal Entertainment (NYSE: RGC) was started at Barclays with an Overweight rating and $14 target.

TheStreet.com's Jim Cramer says the exchange rate plus massive undervaluations make the great brands prime targets.

There's always been a groupthink in Europe about currencies. The companies that want to buy American companies have, at times, seemed to care more about the currency, or at least not buying a company in a country whose currency is in decline, than they care about the actual target.

That's what it looks like now that a large German company and now a large Italian company have decided to start splurging. It is no coincidence that Deutsche Tel (NYSE: DT) (Cramer's Take) and Finmeccanica are exploring Sprint (NYSE: S) (Cramer's Take) and DRS (NYSE: DRS) (Cramer's Take). These companies are selling for something like 40% off for those bearing euros, and neither potential acquirer has debt problems or subprime issues, so the deals don't have big borrowing problems.

That's what I am thinking about when I see the better-than-expected figures today from Unilever (NYSE: UL) (Cramer's Take) and the other day from Nestle. These companies are part of that same groupthink. They are looking, no doubt, at a Heinz (NYSE: HNZ) (Cramer's Take) and thinking, "Wait, that's about a $10 billion company that's a global leader."

MOST NOTEWORTHY: Linc Energy, Equinix and Smith & Wesson were today's noteworthy initiations:

• Merriman initiated Linc Energy (OTC: LNCGY) with a Buy rating and believes the company is well-positioned to become a large producer of ultra-clean, high quality diesel fuel, at extremely high margins.
  
• Equinix (NASDAQ: EQIX) was assumed with a Buy rating and $120 target at Deutsche Bank. The firm thinks the company continues to benefit from favorable industry dynamics as customer demand continues to outstrip supply of new co-location space industry-wide.
  
• Susquehanna is positive on Smith & Wesson's (NASDAQ: SWHC) leading market position in the handgun market and top line growth. The firm started shares with a Positive rating.

OTHER INITIATIONS:

• ComScore Inc. (NASDAQ: SCOR) was reinstated with an Outperform rating at Credit Suisse.
• UBS initiated Willbros Group (NYSE: WG) with a Buy rating and $4 target.
  
• Lazard started BladeLogic (NASDAQ: BLOG) with a Hold rating.

MOST NOTEWORTHY UPGRADES:

• Potash Corp. (NYSE: POT) was upgraded to Buy from Neutral at Goldman based on the company's unprecedented sustainable pricing power.

MOST NOTEWORTHY DOWNGRADES:

• Resources Connection (NASDAQ: RECN) was downgraded to Equal Weight from Overweight at Morgan Stanley.

MOST NOTEWORTHY INITIATIONS:

• Credit Suisse believes Willbros Group Inc. (NYSE: WG) is well-positioned to capitalize on increased pipeline construction. The firm started shares with an Outperform rating and $46 target.
  
• CIBC, which said Rubicon Tech (NASDAQ: RBCN) is the leading sapphire supplier with the most advanced and highest quality substrate, views the company as uniquely positioned to leverage fast ramping LED volumes as new applications drive demand. CIBC initiated Rubicon with a Sector Outperformer rating and $23 target.
• Citigroup initiated El Paso Pipeline (NYSE: EPB) with a Buy rating and $28 target.
  
• Keefe Bruyette initiated Mercer Insurance (NASDAQ: MIGP) with a Market Perform rating and $19 target.
  
• Internet Brands (NASDAQ: INET) was initiated with an Overweight rating and $14 target at Thomas Weisel.