MOST NOTEWORTHY: PetSmart, Banco de Chile and Xerium Technologies were today's noteworthy upgrades:

• JP Morgan upgraded PetSmart (NASDAQ: PETM) to Overweight from Neutral citing the company's position in a relatively strong category, benefits from food inflation, and margin improvements.
  
• Deutsche Bank upgraded shares of Banco de Chile (NYSE: BCH) to Buy from Hold as they expect greater earnings power following the acquisition of Citibank Chile.
  
• Citigroup upgraded Xerium Tech (NYSE: XRM) to Buy from Hold on the success of the company's debt renegotiation. The firm also raised the company's target to $7 from $2.

OTHER UPGRADES:

• Goldman Sachs added State Street (NYSE: STT) and Lorillard (NYSE: LO) to the Conviction Buy List.
  
• Boyd Gaming (NYSE: BYD) was raised to Neutral from Sell at Banc of America.
  
• William Blair raised American Superconductor (NASDAQ: AMSC) to Outperform from Market Perform.
  
• Cameco (NYSE: CCJ) was upgraded to Buy from Neutral at UBS.

MOST NOTEWORTHY: Today's more notable downgrades included Dell Inc (DELL), Deutsche Telekom ADS (DT) and the Nasdaq Stock Market Inc (NDAQ):

• Needham downgraded Dell inc (NASDAQ: DELL) to Hold from Buy after the Q4 results as they now believe the company is unlikely to outperform for "at least" several quarters. They considered Dell's notebook shipments to be the biggest disappointment in the quarter.

• Deutsche Telecom ADS (NYSE: DT) was cut to Sell from Neutral at Merrill Lynch.

• JP Morgan downgraded the Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Neutral from Overweight following the company's price cuts as they feel the new prices negatively impact the U.S. cash equity business.

OTHER DOWNGRADES:

• Baird cut Xerium Technologies Inc (NYSE: XRM) to Underperform from Neutral, citing increased spending plans and pressure from the underlying paper market that raised dividend sustainability concerns.

• First Albany downgraded Hyperion Solutions Corp (NASDAQ: HYSL) to Neutral from Buy.
  

• Sanders Morris cut Crosstex Energy (NASDAQ: XTEX) to Hold from Buy. Raymond James downgraded shares of Crosstex to Market Perform from Outpeform.

• Bernstein downgraded TXU Corp (NYSE: TXU) to Market Perform from Outperform as the firm believe the current bid from Kohlberg Kravis Roberts and Texas Pacific Group will succeed.

• Merrill Lynch cut Altera Corp (NASDAQ: ALTR) to Neutral from Buy.

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