Analyst upgrades:

• Citigroup upgraded Schlumberger (NYSE: SLB) to Buy from Hold on valuation and the company's exposure to a potential upturn in international drilling. The firm raised its target on shares to $80 from $56.
• UBS upgraded Allegheny Tech (NYSE: ATI) to Buy from Neutral and raised its target to $43 from $31 and believes the end of jet engine and other destocking will result in an initial recovery into 2010, even before an order ramp into 2011.
• Merriman upgraded Acorda Therapeutics (NASDAQ: ACOR) to Buy from Neutral based on the favorable FDA panel outcome and set a $30-$33 target range on the stock. Baird upgraded Acorda to Outperform from Neutral and raised its target to $28 from $24. Following the panel review, Baird expects Amaya to be approved in 1H10 and would be buyers into the mid/high $20s.
• Chicago Bridge & Iron (NYSE: CBI) was upgraded to Buy from Neutral at Goldman.
• PG&E (NYSE: PCG) was upgraded to Buy from Neutral at UBS.
• Newfield Exploration (NYSE: NFX) was upgraded to Outperform from Market Perform at Wells Fargo.

Analyst upgrades:

• Morgan Stanley upgraded shares of Apple (NASDAQ: AAPL) to Overweight from Equal Weight on expectations of continued iPhone growth. The firm raised its target on the stock to $180 from $105.
• FBR Capital upgraded Bank of America (NYSE: BAC) to Market Perform from Underperform as it sees limited downside with half of the company's capital plan completed. The firm keeps a $12 target on the stock.
• Jefferies upgraded Cash America (NYSE: CSH) to Buy from Hold to reflect a strengthened balance sheet following the capital raise and easing regulatory risk. The firm raised its target price to $30 from $22.
• Ericsson (NASDAQ: ERIC) was upgraded to Outperform from Market Perform at Bernstein.
• MB Financial (NASDAQ: MBFI) was raised to Outperform from Neutral at Baird.
• Pinnacle West (NYSE: PNW) was upgraded at Credit Suisse to Outperform from Neutral.

Earlier this week I met with three CEOs of the neurotech industry -- Ron Cohen of Acorda Therapeutics (NASDAQ: ACOR), Uli Hacksell of Acadia Pharmaceuticals (NASDAQ: ACAD) and Jörn Aldag, of Evotec (NASDAQ: EVTC) -- along with Zack Lynch, the director of their trade association. Their November 10 media tour gave me a chance to gain some insight into this niche within the biotech industry of companies seeking cures for brain illnesses through drugs and devices.

At a time when revenues from blockbuster drugs are tapering off as their patents expire, these companies -- and their two-year-old Neurotechnology Industry Organization -- are hoping to unlock a new area of business growth while offering cures to ailments of longer-living populations and diseases involving the central nervous system.

Hawthorne, New York-based Acorda is already selling its first product, Zanaflex Capsules, which help control spasticity. Its Fampridine medication, aimed at bettering the walking capability of people with multiple sclerosis, is still undergoing Phase 3 testing. Update: November 14: Ron Cohen let me know Acorda has successfully completed Phase 3 testing of Fampridine
and intends to apply early next year for Food and Drug Administration approval to market it.

Meanwhile, San Diego-based Acadia, led by Hacksell, is conducting Phase 3 clinical trials of pimavanserin, which addresses psychosis related to Parkinson's disease.

Evotec, a Hamburg, Germany, company, whose acquisition of San Francisco-based Renovis in May could better position it to attract U.S. venture capital, is working on remedies for insomnia, Alzheimer's disease and smoking cessation.

Analyst upgrades:

• Jefferies upgraded shares of Abercrombie & Fitch (NYSE: ANF) to Hold from Underperform on valuation. The stock has gone down 40% since they initiated coverage on September 19. The firm maintains a $29 target.
  
• Citigroup upgraded EOG Resources (NYSE: EOG), Quicksilver (NYSE: KWK) and Southwestern Energy (NYSE: SWN) to Buy from Hold on their belief U.S. natural gas-focused E&P companies have near-term upside.
  
• Barclays upgraded Whole Foods (NASDAQ: WFMI) to Equal Weight from Underweight citing the $425M private equity investment, which reduces liquidity risk, and its reduced cost structure.
• Brandywine Realty (NYSE: BDN) and AvalonBay (NYSE: AVB) were upgraded to Neutral from Underperform at Merrill Lynch.
  
• tw telecom (NASDAQ: TWTC) was upgraded to Neutral from Underweight at JP Morgan.
  
• AmeriCredit (NYSE: ACF) was upgraded to Market Perform from Underperform at Friedman Billings.

Analyst downgrades:

• Jefferies downgraded Macquarie Infrastructure (NYSE: MIC) to Hold from Buy to reflect the company's sensitivity to the economic slowdown and funding risk. The firm lowered their target to $9 from $40 after the company announced a dividend reduction.
  
• Sanofi-Aventis (NYSE: SNY) was cut to Sell from Neutral at UBS due to the company's exposure to potential generic competition and a lack of new products.
  
• Friedman Billings downgraded Cleveland Cliffs (NYSE: CLF) to Market Perform from Outperform and lowered their target to $42 from $50 to reflect the risk of further production cuts.
• Credit Suisse lowered Acme Packet (NASDAQ: APKT) to Neutral from Outperform.
  
• Delta Petroleum (NASDAQ: DPTR) was downgraded at Deutsche Bank to Sell from Hold.
  
• Siemens (NYSE: SI) was downgraded to Sell from Buy at UBS.

Analyst initiations:

• Goldman initiated Bristol-Myers (NYSE: BMY) with a Buy rating and $27 target as they believe it is making progress in becoming a mid-sized specialty biopharmaceutical company. The firm expects the company to be active in M&A and to spin-off or divest its slow-growth or fast-growing assets, such as virology and oncology.
  
• Goldman believes Pfizer (NYSE: PFE) needs a "radical transformation" and restructuring that includes a break up, spin and merger in order to outperform over the next several years. Shares were assumed with a Sell rating and $19 target.
  
• Johnson & Johnson (NYSE: JNJ) was initiated with a Neutral rating and $65 target at Banc of America. The firm prefers to be on the sidelines given uncertainties surrounding 2009 revenue growth and the potential for negative rhetoric out of Washington on pharma costs.
• Acorda (NASDAQ: ACOR) was started at RBC Capital with an Outperform rating and $30 target.
  
• Cavium Networks (NASDAQ: CAVM) and NetLogic (NASDAQ: NETL) were initiated with Neutral ratings at Cowen.
  
• Edwards Lifesciences (NYSE: EW) was assumed with a Buy rating and $61 target at Piper Jaffray.

MOST NOTEWORTHY: Motorola, MF Global and Acorda Therapeutics were today's noteworthy downgrades:

• Piper Jaffray downgraded shares of Motorola (NYSE: MOT) to Sell from Neutral after their June channel checks indicated continued market share losses in the company's North American handset business.
  
• Keefe Bruyette downgraded shares of MF Global (NYSE: MF) to Market Perform from Outperform on the anticipated dilutive effect of the company's convertible offerings.
  
• Friedman Billings downgraded Acorda Therapeutics (NASDAQ: ACOR) to Market Perform from Outperform citing valuation.

OTHER DOWNGRADES:

• Xyratex (NASDAQ: XRTX) was downgraded to Neutral from Outperform at Baird and to Market Perform from Outperform at Wachovia.
  
• Goldman downgraded the U.S. Financial Sector and Consumer Discretionary Sector to Underweight from Neutral. Goldman removed Nucor (NYSE: NUE) from the Conviction Buy List.
  
• Merrill downgraded AU Optronics (NYSE: AUO) to Neutral from Buy.

This was quite a week in biotechnology. You had a major premium buyout and had much data come out from the American Society of Clinical Oncology (ASCO) and others. This is far from all of the movers, but it is a brief summary of the major gainers from BioHealthInvestor.com showing how large some moves were in biotechnology this week.

Acorda Therapeutics Inc. (NASDAQ: ACOR) had a great week after it announced positive data from a second Phase III study of its Fampridine-SR for patients' walking abilities who suffer from multiple sclerosis (MS). FULL DETAILS

Auxilium Pharmaceuticals Inc. (NASDAQ: AUXL) was a strange stock this week. The company reported great news but shares slid before the market figured out it had misinterpreted news in the company. INITIAL DETAILS

Inspire Pharmaceuticals Inc. (NASDAQ: ISPH) saw a surge after it reached its primary endpoint in Phase III trial of Denufosol for Cystic Fibrosis. FULL DETAILS

Acorda Therapeutics (NASDAQ: ACOR) shares are up 18% on news of positive drug trials.

GM (NYSE: GM) is up over 4% after a positive article in Barrons.

Novartis (NYSE: NVS) is up almost 4% on news that one of it cancer drugs has new applications.

Harris Bank (NYSE: HRS) is up 3% on comments by its CEO that the bank is not for sale.

Wachovia (NYSE: WB) is off over 3% on news that it has fired its CEO.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247walls.com.

MOST NOTEWORTHY: Chipotle Mexican Grill, Micrus Endovascular and Acorda Therapeutics were today's noteworthy initiations:

• Jefferies expects the quality gap between Chipotle Mexican Grill (NYSE: CMG) and its peers will become more apparent in a weakening consumer environment. The firm started shares with a Buy rating and $110 target.
  
• Micrus Endovascular (NASDAQ: MEND) was initiated with an Outperform rating and $20 target at Barrington, citing the company's strong product line, improving salesforce, leading market share position and their expectation for continued strong transition from clipping to coiling.
  
• Acorda Therapeutics (NASDAQ: ACOR) was assumed with an Overweight rating at JP Morgan, as they believe the company's Fampridine-SR for multiple sclerosis is a $500M + opportunity

OTHER INITIATIONS:

• Stanford initiated Mariner Energy (NYSE: ME) with a Buy rating and $35 target.
  
• Deutsche Bank assumed Liberty Entertainment (NASDAQ: LMDIA) with a Buy rating and $29 target.
  
• EnerNoc (NASDAQ: ENOC) was initiated with a Neutral rating at Broadpoint.

MOST NOTEWORTHY: Banco Santander, Acorda Therapeutics, Agruim, Annaly Capital and ImmunoGen were today's noteworthy upgrades:

• UBS upgraded shares of Banco Santander (NYSE: STD) to Buy from Neutral as they expect the acquisition of ABN Amro Holding NV (NYSE: ABN) assets in Brazil and Italy to boost earnings in 2008 and 2009.
  
• Friedman Billings added Acorda Therapeutics (NASDAQ: ACOR) to its Top Picks List, as they have confidence in fampridine-SR's safety profile.
  
• Agrium (NYSE: AGU) was upgraded to Sector Outperformer from Sector Performer at CIBC on valuation, as they believe the outlook for wholesale and retail is robust with all three nutrients at historical high levels.
• Annaly Capital Management (NYSE: NLY) was upgraded to Buy from Neutral at UBS, citing likely further FED cuts, benefits from recent secondary, and BVPS growth.
  
• RBC Capital upgraded shares of ImmunoGen (NASDAQ: IMGN) to Outperform from Sector Perform based on valuation, growing pipeline, valuable technology platform, and potential as an acquisition candidate.

OTHER UPGRADES:

• Soleil upgraded ExpressJet Holdings (NYSE: XJT) to Hold from Sell.
  
• Goldman upgraded Assurant (NYSE: AIZ) to Buy from Neutral.
  
• Merill upgraded Forest Labs (NYSE: FRX) to Buy from Neutral.
  
• Citigroup upgraded Domtar (NYSE: UFS) to Buy from Hold.

MOST NOTEWORTHY: US Airways (LCC), Cigna Corp (CI), Gentex Corp (GNTX) and China Life Insurance (LFC) were today's more noteworthy upgrades:

• UBS upgraded US Airways (NYSE: LCC) to Neutral from Reduce based on valuation.

• Cigna Corp (NYSE: CI) was upgraded to Neutral from Sell at Banc of America to reflect the company's market share gains and share buybacks.

• Banc of America also raised Gentex Corp (NASDAQ: GNTX) to Buy from Neutral to reflect increased penetration of the company's new rear-camera display product.

• Deutsche Bank upgraded shares of China Life Insurance (NYSE: LFC) to Hold from Sell on valuation and the continued strong equity markets...

OTHER UPGRADES:

• Morgan Stanley raised DirecTV Group (NYSE: DTV) to Overweight from Equal Weight.

• Citigroup upgraded Sempra Energy (NYSE: SRE) to Buy from Hold.

• Acorda Therapeutics (NASDAQ: ACOR) was upgraded to Buy from Neutral at Banc of America.

• Merrill Lynch raised Citadel Broadcasting Corp's (NYSE: CDL) rating to Buy from Neutral.

• CyberSource Corp (NASDAQ: CYBS) was upgraded to Buy from Accumulate at ThinkEquity.

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

Third Point Capital, an excellent activist-value fund headed by Daniel Loeb, filed a very interesting 13D filing on Thursday, February 22. Third Point's ownership is now 2,290,000 shares, or 9.9% of outstanding shares. While the body of the filing held no "gems," Loeb attached a recent letter to Acorda Therapeutics (NASDAQ:ACOR)' CEO, Ron Cohen, as an exhibit.

As it is evident from a chart, Acorda has experienced a remarkable run over the last six months, rising from a low of nearly $2 per share to its current price of more than $24 per share. According to Loeb, this rise is the result of the Phase III results of Fampridine-SR for walking improvement in multiple sclerosis patients. However, while the company has done extraordinarily well at developing this (seemingly) successful MS drug, Loeb feels "a larger, more experienced company would be able to expedite Fampridine-SR through the FDA and into the hands of patients more quickly and efficiently." Therefore, Loeb feels the board of directors should hire an investment bank to pursue the sale of the company.

In addition to pursuing the company's sale, he feels the company's board should forego the recently announced plan "to partner Fampridine-SR only in Europe." Although the desire to retain all the profits made in the United States seems logical, this plan would be a "tremendous injustice" to multiple sclerosis patients in the United States and the company's public shareholders. Partnering only in Europe would hurt American MS patients because they would not receive a drug that would most certainly ease their pain and potentially save their life in the fastest way possible. It would hurt shareholders of the company because it would "drastically impair if not eliminate the level of interest from potential acquirers of ACOR," according to Loeb's letter.

MOST NOTEWORTHY: Acorda Therapeutics Inc (ACOR) and Coach, Inc (COH) were some of today's most notable initiations:

• Morgan Joseph started Acorda Therapeutics Inc (NASDAQ: ACOR) with a Sell rating and $15 target citing seizure rates for Fampridine-SR and limited efficacy for its rating.

• Coach, Inc (NYSE: COH) was started at Soleil with a Buy rating and $58 target; the firm believes continuing market share gains should create a long-term EPS growth rate of 23%.

OTHER INITIATIONS:

• Morgan Stanley initiated Time Warner Cable (OTC: TWCA) with an Equal Weight rating.

• Raymond James started Legacy Reserves LP (NASDAQ: LGCY) with an Outperform rating and $27 target.

• Wedbush initiated Avaya Inc (NYSE: AV) with a Hold rating and $14 target.

• Nollenberger initiated Rudolph Technologies Inc (NASDAQ: RTEC) with a Buy rating and $26 target, citing valuation.

• Precision Drilling Trust (NYSE: PDS) was initiated at CIBC with a Sector Performer rating.

• Lehman Brothers started Polo Ralph Lauren Corp (NYSE: RL) with an Overweight rating and $100 target.

• Bank of America reinstated The Nasdaq Stock Market Inc (NASDAQ: NDAQ) with a Neutral rating and $33 target.

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