Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

Analyst Upgrades

• Aetna (AET) to buy from neutral at Goldman.
• Kellogg (K) to buy from neutral at UBS.
• PetSmart (PETM) to outperform from market perform at JMP Securities.
• NetApp (NTAP) and Scripps Networks (SNI) to buy from hold at Wunderlich.
• Thoratec (THOR) to buy from hold at Auriga.
• ArcelorMittal (MT) to overweight from neutral at HSBC.
• Bristol-Myers (BMY) to outperform from neutral at Cowen.
• Eaton Vance (EV) to neutral from sell at Ticonderoga.
• Adtran (ADTN) to buy from underperform at BofA/Merrill.

Analyst Upgrades

• Exxon Mobil (XOM) and BB&T (BBT) to outperform from perform at Oppenheimer.
• D.R. Horton (DHI) upgraded to outperform from market perform at Wells Fargo.
• Meritage Homes (MTH), Old Dominion Freight (ODFL) and Heartland Payment (HPY) to outperform from market perform at Wells Fargo.
• Toll Brothers (TOL) to overweight from equal weight at Barclays.
• Hershey (HSY) to buy from neutral at Janney Capital.
• UnitedHealth (UNH), Cigna (CI) and Allscripts (MDRX) to buy from hold at Deutsche Bank.
• Nationwide Health (NHP) to outperform from market perform at JMP Securities.
• Reynolds American (RAI) to buy from neutral at UBS.
• Adtran (ADTN), PG&E (PCG) and Wisconsin Energy (WEC) to overweight from equal weight at Morgan Stanley.

Analyst Upgrades

• SunTrust upgraded Anadarko Petroleum (APC) to buy from neutral. The firm believes weakness related to the oil spill disaster is overdone and is a buying opportunity. The firm set an $82 price target on the stock.
• JPMorgan upgraded NII Holdings (NIHD) to overweight from neutral following the company's Q1 results. The firm has a $55 price target on the stock.
• Keefe Bruyette upgraded Columbia Banking (COLB) to outperform from market perform following the company's secondary offering due to valuation. The firm has a $30 price target on the stock.
• Clean Harbors (CLH) was upgraded to outperform from neutral at Credit Suisse.
• Pinnacle Entertainment (PNK) was upgraded to buy from neutral at Janney Montgomery.
• Digital River (DRIV) was upgraded to overweight from equal weight at First Analysis.

Analyst Upgrades

• Soleil upgraded Potash (POT) to hold from sell due to valuation. The firm maintains a $100 price target for shares.
• FBR Capital upgraded Arkansas Best (ABFS) to market perform from underperform after the company reached a tentative agreement with the Teamsters to amend its existing contract to include a 15% wage concession. The firm has a $34 price target for shares.
• Keefe Bruyette upgraded Zions Bancorp (ZION) to market perform from underperform following the company's Q1 results and raised its target for shares to $25 from $17.
• Apache (APA) was upgraded to outperform from neutral at Macquarie.
• MGM Mirage (MGM) wasupgraded to conviction buy from buy at Goldman.
• Monster Worldwide (MWW) was upgraded to outperform from neutral at Credit Suisse.

Analyst upgrades:

• FBR Capital upgraded McAfee (NYSE: MFE) to Outperform from Market Perform after channel checks indicated the company's September quarter deal flow has been stronger than expected. FBR raised its target on shares to $50 from $41.
• Thomas Weisel upgraded Adtran (NASDAQ: ADTN) to Overweight from Market Weight, citing increased wireless backhaul capex spending by Tier-1 carriers. The firm raised its target to $32 from $21.
• RBC Capital upgraded Brunswick (NYSE: BC) to Outperform from Sector Perform as the firm thinks the company no longer has liquidity risk and can generate significant profits by 2012. The firm set a $17 target on the stock.
• Bronco Drilling (NASDAQ: BRNC) was upgraded to Hold from Underperform at Jefferies.
• LSI Corp. (NYSE: LSI) was upgraded to Buy from Hold at Deutsche Bank.
• UBS upgraded U.S. Airways (NYSE: LCC) and UAL Corp. (NASDAQ: UAUA) to Buy from Neutral.

Analyst upgrades:

• Citigroup upgraded Adtran (NASDAQ: ADTN) to Buy from Hold on expectations the company will benefit from the broadband Stimulus funds.
• Morgan Stanley upgraded Continental Airlines (NYSE: CAL) to Overweight from Equal Weight based on relative valuation and views the company as a "survivor." Additionally, the analyst lowered 2009 industry estimates but believes it is the last cut for the year and is incrementally more positive on the sector.
• Morgan Stanley also upgraded EXFO Electro-Optical (NASDAQ: EXFO) to Overweight from Market Weight based on valuation.
• Tata Motors (NYSE: TTM) was upgraded to Buy from Hold at Deutsche Bank.
• Ascent Solar (NASDAQ: ASTI) was upgraded to Neutral from Underweight at JP Morgan.
• Mechel Steel (NYSE: MTL) was upgraded to Neutral from Underperform at Credit Suisse.

Analyst Upgrades

• Citigroup upgraded Deutsche Bank (NYSE: DB) to Hold from Sell citing reduced legacy risks and strength in the fixed income franchise.
• Janney Montgomery upgraded Fuel Systems (NASDAQ: FSYS) to Buy from Neutral based on valuation, the OEM market in Europe for alternative transportation is growing faster than expected, and the $30M equity raise was smaller than expected.
• Freeport McMoRan (NYSE: FCX) was upgraded to Outperform from Market Perform by FBR Capital. The firm believes that the company will benefit from copper supply issues over the long term, and it thinks the stock has reached an attractive entry point.
• Black & Decker (NYSE: BDK) was upgraded to Neutral from Underperform at Credit Suisse.
• American Tower (NYSE: AMT) was raised to Overweight from Neutral at JPMorgan.
• EMC Corp. (NYSE: EMC) was upgraded at Barclays to Overweight from Equal Weight.

Analyst upgrades:

• Keefe Bruyette upgraded MF Global (NYSE: MF) to Outperform from Market Perform as it believes the company's liquidity position has improved and that it is well positioned to take market share. The firm raised its target on shares to $9.
  
• UBS upgraded Wynn Resorts (NASDAQ: WYNN) to Buy from Neutral and raised its target to $33 from $28 citing better than expected performance in Macau, valuation, and comfort with the balance sheet.
  
• Citigroup upgraded Brandywine Realty (NYSE: BDN) to Buy from Hold on valuation and believes progress on asset sales or financing could drive significant upside. The firm keeps a $4.50 price target on BDN.
• Joy Global (NASDAQ: JOYG) was raised to Neutral from Underweight at JP Morgan.
  
• Novo Nordisk (NYSE: NVO) was lifted to Hold from Sell at Societe Generale.
  
• Cimarex Energy (NYSE: XEC) was upgraded at Banc of America/Merrill to Buy from Underperform.

Analyst upgrades:

• Societe Generale upgraded shares of Veolia Environment (NYSE: VE) to Buy from Hold as they believe the company's new finance chief implement additional cost savings.
  
• Citigroup upgraded shares of Sun Healthcare (NASDAQ: SUNH) to Buy from Hold and added the stock to their Top Picks Live List as they believe the market is pricing in a more severe Medicaid and Medicare reimbursement outlook than is probable. The firm has a $14 target on the stock.
  
• Calyon believes in 2010, American Express (NYSE: AXP) will have easy comps, reserve releases, and income statement leverage. The firm upgraded shares to Outperform from Underperform.
• Societe Generale (OTC: SCGLY) was upgraded to Buy from Hold at Citigroup.
  
• Caterpillar (NYSE: CAT) was raised to neutral from Sell at UBS.
  
• Goldman upgraded Biogen Idec (NASDAQ: BIIB) to Buy from Neutral and added shares to the Conviction Buy List; Goldman also added Bristol-Myers (NYSE: BMY) to the Conviction Buy List.

Analyst upgrades:

• Baird upgraded Adtran (NASDAQ: ADTN) to Outperform from Neutral based on valuation, new product cycles, and confidence in 2H08 results.
  
• Morgan Stanley upgraded shares of Repsol (NYSE: REP) to Overweight from Equal Weight as they believe the potential sale to Sacyr Vallehermoso SA could lead to a restructuring.
  
• Stanford lifted National Oilwell Varco (NYSE: NOV) to Buy from Hold citing valuation. In addition, the firm, which set a target of $70, thinks most of the drop in commodity prices is now over.
• Ryanair (NASDAQ: RYAAY) was raised to Hold from Sell at Societe Generale.
  
• Ann Taylor (NYSE: ANN) was upgraded at Piper to Neutral from Sell.
  
• Goldman added Illinois Tool Works (NYSE: ITW) to the Conviction Buy List.

Analyst downgrades:

• Argus downgraded shares of Constellation Energy (NYSE: CEG) to Hold from Buy post-close given the volatility in the stock as they can no longer recommend CEG until concerns over its capital and liquidity are resolved. Shares were also downgraded to Hold from Buy at Citigroup.
  
• Collins Stewart downgraded Lloyds TSB Group (NYSE: LYG) to Hold from Buy following the acquisition of HBOS (OTC: HBOOY) as they expect short-term weakness in the stock.

MOST NOTEWORTHY: Trina Solar, Adtran and Elan Corp were today's noteworthy upgrades:

• Friedman Billings upgraded Trina Solar (NYSE: TSL) to Market Perform from Underperform citing expectations for improved FCF following the company's announcement to discontinue its in-house poly manufacturing.
  
• Thomas Weisel believes Adtran (NASDAQ: ADTN) is in a multi-year transition where new products are able to offset continued declines in the legacy products. Shares were raised to Overweight from Market WEight, and also upgraded at Raymond James to Strong Buy from Outperform.
  
• Goldman upgraded shares of Elan Corp. (NYSE: ELN) to Buy from Neutral to reflect their outlook for Tysabri and Bapineuzumab.

OTHER UPGRADES:

• Suntrust upgraded BOK Financial (NASDAQ: BOKF) to Buy from Neutral.
  
• Plains All American (NYSE: PAA) was upgraded at Morgan Stanley to Overweight from Equal Weight.
  
• Morgan Keegan upgraded Diodes (NASDAQ: DIOD) to Outperform from Market Perform.

MOST NOTEWORTHY: Nike Inc (NYSE: NKE), Foot Locker Inc (NYSE: FL), Tellabs Inc (NASDAQ: TLAB), ADTRAN, Inc (NASDAQ: ADTN) and Bookham, Inc (NASDAQ: BKHM) were today's noteworthy downgrades:

• Banc of America downgraded shares of both Nike and Foot Locker to Neutral from Buy, as the firm believes industry pressures in the U.S. could more than offset the potential turn in Europe and benefit from the 2008 Olympics.
• Cowen downgraded shares of ADTRAN, Bookham and Tellabs to Neutral from Outperform.
• Goldman Sachs also downgraded shares of Tellabs, to Sell from Neutral, as the firm believes the stock fully discounts the expected sales and margin improvement.

OTHER DOWNGRADES:

• Allergan Inc (NYSE: AGN) was downgraded to Equal Weight from Overweight at Morgan Stanley citing limited upside.
• Friedman Billings removed The Cheesecake Factory Incorporated (NASDAQ: CAKE) from its Top Picks and maintained its Outperform rating.
• Lehman downgraded shares of The First American Corporation (NYSE: FAF) to Equal-Weight from Overweight on increasing risk to the company's title margin and regulatory concerns.
• Matrix USA downgraded shares of Lowe's Companies Inc (NYSE: LOW) to Buy from Strong Buy on valuation.

When it comes to making the critical connections between a communications service provider and an end-user, you want to get your equipment from a manufacturer which grew up with the industry. At 22 years of age, there is a Huntsville, Alabama outfit that can claim to be a real grandfather in the field.

Adtran, Inc. (NASDAQ: ADTN) is a leading provider of networking and communications equipment, with a portfolio of more than 1,600 devices for use in the last mile of today's telecommunications networks. Widely deployed by both carriers and enterprises, the firm's systems enable voice, data, video, and Internet communications across copper, fiber, and wireless network infrastructures. Customers include Verizon Communications (NYSE: VZ), AT&T (NYSE: T) and Sprint Nextel (NYSE: S).

The company surprised the Street last week, when it reported Q1 EPS of 22 cents and revenues of $110.3 million. Analysts had been looking for 20 cents and $105.9 million. Management expected gross margins in the high end of the 50-60% range, going forward. The CEO attributed success to strength in High Data Rate Digital Subscriber Line demand, improving broadband access trends and ongoing momentum in inter-networking products. He anticipated further solid results, on the basis of new business wins and new product launches. ADTN shares popped on the news and are now forming a bullish "flag" consolidation pattern. Prices frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

MOST NOTEWORTHY: Pfizer Inc (PFE), Exxon Mobil Corp (XOM), ConocoPhillips (COP), Xerox Corp (XRX), and Amazon.com, Inc (AMZN) were some of today's noteworthy downgrades:

• Prudential downgraded shares of Pfizer Inc (NYSE: PFE) to Neutral from Overweight with a $29 target to reflect concerns about competition from generic medications and a lack of new products.

• Deutsche Bank cut both ExxonMobil Corp (NYSE: XOM) and ConocoPhillips (NYSE: COP) to Hold from Buy on valuation.

• Citigroup downgraded shares of Xerox Corp (NYSE: XRX) to Sell from Hold as the firm believes the acquisition of Global Systems could hurt profits in the short-term. The broker recommended trimming positions of Xerox on any strength.

• Amazon.com (NASDAQ: AMZN) was cut to Underperform from Market Perform at Piper Jaffray based on valuation...

OTHER DOWNGRADES:

• Stifel lowered its rating of Jones Soda Co (NASDAQ: JSDA) to Hold from Buy on valuation.

• Deutsche Bank downgraded shares of Chevron Corp (NYSE: CVX) to Sell from Hold based on valuation.

• CIBC downgraded shares of Coventry Health Care, Inc (NYSE: CVH) to Sector Performer from Outperformer on valuation.

• Needham downgraded Vertex Pharmaceuticals Inc (NASDAQ: VRTX) to Hold from Buy.

• Adtran, Inc (NASDAQ: ADTN) was cut to Sell from Hold at Brean Murray.

• JP Morgan removed Johnson Controls, Inc (NYSE: JCI) from its Focus List citing recent share strength.

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