Analyst Upgrades

• Bristol-Myers (BMY) to hold from underperform at Jefferies.
• Pep Boys (PBY) to buy from hold at Stifel Nicolaus.
• Tesla Motors (TSLA) to overweight from equal weight at Morgan Stanley.
• Emerson (EMR) to buy from hold at Deutsche Bank.
• ARM Holdings (ARMH) to buy from neutral at BofA/Merrill.
• NetLogic (NETL) and Cavium Networks (CAVM) to buy from hold at Auriga.
• Aimco (AIV) to hold from sell at Citigroup.
• Ceragon Networks (CRNT) to overweight from equal weight at Barclays.

Analyst upgrades:

• Jefferies upgraded shares of Devon Energy (NYSE: DVN) to Buy from Hold on expectations that Haynesville results could be a catalyst in 2009. The firm raised their target to $100 from $94.
  
• Friedman Billings upgraded shares of Republic Services (NYSE: RSG) to Outperform from market Perform following the completed merger with Allied Waste (NYSE: AW).
  
• KeyBanc upgraded NorthWestern (NYSE: NWE) to Buy from HOld as they expect the Montana commission to grant the company's pending request for an accounting order to smooth pension expenses over five years.
• EnCana (NYSE: ECA) was upgraded to Neutral from Sell at Goldman.
  
• Goldman also upgraded Questar (NYSE: STR) to Buy from Neutral.
  
• Kinross Gold (NYSE: KGC) was raised to Outperform from Neutral at Credit Suisse.

Analyst downgrades:

Analyst upgrades:

• Stephens upgraded shares of Ann Taylor (NYSE: ANN) to Overweight from Equal Weight to reflect the company's restructuring program, reductions in inventory and share repurchase program.
  
• AIMCO (NYSE: AIV) was upgraded to Buy from Hold at Deutsche Bank.
  
• UBS upgraded D.R. Horton (NYSE: DHI) to Neutral from Sell.
• Argus believes BigBand Networks (NASDAQ: BBND) is succeeding by adding new customers and driving new business with existing customers. Shares were upgraded to Buy from Hold.
  
• ThinkPanmure expects Capella Education (NASDAQ: CPLA) to attract students at a faster rate in the coming quarters and to improve operating margins. The firm raised shares to Buy from Accumulate and raised its target to $60 from $62.
• Advanced Medical (NYSE:EYE) was lifted to Hold from Underperform at Jefferies.

Analyst downgrades:

MOST NOTEWORTHY: Coca-Cola (KO), Fiserv, Inc (FISV) and several real estate companies were today's noteworthy upgrades:

• Coca-Cola (NYSE: KO) was upgraded to Buy from Hold at Citigroup, as the firm believes the company is addressing growth issues through recent acquisitions and notes that there are signs of stabilization in Japan.
• Fiserv (NASDAQ: FISV) was upgraded to Outperform from Neutral at Cowen based on valuation, upside from restructuring, new management's willingness to unlock value, and the potential possibility of a company sale.
• Deutsche Bank upgraded Apartment Investment and Management Co (NYSE: AIV), AvalonBay Communities (NYSE: AVB), Boston Properties (NYSE: BXP), Developers Diversified Realty Corp (NYSE: DDR), Kilroy Realty Corp (NYSE: KRC), Kimco Realty Corp (NYSE: KIM), Macerich Co (NYSE: MAC) and Simon Property Group (NYSE: SPG).

OTHER UPGRADES:

• RBC Capital upgraded Texas Roadhouse (NASDAQ: TXRH) to Outperform from Sector Perform, citing valuation and improved EPS outlook.
• Kenexa Corp (NASDAQ: KNXA) was upgraded to Outperform from Neutral at Credit Suisse, citing valuation and reduced risk from the BrassRing acquisition.
• Goldman Sachs added Foster Wheeler (NASDAQ: FWLT) added to its Conviction Buy List, citing valuation and leverage to energy infrastructure build and power.
• Goldman also added ProLogis (NYSE: PLD) to its Conviction Buy list, citing upside to FFO guidance, favorable domestic and international demand and above-average development margins.

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

MOST NOTEWORTHY: MGM Mirage (MGM), KLA-Tencor Corp (KLAC), Raytheon Co (RTN) and four apartment REIT's were today's noteworthy upgrades:

• Bear Stearns upgraded MGM Mirage (NYSE: MGM) to Outperform from Peer Perform following Kirk Kerkorian's intentions to purchase the Bellagio and City Center and also pursue strategic alternatives for the rest of the company.

• Matrix raised KLA-Tencor (NASDAQ: KLAC) to Buy from Hold, believing that growing demand for memory chips used in computers is leading to increasing revenues and profits.

• Cowen upgrade shares of Raytheon (NYSE: RTN) to Outperform from Neutral based on cash deployment potential from the RAC sale, pension EPS tailwind, foreign sales cycle, and strong execution.

• Wachovia upgraded shares of Archstone-Smith Trust (NYSE: ASN) and Apartment Investment and Management Co (NYSE: AIV) to Outperform from Market Perform and Equity Residential (NYSE: EQR) and UDR, Inc (NYSE: UDR) to Market Perform from Underperform...

OTHER UPGRADES:

• AG Edwards upgraded Marathon Oil Corp (NYSE: MRO) and Royal Dutch Shell (NYSE: RSA.A) to Buy from Hold.

• Stifel raised Citrix Systems, Inc (NASDAQ: CTXS) to Buy from Hold.

• RBC Capital raised Kilroy Realty Corp (NYSE: KRC), Boston Properties, Inc (NYSE: BXP) and Maquire Properties, Inc (NYSE: MPG) to Sector Perform from Underperform.

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

MOST NOTEWORTHY: Some of today's more notable downgrades included Apartment Investment & Management Co (AIV), Weyerhaeuser Company (WY) and Edwards Lifesciences Corp (EW).

• RBC downgraded Apartment Investment & Management Co (NYSE: AIV) to Underperform from Sector Perform based on valuation and concerns regarding the company's transaction focus.

• Weyerhaeuser Co (NYSE: WY) was downgraded at BMO to Underperform from Market Perform based on valuation.

• Morgan Stanley downgraded Edwards Lifesciences (NYSE: EW) to Underweight from Equal-Weight based on increased competition and aggressive Street estimates for the downgrade.

OTHER DOWNGRADES:

• William Blair downgraded TiVo Inc (NASDAQ: TIVO) to Market Perform from Outperform citing slowing customer growth, competition, rising subscriber acquisition costs and valuation.

• Canccord cut Hollis-Eden Pharmaceuticals Inc (NASDAQ: HEPH) to Hold from Buy following the cancellation of the ARS contract.

• Morgan Stanley downgraded Cymer, Inc (NASDAQ: CYMI) to Underweight from Equal-Weight.

• Baird cut Genesco Inc (NYSE: GCO) to Neutral from Outperform following lowered guidance.

• Merriman cut Distributed Energy Systems Corp (NASDAQ: DESC) to Neutral from Buy following the company's lower-than-expected Q4 revenues.

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