Analyst upgrades:

• Banc of America/Merrill upgraded Gymboree (NASDAQ:GYMB) to Buy from Underperform and raised their target to $33 from $15 following the company's Q1 comparable store sales guidance.
  
• Oppenheimer upgraded Lam Research (NASDAQ:LRCX) to Outperform from Perform after channel checks indicated the company's shipments are gaining momentum. The firm raised their price target on the stock to $35 from $20.
  
• Owens & Minor (NYSE:OMI) was raised to Outperform from Neutral at Credit Suisse. The firm upgraded shares but lowered their target to $45 from $46 citing underappreciated earnings growth and valuation.
• Albermarle (NYSE:ALB) was upgraded to Conviction Buy from Neutral at Goldman.
  
• Protective Life (NYSE:PL) was upgraded to Neutral from Sell at UBS.
  
• Maxim (NASDAQ:MXIM) was lifted to Buy from Hold at Canaccord.

Analyst upgrades:

• Jefferies upgraded NeuStar (NYSE:NSR) to Hold from Underperform on valuation following the recent weakness and raised their target price to $15 from $12.
  
• Oppenheimer upgraded Adobe Systems (NASDAQ:ADBE) to Outperform from Perform on valuation as they believe the recent pullback has created an attractive entry point into the name. The firm has a $27 target on the stock.
  
• UBS upgraded Pfizer (NYSE:PFE) and Wyeth (NYSE:WYE) to Buy from Neutral based on valuations. Pfizer's price target remains $18 and Wyeth's was raised to $50 from $38.
• Methanex (NASDAQ:MEOH) was upgraded to Sector Outperformer from Sector Performer at CIBC.
  
• BHP Billiton (NYSE:BHP) was raised to Buy from Hold at RBS.
  
• Anadys Pharma (NASDAQ:ANDS) was upgraded to Buy from Neutral at Piper Jaffray.

Analyst upgrades:

• Wachovia upgraded shares of Exelon (NYSE: EXC) to Outperform from Market Perform to reflect the company's attractive nuclear fleets and strong operational track record.
  
• Jesup & Lamont upgraded Ormat Technologies Inc. (NYSE: ORA) to Buy from Hold on valuation and increasing visibility on near-term Products revenue.
  
• RBC Capital upgraded Memc Electronic (NYSE: WFR) to Outperform from Sector Perform on expectations of improved demand growth following the likely eight-year extension of the US solar tax credit program.
• AmBev (NYSE: ABV) was raised to Outperform from Neutral at Credit Suisse.
  
• AmerisourceBergen (NYSE: ABC) was upgraded at Merrill Lynch to Buy from Neutral.
  
• Piper upgraded Anadys Pharma (NASDAQ: ANDS) to Neutral from Sell.

Analyst downgrades:

MOST NOTEWORTHY: Wal-Mart (WMT), Coldwater Creek (CWTR), Select Comfort (SCSS) and Anadys Pharma (ANDS) were today's noteworthy downgrades:

• Merrill downgraded Wal-Mart (NYSE: WMT) to Sell from Neutral citing expectations of margin erosion.

• Brean Murray cut Coldwater Creek (NASDAQ: CWTR) to Hold from Buy following their disappointing Q2 report and outlook.

• Select Comfort (NASDAQ: SCSS) was cut to Strong Sell from Hold at Matrix based on weak performance and high risk characteristics.

• Anadys Pharma (NASDAQ: ANDS) was downgraded to Neutral from Outperform at Cowen, citing pipeline setbacks over the last 12 months, and lack of near-term catalysts...

OTHER DOWNGRADES:

• Collective Brands (NYSE: PSS) was cut to Hold from Aggressive Buy.

• Sigma Designs (NASDAQ: SIGM) was cut to Hold from Buy at Needham.

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

MOST NOTEWORTHY: QLogic (QLGC), Cnet Networks (CNET), Taiwan Semiconductor (TSM), Darden Restaurants (DRI) and Anadys Pharma (ANDS) were today's noteworthy downgrades:

• QLogic (NASDAQ: QLGC) was cut by several firms:
  
• QLogic was cut to Neutral from Outperform and removed from JP Morgan's Focus List due to the lack of catalysts to drive shares higher.
  
• Caris cut shares to Average from Above Average and Pacific
  
• Crest downgraded QLogic to Sector Perform from Outperform as the company's profits decline.

• Citigtroup downgraded CNet Networks (NASDAQ: CNET) to Hold from Buy as they no longer expect material revenue growth acceleration and operating leverage in 2H07; First Albany cut shares to Neutral from Buy.

• HSBC downgraded shares of Taiwan Semiconductor (NYSE: TSM) to Neutral from Overweight to reflect worse than expected pricing pressures.

• Matrix downgraded shares of Darden Restaurants (NYSE: DRI) to Hold from Buy on increasing competition and rising costs.

• Piper cut Anadys Pharma (NASDAQ: ANDS) to Underperform from Outperform following the company's announcement that it has discontinued development of ANA975...

OTHER DOWNGRADES:

• First Albany cut Zimmer Holdings (NYSE: ZMH) to Buy from Strong Buy.

• Bear Stearns downgraded AutoNation (NYSE: AN) to Peer Perform from Outperform.

• Piper Jaffray downgraded Volcom (NASDAQ: VLCM) and Sierra Wireless (NASDAQ: SWIR) to Market Perform from Outperform.

• Bernstein downgraded Coca-Cola Enterprises (NYSE: CCE) to Underperform from Market Perform.

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