Analyst Upgrades

• JPMorgan upgraded Vivus (VVUS) to overweight from neutral.
• Citigroup upgraded Corn Products (CPO) to buy from hold.
• Maxim Integrated (MXIM) was upgraded to outperform from market perform at FBR Capital.
• Cardinal Health (CAH) was upgraded to outperform from neutral at RW Baird.
• Citigroup upgraded Monster Worldwide (MWW) and EchoStar (SATS) to buy from hold, as well as Las Vegas Sands (LVS) to buy from sell.
• BMO Capital upgraded Potash (POT) and Barrick Gold (ABX) to outperform from market perform.

MOST NOTEWORTHY: 1-800-Flowers.com, Ctrip.com International, 51job and Choice Hotels were today's noteworthy initiations:

• Nollenberger started shares of 1-800-Flowers.com (NASDAQ: FLWS) with a Buy rating and $14 target and believes shares are undervalued at current levels given the company's compelling growth prospects, strong cash flow generation, and solid balance sheet.
  
• Bear believes Ctrip.com (NASDAQ: CTRP) is the best positioned online travel company ahead of structural changes and consolidation in China's fragmented travel agency industry. The firm initiated shares with an Outperform rating and $80 target.
  
• Bear expects 51job (NASDAQ: JOBS) to benefit from China's increasing Internet user base due to the internet's broadening reach among job seekers, resuming coverage with an Outperform rating and $28 target.
  
• Goldman started Choice Hotels (NYSE: CHH) with a Buy rating and $45 target, as they are positive on the stock given unit growth and minimal capital needs, among other reasons.

OTHER INITIATIONS:

• Thomas Weisel initiated On Semiconductor (NASDAQ: ONNN) with an Overweight rating and $15 target.
  
• Broadpoint initiated Ariba (NASDAQ: ARBA) with a Buy rating and $15 target and Ultimate Software (NASDAQ: ULTI) with a Neutral rating.
  
• Merrill started shares of Savient Pharmaceuticals (NASDAQ: SVNT) with a Neutral rating.

MOST NOTEWORTHY: EMC Corporation, Tesco PLC, SL Green Realty, Ariba and Motorola were today's noteworthy upgrades:

• EMC Corporation (NYSE: EMC) was upgraded to Outperform from Peer Perform at Bear Stearns on valuation. Shares were also upgraded to Buy from Hold at Citigroup after coming off restriction to reflect the long-term benefits of virtualization and valuation.
  
• Tesco (OTC: TSCDY) was upgraded to Buy from Hold at Citigroup on valuation and the company's growth prospects.
  
• SL Green Realty Corporation (NYSE: SLG) was upgraded to Buy from Hold at Keybanc based on valuation. The firm views concerns regarding NYC office demand as overblown.
  
• Cowen expects FY07 to be a tough year for Ariba Inc (NASDAQ: ARBA) as benefits from the on-demand subscription model are realized. The firm upgraded shares to Outperform from Market Perform.
  
• Motorola Inc (NYSE: MOT) was upgraded to Outperform from Sector Perform at RBC Capital citing firming trends in its handset division.

OTHER UPGRADES:

• Jefferies upgraded Optium Corporation (NASDAQ: OPTM) to Buy from Hold.
  
• JP Morgan upgraded Susster Holdings Corporation (NASDAQ: SUSS) to Overweight from Neutral.
  
• Thomas Weisel upgraded Vishay Intertechnology (NYSE: VSH) to Overweight from Market Weight.
  
• Royal Caribbean Cruises (NYSE: RCL) was upgraded to Strong Buy from Outperform at Raymond James.

MOST NOTEWORTHY: Apple (AAPL), Ariba (ARBA), EMC Corp (EMC), Anadarko Petroleum (APC) and RealNetworks (RNWK) were today's noteworthy upgrades:

• Apple Inc (NASDAQ: AAPL) was upgraded to Buy from Hold with a $160 target at Citigroup following yesterday's pullback; they believe Mac should remain strong through year-end, Q3 consensus estimates look conservative and believe production cuts should not be a surprise.

• Roth Capital upgraded shares of Ariba (NASDAQ: ARBA) to Buy from Hold as they believe shares work higher over then next few quarters; they expect seasonally strong September and December quarters and believe that revenue bottomed last year.

• Goldman added EMC Corp (NYSE: EMC) to its Conviction Buy List, citing Q2 results and multiple product cycles.

• Anadarko Petroleum (NYSE: APC) was raised to Market Perform from Underperform at BMO Capital following better than expected Q2 results and guidance.

• RealNetworks (NASDAQ: RNWK) was upgraded to Hold from Sell at Soleil on valuation after reporting solid Q2 earnings...

OTHER DOWNGRADES:

• PetSmart (NASDAQ: PETM) was upgraded to Outperform from Neutral at Credit Suisse.

• BWS Financial raised Xoma (NASDAQ: XOMA) to Buy from Hold.

• Matrix upgraded McGraw-Hill Cos (NYSE: MHP) to Buy from Hold.

• Matrix also raised Raytheon (NYSE: RTN) to Strong Buy from Buy.

• Wachovia upgraded St. Joe Co (NYSE: JOE) to Market Perform from Underperform.

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

MOST NOTEWORTHY: XM Satellite Radio Holdings Inc (XMSR), Sirius Satellite Radio Inc (SIRI) and Pediatrix Medical (PDX) were today's most notable initiations:

• Wedbush initiated XM Satellite Radio Holdings Inc (NASDAQ: XMSR) with a Hold rating and $15 target, expecting a few tough quarters due to market share loss.
• Wedbush also initiated shares of Sirius Satellite Radio Inc (NASDAQ: SIRI) with a Buy rating and $5 target. The firm believes Q4 subscriber tallies suggest market share gains to over 60% in retail channels.
• Pediatrix Medical (NYSE: PDX) was initiated with a Top Pick rating and $60 target at RBC. The firm believes Pediatrix could experience accelerating growth over the next several years due to adding anesthesiology to its core newborn franchise.

OTHER INITIATIONS:

• Rochdale initiated Maxwell Tech Inc (NASDAQ: MXWL) with a Buy rating and $20 target.
• AG Edwards started Genentech Inc (NYSE: DNA) with a Hold rating, as the firm believes shares are fairly valued.
• Trump Entertainment Resorts Inc (NASDAQ: TRMP) was started with a Buy rating at Goldman Sachs.
• Deutsche Bank initiated Ariba Inc (NASDAQ: ARBA) with a Buy rating and $12 target.
• Alcatel-Lucent ADS (NYSE: ALU) was initiated with a Peer Perform at Bear Stearns.

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