Analyst upgrades:

• CLSA upgraded Freeport McMoRan (FCX) to Buy from Sell and has a price target of $85 based on expectations for improved copper prices. The analyst believes China is mostly done with tightening measures and that downside in copper prices is limited.
• Jefferies upgraded Concur Tech (CNQR) to Buy from Hold due to improvements in corporate travel and structural growth drivers from international and SMB. The firm has a price target of $55 on the stock.
• Deutsche Bank upgraded ESCO Technologies (ESE) to Buy from Hold on expectations the company will announce a contract with SoCal Gas within two months. The firm upped its target for shares to $35 from $33.
• Wells Fargo (WFC) was raised to Outperform from Market Perform at FBR Capital.
• Human Genome (HGSI) was upgraded to Outperform from Neutral at Baird.
• Brown & Brown (BRO) was upgraded to Neutral from Underweight at JP Morgan.

Analyst downgrades:

• Canaccord downgraded Netflix (NFLX) to Hold from Buy following the Q2 report and has a $107 price target on the stock. The firm is growing more cautious on ARPU pricing pressure, higher churn rates and higher SAC.
• Deutsche Bank downgraded Airgas (ARG) to Hold from Buy following the company's Q1 results due to valuation. The firm has a $65 price target for shares. Note shares were also downgraded at Soleil this morning.
• Goldman downgraded Piper Jaffray (PJC) to Neutral from Buy and lowered its price target to $35 from $46. The firm said Piper's ROE remains below peers.
• AMB Property (AMB) was downgraded to Neutral from Buy at BofA/Merrill.
• Odyssey Healthcare (ODSY) was downgraded to Negative from Neutral at Susquehanna.
• Trina Solar (TSL) was downgraded to Outperform from Strong Buy at Raymond James.

Analyst initiations:

• BofA/Merrill started Cognizant Technology (CTSH) with a Neutral rating.
• Stifel Nicolaus initiated Brigham Exploration (BEXP) with a Buy rating and $24 target.
• ThinkEquity assumed Dick's Sporting (DKS) with a Buy rating.
• Petrohawk Energy (HK) was initiated with a Perform rating at Oppenheimer.
• E.ON AG (EONGY) was initiated with a Buy rating at RBS.
• Atlas Energy (ATLS) was initiated with an Outperform rating at BMO Capital.

Analyst Upgrades

• Goldman Sachs upgraded BJ's Wholesale (BJ) to neutral from sell and has a $43 target on the stock. Note that private equity firm Green Equity took a 9.5% stake in the company. Shares were also upgraded at Jefferies to buy from hold.
• Stephens upgraded Covenant Transportation (CVTI) to overweight from equal weight after the company positively preannounced Q2 results. The firm raised its target for shares to $12 from $5.
• Leerink upgraded Arena Pharmaceuticals (ARNA) to outperform from market perform after the company signed a partnership deal with Eisai for U.S. commercialization rights to lorcaserin. The firm believes the deal removes a major concern and upped its target for shares to $6 from $5.
• Fortune Brands (FO) was upgraded to hold from sell at Citigroup.
• KeyBanc upgraded NiSource (NI) to buy from hold.
• Akzo Nobel (AKZOY) was upgraded to buy from neutral at UBS.

Analyst Upgrades

• FBR Capital upgraded Noble Corporation (NE) to outperform from market perform as it finds the company's acquisition of Frontier Drilling as smart and strategic. The firm upped its target price for shares to $42 from $36.
• Citigroup upgraded Ameriprise (AMP) to buy from hold, citing potential margin expansion from the Columbia acquisition. The firm maintains a $50 price target for shares.
• Thomas Weisel upgraded Jabil Circuit (JBL) to overweight from market weight, citing valuation and the company's growth prospects. The firm raised its target for shares to $20 from $18.
• Blackrock (BLK) was upgraded to outperform from market perform at Keefe Bruyette.
• Disney (DIS) and News Corp (NWS) were upgraded to buy from neutral at Goldman.
• Portland General Electric (POR) was upgraded to neutral from underperform at BofA/Merrill.

Analyst Upgrades

• Goldman upgraded 3M Company (MMM) to conviction buy from buy, citing positive global industrial data, underappreciated organic growth and earnings momentum, among other reasons. The firm raised its target to $105 from $100.
• Citigroup upgraded Manpower (MAN) to buy from hold to reflect improvements in the temporary employment sector. The firm raised its target price on shares to $69 from $61.
• Baird upgraded Cerner (CERN) to outperform from neutral and raised its target to $104 from $89 based on Q4 bookings momentum, positive newsflow and reasonable valuation.
• Dow Chemical (DOW) was upgraded to overweight from equal weight at Barclays.
• Magna International (MGA) was upgraded to outperform from market perform at Wells Fargo.

MOST NOTEWORTHY: Wright Medical, Atlas America and Delta Air Lines were today's noteworthy upgrades:

• JP Morgan upgraded Wright Medical (NASDAQ: WMGI) to overweight from neutral citing company specific momentum and the increasingly favorable orthopedic industry backdrop.
• Atlas America (NASDAQ: ATLS) was raised to outperform from market perform at Friedman Billings citing valuation and outlook for its upstream MLP.
  
• Credit Suisse upgraded Delta Air Lines (NYSE: DAL) to Outperform from Neutral citing valuation and capacity cuts. The firm also upgraded Northwest Airlines (NYSE: NWA) to outperform from neutral.

OTHER UPGRADES:

• Broadpoint raised Aventine Renewable (NYSE: AVR) to neutral from underperform.
  
• Crown Castle (NYSE: CCI) and SBA Comm (NASDAQ: SBAC) were upgraded to buy from hold at Soleil.