Analyst upgrades:

• JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
• Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
• Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
• ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
• China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Agilent Technologies Inc. (NYSE: A) Q1 earnings were cut almost in half and were lower than expected.
• AT&T Inc. (NYSE: T) earnings expectations for 2010 resulted in an analyst's upgrade.
• BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) was downgraded following its Q4 earnings report.
• CBS Corp. (NYSE: CBS) beat Q4 earnings expectations but slashed its quarterly dividend.
• Crocs Inc. (NASDAQ: CROX) posted a smaller-than-expected Q4 loss but sales and gross margins fell.
• Deere & Co. (NYSE: DE) Q1 earnings and revenue fell and it offered guidance below estimates.
• Deutsche Telekom (NYSE: DT) was upgraded on confidence ahead of the company's earnings report.
• Hewlett-Packard Corp. (NYSE: HPQ) reported a bigger-than-expected drop in Q1 earnings.

Hess Corp. (NYSE:HES): HES keeps rising with the price of oil. The stock was up to $86.46 against a 52-week low of $45.96.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN): BioMarin is now able to charge more for new drug Kuvan than expected. Shares were up to $37.17 compared to 52-week low of $15.53.

Savient Pharmaceuticals Inc. (NASDAQ:SVNT): Strong results from its new gout drug kept shares up second day in a row. It hit $19.40 against 52-week low of $10.58.

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL): An upgrade from Lehman came after strong results from drug trials. Shares spiked to $31 in contrast to 52-week low of $6.64.

Douglas A. McIntyre is an editor at 247wallst.com.

MOST NOTEWORTHY: PhotoChannel Networks, BioMarin Pharmaceutical, Double-Take and Leapfrog Enterprises were today's noteworthy initiations:

• Merriman believes PhotoChannel Networks (OTC: PNWIF) is positioned to become a leading provider to the digital photofinishing market through its offering of a fully-integrated solution to retailers. The firm started shares with a Buy rating.
  
• Jefferies resumed coverage of BioMarin Pharmaceutical (NASDAQ: BMRN) with a Buy rating and $33 target, as they expect strong long-term growth from Aldurazyme and Naglazyme and is optimistic for Kuvan approval and a strong market launch.
  
• ThinkEquity is positive on Double-Take's (NASDAQ: DBTK) impressive operating leverage and valuation and started shares off with a Buy rating and $28 target.
  
• Needham initiated Leapfrog Enterprises (NYSE: LF) with a Strong Buy rating and $11 target. The firm expects Leapfrog to benefit from its turnaround initiatives in 2008 and for shares to be driven by improving sales and profits.

OTHER INITIATIONS:

• UBS started J Crew (NYSE: JCG) and American Eagle (NYSE: AEO) with Neutral ratings and targets of $40 and $25, and Gap (NYSE: GPS) and Abercrombie & Fitch (NYSE: ANF) with Buy ratings and targets of $23 and $97.
  
• Goldman initiated The9 (NASDAQ: NCTY) with a Neutral rating. Broadpoint initiated Vocus Inc (NASDAQ: VOCS) with a Strong Buy rating.

MOST NOTEWORTHY: Cadbury Schweppes ADS (CSG) and Buckeye Partners (BPL) were today's most notable rating changes.

• Wachovia started Cadbury Schweppes ADS (NYSE: CSG) with an Outperform rating. They said Cadbury's long-term global confectionery opportunities are among the best in the industry and the recent buyout of its U.S. Dr. Pepper/Seven-Up bottling unit provides high-leverage cash flow.

• Buckeye Partners Ltd (NYSE: BPL) was initiated with an Underperform rating and a $48 target at RBC based on valuation.

OTHER INITIATIONS:

• Stanford initiated AudioCodes Ltd (NASDAQ: AUDC) with a Buy rating and $15 target. The firm believes AudioCodes is an inexpensive play on the migration to packet networks.

• Stifel initiated William Partners LP (NYSE: WPZ) with a Buy rating and $46.50 target.

• AG Edwards started BioMarin Pharmaceutical inc (NASDAQ: BMRN) with a Buy rating and $25 target.

• Pacer International Inc (NASDAQ: PACR) was initiated with a Hold rating at Stifel.

• Morgan Stanley started Lyondell Chemical Company (NYSE: LYO) with an Overweight rating and $38 target.

• Buckingham initiated Chattem Inc (NASDAQ: CHTT) with an Accumulate rating and $64 target, citing high margins, cash flow and reduced debt.

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