Analyst Upgrades

• Baird upgraded Intel (INTC) to outperform from neutral and has a $26 target on the stock. The firm's checks indicate tier-one PC OEMs have raised their 1H10 procurement forecasts, which could lead to Intel outperformance.
• Citigroup upgraded UnitedHealth (UNH) to buy from hold on expectations the company will benefit from a sector rotation into Managed Care in 2010. The firm raised its price target on shares to $39 from $30.
• UBS upgraded Morgan Stanley (MS) to buy from neutral based on strong capital and liquidity positions, building investment banking pipelines, and expectations for a turn in EPS/ROE, among other reasons.
• Deutsche Bank upgraded the U.S. Refining group as it believes demand is improving and margins could expand in 2010. The firm raised its rating on Sunoco (SUN) to hold from sell and its target on shares to $25 from $18, and upgraded Tesoro (TSO) and Frontier Oil (FTO) to buy from hold.
• Boeing (BA) was raised to overweight from equal weight at Barclays.
• Wynn Resorts (WYNN) was upgraded at UBS to buy from neutral.
• Investors Bancorp (ISBC) was upgraded to buy from neutral at Janney Montgomery.

While the IPO market has been meager over the past year, there still have been some bright spots, such as the offerings of e-learning companies. Some of the notable deals include Bridgepoint Education (NYSE: BPI) and Grand Canyon Education (NASDAQ: LOPE). The shares of both companies are up over 40% since their IPOs.

Well, to get a piece of the action, another e-learning operator has filed to go public: Archipelago Learning.

Analyst Upgrades

• Baird upgraded Starbucks (NASDAQ: SBUX) to Outperform from Neutral based on field research that indicates improving traffic trends and visibility from cost savings initiatives.
• FBR Capital upgraded E*Trade (NASDAQ: ETFC) to Outperform from Underperform citing an attractive risk/reward following the company's capital raise and debt exchange commencement. The firm believes the worst is behind the company and has a $2 target on the stock.
• Oppenheimer upgraded Sonic (NASDAQ: SONC) to Outperform from Perform on expectations demand trends will improve, leading to more normalized profitability.
• Estee Lauder (NYSE: EL) was upgraded to Equal Weight from Underweight at Barclays.
• Motorola (NYSE: MOT) was upgraded to Buy from Neutral at BofA/Merrill.
• ConAgra (NYSE: CAG) was upgraded to Buy from Neutral at UBS.

Analyst upgrades:

• Kaufman Bros. assumed coverage of Ctrip.com (NASDAQ: CTRP) and upgraded the stock to Buy from its previous Hold rating. The firm thinks the company's Q2 targets are achievable while 20%-plus growth should return in Q3 as comps ease.
• Janney Montgomery upgraded Cogdell Spencer (NYSE: CSA) to Neutral from Sell as it believes last night's capital raise removes risk. The firm has a $4.50 target on shares.
• Deutsche Bank upgraded Map Pharmaceuticals (NASDAQ: MAPP) to Buy from Hold following the positive Levadex Phase 3 results as it believes the migraine drug could generate peak sales of $250M in the U.S. if approved. Deutsche raised its target on shares to $12 from $5.
• Northwest Natural Gas (NYSE: NWN) was raised to Buy from Neutral at UBS.
• Petro-Canada (NYSE: PCZ) was upgraded to Overweight from Equal Weight at Barclays.
• Alcatel-Lucent (NYSE: ALU) was upgraded to Add from Reduce at WestLB.

Analyst upgrades:

• Morgan Stanley upgraded shares of Apple (NASDAQ: AAPL) to Overweight from Equal Weight on expectations of continued iPhone growth. The firm raised its target on the stock to $180 from $105.
• FBR Capital upgraded Bank of America (NYSE: BAC) to Market Perform from Underperform as it sees limited downside with half of the company's capital plan completed. The firm keeps a $12 target on the stock.
• Jefferies upgraded Cash America (NYSE: CSH) to Buy from Hold to reflect a strengthened balance sheet following the capital raise and easing regulatory risk. The firm raised its target price to $30 from $22.
• Ericsson (NASDAQ: ERIC) was upgraded to Outperform from Market Perform at Bernstein.
• MB Financial (NASDAQ: MBFI) was raised to Outperform from Neutral at Baird.
• Pinnacle West (NYSE: PNW) was upgraded at Credit Suisse to Outperform from Neutral.