Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

Recent news from Brunswick Corporation (NYSE: BC) has been virtually all negative.

A major drop-off in the company's boat business, sagging sales of its marine engine unit, apparent dissatisfaction among company employees and others in CEO Dusty McCoy, and a continued decline in consumer sentiment have created a virtual tsunami of events, culminating in a 40% decline in revenues and a loss of $500,000 in the most recent reporting quarter.

Brunswick's bowling centers, billiards business and fitness manufacturing are currently carrying the company and represent the best chance for the company to generate needed cash by selling these operations.

Even these units have not been immune from the expense cutting axe, suffering layoffs, furloughs and reduced work weeks.

Life Fitness, for example, recently placed some of its staff on a four-day, 32-hour week, loosening the company's hold on critical employees. In addition, the sale and leaseback of many of Brunswick's bowling centers, while raising cash, has added long-term fixed costs.

Among the issues raising questions regarding the company's CEO is the attempt (begun under McCoy's predecessor, George Buckley) to become the "Toyota of the boating business" by acquiring numerous brands.

McCoy believes that these moves position the company well when the economy turns. It is his view that the combination of plant closings, cost reductions and production efficiencies resulting from consolidation will result in increased market share and profitability at the turn of the market.

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

• Advance Auto Parts Inc. (NYSE: AAP) lowered its Q3 earnings forecast below analysts' estimates.
• Advanced Medical Optics Inc. (NYSE: EYE) lowered guidance led to an analyst's downgrade.
• Alcoa Inc. (NYSE: AA) fell well short of Q3 estimates on lower demand and falling prices.
• Bank of America Corp. (NYSE: BAC) Q3 profits fell more than estimated, and it cut its dividend.
• Brunswick Corp. (NYSE: BC) forecast a full-year loss and accelerated layoffs.
• Costco Wholesale Corp. (NASDAQ: COST) Q4 earnings just missed estimates thought revenues were up.
• Dollar Tree Inc. (NASDAQ: DLTR) earnings results and growth prospects impressed one analyst.
• eBay Inc. (NASDAQ: EBAY) earnings may be diluted by its acquisition of Bill Me Later.
• Ecolab Inc. (NYSE: ECL) earnings prospects led to an analyst's downgrade.
• General Electric Co. (NYSE: GE) results were in line with low expectations, and dividends will be sustained.
• General Mills Inc. (NYSE: GIS) earnings prospects for 2009 impress Jim Cramer.
• Host Hotels & Resorts Inc. (NYSE: HST) Q3 earnings tumbled while revenue slipped.
• IBM Corp. (NYSE: IBM) surprised Wall Street by offering strong Q3 preliminary results.

MOST NOTEWORTHY: Walgreen, Crown Castle and Brunswick were today's noteworthy initiations:

• Thomas Weisel started shares of Walgreen (NYSE: WAG) with an Overweight rating and $43 target. The firm is positive on WAG's steady cash flow and solid growth profile.
  
• Merriman believes Crown Castle (NYSE: CCI) is a core wireless holding given its high-margin, predictable recurring revenue model. They believe shares can trade to the $49-$51 range assuming management continues to execute on its free cash flow growth target. Shares were assumed with a Buy rating.
  
• KeyBanc initiated Brunswick (NYSE: BC) with a Hold rating and expects the recreational marine market to be challenging given weakening consumer spending trends.

OTHER INITIATIONS:

• Citigroup initiated Gerdau AmeriSteel (NYSE: GNA) with a Buy rating and $21 target.
  
• Piper assumed Teradyne (NYSE: TER) with a Neutral rating and $14 target.
  
• International Speedway (NASDAQ: ISCA) was initiated at Stephens with an Overweight rating and $50 target.

MOST NOTEWORTHY: Shutterfly (SFLY) tops today's list of initiations. JP Morgan, Jefferies and Piper Jaffray initiated Shutterfly today.

• The group of firms believe Shutterfly, Inc. (NASDAQ:SFLY) is positioned to be the dominant play in the photo-based personal publishing space, which allows for premium pricing.

OTHER INITIATIONS:

• Bank of America initiated Leisure stocks today:
  • Bank of America would buy cruise line stocks as they believe the worst is over. As such, the broker initiated Royal Caribbean Cruises (NYSE:RCL) and Carnival Corp. (NYSE:CCL) with Buy ratings.
  • The firm is also bullish on the video game cycle and initiated Activision, Inc. (NASDAQ:ATVI) and THQ Inc. (NASDAQ:THQI) with Buy ratings, Electronic Arts (NASDAQ:ERTS) and Take Two (NASDAQ:TTWO) with Neutral ratings, and recommends buying Activision and THQ Inc today.
  • Bank of America would stay out of toy stocks at current levels due to valuation, and initiated Hasbro, Inc. (NYSE:HAS) and Mattel, Inc. (NYSE:MAT) with Neutral ratings.
  • They are also cautious on powersport companies and initiated Harley-Davidson (NYSE:HOG) and Brunswick Corp. (NYSE:BC) with Neutral ratings. The bank also started Polaris Industries (NYSE:PII) with a Sell rating.

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