Analyst upgrades:

• Deutsche Bank upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the company's better than expected Q3 results and improved volume outlook. Deutsche raised its target on shares to $100 from $72.
• Thomas Weisel upgraded Motorola (NYSE: MOT) to Overweight from Market Weight and raised its target to $11 from $7 and said they expect Motorola to benefit from several upcoming catalysts that include new Android-based smartphone products and they believe the handset division could break even by year end of 2010.
• Janney Montgomery upgraded Regal Entertainment (NYSE: RGC) and Cinemark (NYSE: CNK) to Buy from Neutral on expectations both companies will benefit from a strong box office in Q4. The firm has a $14 price target on Regal shares and a $13.50 target on Cinemark shares.
• Marshall & llsley (NYSE: MI) was upgraded to Neutral from Underweight at JPMorgan.
• F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Sell at UBS.
• William Blair upgraded Lindsay Corporation (NYSE: LNN) to Outperform from Market Perform.

MOST NOTEWORTHY: California Pizza, Lawson Software and Bare Escentuals were today's noteworthy initiations:

• Oppenheimer initiated California Pizza (NASDAQ:CPKI) with a Perform rating. The firm is neutral on the stock given the company's exposure to California and diminishing returns in new markets.
  
• KeyBanc initiated Lawson Software (NASDAQ:LWSN) with a Hold based on expectations that 1H09 will be challenged by a TTM sales headcount decline and the difficult IT spending environment.
  
• William Blair assumed Bare Escentuals (NASDAQ:BARE) with an Outperform rating. The firm estimates the company owns only a modest single-digit share of the nearly $9B U.S. cosmetics market, making its market opportunity attractive.

OTHER INITIATIONS:

• Citigroup initiated Hess Corp (NYSE:HES) with a Hold rating and $133 target.
  
• NetSuite (NYSE:N) was started with a Sell rating and $14 target at Piper.
  
• Morgan Keegan initiated Berry Petroleum (NYSE:BRY) with an Outperform rating.

Readers of this space know that one of the preferred sectors is oil / oil services. Given oil's importance in a growing global economy, oil and oil services companies are likely to continue to experience steady demand for their services/products. And with the aforementioned in mind, Berry Petroleum is worth a review.

Berry Petroleum Company (NYSE: BRY) is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.

Analysts like Berry's ability to cost effectively identify properties with heavy crude oil reserves for sale to refineries. Berry has proved reserves of 150.3 million barrels of oil equivalent.

In addition to its core operations in three southern California counties, analysts also like that Berry is investigating several other basins, which would establish another core area and provide additional growth opportunities and diversification of the company's predominantly heavy oil resource base. The Reuters FY 2008/FY 2009 EPS consensus estimates for BRY are $3.38 to $3.66.

MOST NOTEWORTHY: Joseph A. Bank Clothiers, Inc (JOSB), Take-Two Interactive Software, Inc (TTWO), McDonald's Corp (MCD) and RF Micro Devices (RFMD) were today's more notable upgrades:

• First Albany upgraded shares of Joseph A. Bank Clothiers (NASDAQ: JOSB) to Neutral from Sell, following the Q1 upside and indications that Q2 is off to a strong start.

• Kaufman Brothers raised Take-Two Interactive Software (NASDAQ: TTWO) to Hold from Sell with an $18 target following the release of Q2 results, saying they see evidence the company is stabilizing. JP Morgan also upgraded TTWO shares to Overweight from Neutral, as the company considers shares attractive ahead of the Grand Theft Auto IV launch in October.

• Goldman added McDonald's Corp (NYSE: MCD) to their Americas Conviction Buy List citing expectations for upward earnings revisions.

• ThinkEquity upgraded shares of RF Micro Devices (NASDAQ: RFMD) to Buy from Source of Funds based on valuation.

OTHER UPGRADES:

• Goldman Sachs raised Berry Petroleum Co (NYSE: BRY) and Pier 1 Imports, Inc (NYSE: PIR) to Buy from Neutral.

• JDS Uniphase Corp (NASDAQ: JDSU) was raised to Outperform from Market Perform at Bernstein.

• Matrix USA upgraded shares of Tetra Technologies, Inc (NYSE: TTI) to Buy from Hold.

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

MOST NOTEWORTHY: ColdWater Creek Inc (CWTR), Celadon Group, Inc (CLDN), Berry Petroleum Co (BRY), SiRF Technology Holdings Inc (SIRF) were today's noteworthy initiations:

• Brean Murray started shares of Coldwater Creek (NASDAQ: CWTR) with a Buy rating and $25 target, expecting second-half upside from new merchandise this year.

• Keybanc is positive on Celadon's (NASDAQ: CLDN) disciplined approach to strategic acquisitions and leverage in its operating model, starting shares with a Buy rating and $20 target.

• CRT Capital believes Berry Petroleum (NYSE: BRY) has the ability to continue to deliver double digit percentage production/reserves growth and started shares with a Buy rating and $40 target.

• American Technology believes SiRF Technology Holdings (NASDAQ: SIRF) will continue to be a market leader in GPS chipsets and finds the company's wireless business undervalued, starting shares with a Buy rating and $26 target...

OTHER INITIATIONS:

• Javelin Pharmaceuticals Inc (AMEX: JAV) was initiated with an Outperform rating at Leerink Swann.

• UBS started Arris Group, Inc (NASDAQ: ARRS) with a Buy rating and $18 target.

• Publicis Groupe (NYSE: PUB) was started with a Buy rating at ING.

• Thomas Weisel initiated shares of Ambassadors International (NASDAQ: AMIE) with an Overweight rating and $41 target. Baird started

• Capella Education Co (NASDAQ: CPLA) with an Outperform rating and $46 target.

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