Analyst Upgrades

• Barclays upgraded GlaxoSmithKline (GSK) to overweight from equal weight and said investor concerns regarding Advair and Avandia are overdone.
• Leerink upgraded Bristol-Myers (BMY) to outperform from market perform, citing management's pipeline execution. Shares were also upgraded at Citigroup this morning to buy from hold.
• Goldman upgraded Medco Health (MHS) to buy from neutral and raised its price target on shares to $76 from $67. The firm cites valuation and expectations that earnings will accelerate in 2H10 driven by a stronger generic outlook.
• U.S. Steel (X) was upgraded to neutral from sell at UBS.
• Blyth (BTH) was upgraded to hold from underperform at Jefferies.
• IPC The Hospitalist Co. (IPCM) was upgraded to buy from hold at Deutsche Bank.

Analyst upgrades:

• Oppenheimer upgraded OceanFreight (NASDAQ:OCNF) to Perform from Underperform on valuation and a lack of negative catalysts following the recent weakness.
  
• UBS raised Micron (NYSE:MU) to Buy from Neutral citing supply cuts which should improve prices. The target remains $5.
  
• Jesup & Lamont upgraded Atlas Air (NASDAQ:AAWW) to Buy from Hold is positive on the company's 20 year blocked space agreement with DHL and expects the stock to continue higher.
• AK Steel (NYSE:AKS) was added to Goldman's Conviction Buy List and upgraded to Buy from Neutral.
  
• Goldman also upgraded Northern Trust (NASDAQ:NTRS) to Buy from Neutral.
  
• Digital River (NASDAQ:DRIV) was upgraded to Hold from Sell at Stanford.

Analyst downgrades:

• Stephens downgraded shares of Titan Machinery (NASDAQ:TITN) after their survey of farmers indicated declining sales of agricultural equipment. The firm lowered their target to $19 but believes Titan Machinery's long-term growth story remains intact.
  
• Jefferies downgraded Helen of Troy (NASDAQ:HELE) and Blyth (NYSE:BTH) to Underperform from Hold as they believe the further deterioration in the U.S. consumer macro environment could pressure near-term results. The firm lowered its target on Helen of Troy to $13 from $16.50 and on Blyth to $5.50 from $8.
  
• UBS cut Indevus (NASDAQ:IDEV) to Neutral from Buy and lowered its target to $5.50 from $5 following the acquisition offer by Endo Pharmaceuticals (NASDAQ:ENDP).
• AECOM Tech (NYSE:ACM) was lowered to Equal Weight from Overweight at Morgan Stanley.
  
• Amerisafe (NYSE:AMSF) was downgraded at Oppenheimer to Perform from Outperform.
  
• Tractor Supply (NASDAQ:TSCO) was cut to Neutral from Buy at Piper Jaffray.

Analyst initiations:

• KeyBanc initiated Urban Outfitters (NASDAQ:URBN) with a Buy rating and $22 target. The firm believes the Urban Outfitters and Antropologie divisions are under penetrated and have visible growth.
  
• Kaufman Bros. started SuccessFactors (NASDAQ:SFSF) with a Hold rating and $7 target and believes the current demand backdrop could be worse than reflected in current consensus estimates.
  
• CarMax (NASDAQ:KMX) was initiated at Baird with a Neutral rating and $10 target. The firm is impressed with CarMax's business model but does not see a way around the near-term economic headwinds.
• Manulife Financial (NYSE:MFC) and Sunlife Financial (NYSE:SLF) were assumed with Equal Weight ratings at Morgan Stanley.
  
• Oppenheimer started Pacific Sunwear (NASDAQ:PSUN) with a Perform rating.
  
• Kite Realty Trust (NYSE:KRG) was initiated with a Buy rating at Janney Montgomery.

Here are a few highlights of this past week's earnings coverage from BloggingStocks:

• Big Lots Inc. (NYSE: BIG) reported a record quarter due in part to improved distribution.
• Blyth Inc. (NYSE: BTH) trounced EPS estimates and raised its guidance.
• ConAgra Foods Inc. (NYSE: CAG) raised its earnings forecast for Q2 on strength in merchandising.
• Donaldson Co. (NYSE: DCI) beat estimates due to strength in international markets.
• J. Crew Group (NYSE: JCG) posted a solid quarter due to strength in both store and direct sales.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) narrowed its loss, but foresees further store closures.
• Liquidity Services Inc. (NASDAQ: LQDT) posted a strong quarter, benefiting from the sluggish economy.
• Merck & Co. Inc.'s (NYSE: MRK) earnings forecasts for 2007 and 2008 fall short of expectations.
• Netezza Corp. (NYSE: NZ) beat expectations of both earnings and revenue.
• Palm Inc. (NASDAQ: PALM) forecast a loss for the current quarter due to product delays.
• Royal Bank of Scotland's (NYSE: RBS) better-than-expected forecast buoyed European banks.
• SeaChange International (NASDAQ: SEAC) reported a profit when analysts expected a loss.
• Sigma Designs (NASDAQ: SIGM) had a "blowout" quarter, beating even the most optimistic analyst.
• SkillSoft (NASDAQ: SKIL) beat expectations of both earnings and revenue.
• Toll Brothers Inc. (NYSE: TOL) posted a lower-than-expected loss, its first quarterly loss in 21 years.

Also, Brian White looks at how loss of market share contributed to Dell Inc.'s (NASDAQ: DELL) recent results. Both Douglas McIntyre and Jim Cramer mull the effect on the cable industries of Comcast Corp.'s (NASDAQ: CMCSA) lowered guidance. And Target Corp. (NYSE: TGT) is among retailers warning about earnings in the current quarter.

Upcoming results to watch for include: H&R Block (NYSE: HRB), Kroger Co. (NYSE: KR), Costco (NASDAQ: COST), and Lehman Bros. (NYSE: LEH).

Visit AOL Money & Finance for more earnings coverage.

Blyth Inc. (NYSE: BTH) is the largest candle maker in the United States, marketing scented and unscented candles and portable heating fuels under such brand names as Colonial Candle, Miles Kimball, PartyLite, Sterno and Handy Fuel. The firm also offers an extensive array of decorative accessories, gourmet foods and household convenience items. Products are sold through specialty retail, wholesale, catalog, Internet and home party channels.

The company pleased investors earlier in the week, when it reported Q3 EPS of 24 cents and revenues of $285.9 million. Analysts had been looking for 12 cents and $260.6 million. Management also guided FY08 EPS to $1.37-1.42 ($1.29 Street consensus).

Monday August 27

• Shanda Interactive Entertainment Ltd (NASDAQ: SNDA) to report Q2 earnings; conference call at 9am.
• Landstar System Inc (NASDAQ: LSTR) to hold Q3 mid-quarter conference call at 2pm.

Tuesday August 28

• Corinthian Colleges Inc (NASDAQ: COCO) to report Q4 earnings; conference call at 12pm.

Wednesday August 29

• TiVo Inc (NASDAQ: TIVO) to report Q2 earnings; conference call at 5pm.
• Novell Inc (NASDAQ: NOVL) to report Q3 earnings; conference call at 5pm.

Thursday August 30

• Freddie Mac Corp (NYSE: FRE) to report Q2 earnings; conference call at 10am.
• Novellus Systems Inc (NASDAQ: NVLS) to hold Q3 mid-quarter conference call at 4:30pm.
• PDUFA Date for Tericia Inc (NASDAQ: TRCA) for Somatuline Autogel for acromegaly.

Friday August 31

• Blyth Inc (NYSE: BTH) to hold Investor Q&A conference call at 2pm.

MOST NOTEWORTHY: National Semiconductor Corp (NSM), Seagate Technology (STX), Adolor Corp (ADLR), Conexant Systems, Inc (CNXT) and Blyth, Inc (BTH) were today's noteworthy downgrades:

• Matrix downgraded National Semiconductor (NYSE: NSM) to Buy from Strong Buy because inventory oversupply conditions have dissipated more rapidly than expected. Matrix believes National Semi will see price stability and orders increase as excess products continue to move through the supply chain.
• Needham cut Seagate Technology (NYSE: STX) to Buy from Strong Buy following the company's lowered guidance as the firm believes margin improvement has been "temporarily derailed"; however, the firm believes valuation limits downside at current levels.
• Adolor Corp (NASDAQ: ADLR) was downgraded to Market Perform from Outperform at Friedman Billings, to Neutral from Outperform at Cowen, to Neutral from Buy at First Albany, to Sell from Hold at Citigroup and to Hold from Buy at both American Technology and W.R. Hambrecht, after reporting additional safety issues related to Entereg.
• Elsewhere, Roth Capital downgraded shares of Conexant Systems Inc (NASDAQ: CNXT) following lowered Q2 guidance and cited weakness in end markets and lack of near-term catalysts.
• Stanford cut Blyth, Inc (NYSE: BTH) to Sell from Hold on valuation.

OTHER DOWNGRADES:

• Matrix cut Nike, Inc (NYSE: NKE) to Hold from Buy.
• Goldman took Microsoft Corp (NASDAQ: MSFT) off its Conviction Buy List.
• JP Morgan took CSX Corp (NYSE: CSX) down to Neutral from Overweight based on valuation.
• Prudental downgraded Groupe Danone (NYSE: DA) to Neutral from Overweight.
• ASML Holding NV (NASDAQ: ASML) was downgraded to Market Weight from Overweight.

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

MOST NOTEWORTHY: Hess Corp (HES), American Home Mortgage Investment Corp (AHM) and Anglo American plc (AAUK) were today's noteworthy downgrades.

• Lehman Brothers downgraded Hess Corp (NYSE: HES) to Underweight from Equal-Weight based on valuation.
• American Home Mortgage Investment Corp (NYSE: AHM) was cut to Underperform from Market Perform at Keefe Bruyette, to Market Perform from Outperform at Friedman Billings, to Equal-Weight from Overweight at Lehman Brothers, to Sell from Hold at Citigroup and to Hold from Buy at Deutsche Bank.
• Anglo American plc (NASDAQ: AAUK) was downgraded to Underperform from Market Perform at BMO Capital Markets based on valuation.

OTHER DOWNGRADES:

• Murphy Oil Corp (NYSE: MUR) was cut to Equal-Weight from Overweight at Lehman.
• Credit Suisse downgraded Alaska Air Group, Inc (NYSE: ALK) to Neutral from Outperform.
• Gabelli downgraded shares of A. Schulman, Inc (NASDAQ: SHLM) to Hold from Buy to reflect the company's weak second-quarter.
• Raymond James downgraded Avnet, Inc (NYSE: AVT) to Market Perform from Outperform.
• Blyth, Inc (NYSE: BTH) was cut to Sell from Hold on valuation.

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