Analyst Upgrades

• FBR Capital upgraded Pioneer Natural (PXD) to outperform from market perform and raised its price target for shares to $85 from $60. The firm upgraded shares on expectations that returns from the company's Spraberry field will increase materially.
• Baird upgraded Acroda Therapeutics (ACOR) to outperform from neutral based on valuation and a new survey that indicates a strong uptake for Ampyra and improvements on the reimbursement front. The firm has a $40 target on the stock.
• Morgan Stanley upgraded Nokia (NOK) to overweight from underweight based on checks that indicate strong orders and less than expected discounting for its upcoming N8 smartphone.
• GlaxoSmithKline (GSK) and British American Tobacco (BTI) were upgraded to buy from neutral at BofA/Merrill.
• Quality Systems (QSII) was upgraded to outperform from market perform at William Blair.
• Siemens (SI) was upgraded to buy from neutral at UBS.

The second largest cigarette maker in the world is making some waves in the art market. British American Tobacco (BTI) sold several paintings last night at a Sotheby's (BID) auction in the Netherlands, picking up $18.5 million last night. This contributed to a record night for the auction firm's Netherlands office.

Previously known as the Peter Stuyvesant Collection, the BATartventure Collection includes more than 1,400 pieces and doubled the upper end of its presale estimate, yet another sign that strength is returning to the art market this year – after a year and a half of agony.

Analyst Upgrades

• Citigroup upgraded Reynolds American (RAI) to buy from hold to reflect its improved outlook for the company's market share and pricing. Citi also sees a greater chance of British American Tobacco (BTI) bidding for the rest of Reynolds American it doesn't already own. The firm raised its target price on Reynolds to $59 from $52.
• Stephens upgraded Simmons First National (SFNC) to overweight from equal weight to reflect the company's balance sheet and potential for accretive FDIC-assisted acquisitions. The firm raised its target on shares to $32 from $29.
• FBR Capital upgraded Astoria Financial (AF) to market perform from underperform on expectations the company's net charge-offs will peak in the fourth quarter, limiting downside risk. The firm raised its target on shares to $11 from $10.
• First Solar (FSLR) was upgraded to buy from hold at Collins Stewart.
• Brown-Forman (BF.B) was upgraded to neutral from underweight at JPMorgan.
• Juniper (JNPR) was upgraded to conviction buy from buy at Goldman.

MOST NOTEWORTHY: Fiserv, Arbitron and Anadarko Petroleum were today's noteworthy upgrades:

• JMP Securities upgraded Fiserv (NASDAQ: FISV) to Outperform from Market Perform citing a reversal of the Bank of America in-house risk, potential re-branding initiatives, and relative pricing stability.
  
• Bear upgraded Arbitron (NYSE: ARB) to Outperform from Peer Perform citing PPM earnings growth potential, strong industry position, defensive nature of shares, and it views the company as an acquisition target.
  
• Lehman raised Anadarko Petroleum (NYSE: APC) to Overweight from Equal Weight citing relative valuation and strong U.S. gas exposure.

OTHER UPGRADES:

• Goldman added Wal-Mart (NYSE: WMT) to its Conviction Buy List.
  
• Morgan Stanley lifted Kroger (NYSE: KR) and British American Tobacco (ASE: BTI) to Overweight from Equal Weight.

MOST NOTEWORTHY: British American Tobacco, Vertex Pharma and YRC Worldwide were today's noteworthy downgrades:

• ABN Amro downgraded shares of British American Tobacco (AMEX: BTI) to Hold from Buy on valuation, as they view shares as fairly valued following the strong performance in 2007.
  
• Wachovia lowered its rating on Vertex Pharma (NASDAQ: VRTX) to Underperform from Market Perform citing the potential push out of the telaprevir market launch to 2012 from 2010, which will allow the competition to grab share.
  
• The firm also downgraded YRC Worldwide (NASDAQ: YRCW) to Underperform from Market Perform, as they have little confidence in any material near-term improvement for the company.

OTHER DOWNGRADES:

• Bear Stearns downgraded Murphy Oil (NYSE: MUR) to Peer Perform from Outperform.
  
• UBS downgraded BG Group (OTC: BRGYY) to Neutral from Buy.
  
• Morgan Stanley downgraded Stancorp Financial (NYSE: SFG) to Neutral from Buy.

MOST NOTEWORTHY: British American Tobacco, Covad Communications, Pacific Capital, Volcom and American Medical Systems were today's noteworthy downgrades:

• Goldman downgraded shares of British American Tobacco (NYSE: BTI) to Neutral from Buy on valuation.
  
• Covad Communications (NYSE: DVW) was lowered to Hold from Buy at Jefferies. The firm downgraded shares after Platinum Equity Holdings agreed to acquire the company.
• Keefe Bruyette downgraded Pacific Capital Bancorp (NASDAQ: PCBC) to Market Perform from Outperform following its Q3 credit loss pre-announcement.
  
• ThinkEquity reduced Volcom (NASDAQ: VLCM) to Accumulate from Buy following its reduced guidance.
  
• American Medical Systems (NASDAQ: AMMD) was downgraded to Market Perform from Outperform at Raymond James and at Piper Jaffray. Piper downgraded shares following the lower-than-expected Q3 results. Shares were also downgraded to Hold from Buy at Stifel following the weak Q3 report.

OTHER DOWNGRADES:

• Citigroup downgraded Mechel OAO (NYSE: MTL) to Hold from Buy.
  
• Hutchison Telecommunications (NYSE: HTX) was downgraded to Neutral from Overweight at JP Morgan.
  
• Las Vegas Sands (NYSE: LVS) was downgraded to Market Perform from Outperform at BMO Capital.