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Analyst upgrades: PCOP, ZUMZ, NSC and OCCX

MOST NOTEWORTHY: Pharmacopeia, Zumiez, Norfolk Southern and OccuLogix were today's noteworthy upgrades:

CIBC upgraded Pharmacopeia (NASDAQ: PCOP) to Sector Outperformer from Sector Performer, as they believe its lead cardiovascular drug DARA has the potential to become an important new therapy for hypertension and diabetic nephropathy.
Think Equity upgraded shares of Zumiez (NASDAQ: ZUMZ) to Buy from Accumulate to reflect the company's strong same store sales growth.
Norfolk Southern Corporation (NYSE: NSC) was upgraded to Equal Weight from Underweight at Lehman Brothers on valuation.
Caris upgraded shares of OccuLogix (NASDAQ: OCCX) to Above Average from Average, as they believe weakness in the stock creates a buying opportunity. The firm believes the stock has dropped due to concerns about the company's cash position, but thinks the current stock price underestimates the revenue potential of the company's assets.

OTHER UPGRADES:

BRE Properties (NYSE: BRE) was upgraded to Outperform from Neutral at Credit Suisse.
Bear Stearns raised Capital Product Partners (NASDAQ: CPLP) to Outperform from Peer Perform.
JP Morgan upgraded Celestica (NYSE: CLS) to Neutral from Underweight.
Stifel upgraded SL Green Realty (NYSE: SLG) to Buy from Hold.

MOST NOTEWORTHY: European pharmaceuticals, Microsoft, Salesforce.com, Taleo and McAfee were today's noteworthy initiations:

UBS resumed coverage of Novartis AG (NYSE: NVS) with a Buy rating and AstraZeneca (NYSE: AZN), Roche Holding (OTC: RHHBY), Sanofi-Aventis (NYSE: SNY) and GlaxoSmithKline (NYSE: GSK) with Neutral ratings.
Deutsche Bank believes new product leverage can bring upside to consensus operating margin expectations at Microsoft Corporation (NASDAQ: MSFT) and they view shares as attractively valued given its growth profile. The firm started shares with a Buy rating and $33 target.
Keybanc initiated shares of Salesforce.com (NYSE: CRM) with a Hold rating and sees slowing growth rates for revenue and net subscriber additions throughout the remainder of FY08 and beyond and thinks investor expectations are too high.
Keybanc also started shares of Taleo Corporation (NASDAQ: TLEO) with a Buy rating and $27 target, as it is well-positioned to gain market share in the Human Capital Management space.
Thomas Weisel believes McAfee Inc (NYSE: MFE) will benefit from PC market growth, enhanced awareness of the company's brand, and its renewed focus on product development for the midmarket corporate segment, and started shares with a Market Weight rating and $37 target.

OTHER INITIATIONS:

Lululemon Athletica (NASDAQ: LULU) was started at William Blair with an Outperform rating and at UBS with a Neutral rating and $37 target.
Merrill Lynch initiated shares of Zoltek Companies Inc (NASDAQ: ZOLT) with a Buy rating and $50 target.
Bear Stearns started shares of Capital Product Partners (NASDAQ: CPLP) with a Peer Perform rating.
Oppenheimer initiated shares of BFC Financial (NYSE: BFF) with a Buy rating and $3.50 target.