MOST NOTEWORTHY: Syneron Medical, Cellcom Israel, GATX Corp and TNS, Inc were today's noteworthy upgrades:

• Merriman upgraded shares of Syneron Medical (NASDAQ:ELOS) to Buy from Neutral following the Q1 results to reflect the introduction of LipoLite and the company's global distribution channel. They believe shares can trade towards the $22-$26 level.
  
• Jefferies upgraded Cellcom Israel (NYSE:CEL) to Buy from Hold following the company's Q1 results to reflect its improved EBITDA outlook.
  
• Morgan Keegan upgraded GATX (NYSE:GMT) to Outperform from Market Perform as they believe the company has increased opportunities to deploy capital given the current state of the market for railcars, which should result in share outperformance.
  
• Suntrust raised TNS, Inc (NYSE:TNS) to Buy from Neutral citing improved execution and the global shift towards electronic transactions.

OTHER UPGRADES:

• Chevron (NYSE:CVX) was raised at UBS to Buy from Neutral.
  
• RBC Capital upgraded TeleTech Holdings (NASDAQ:TTEC) to Sector Perform from Underperform.
  
• Citigroup upgraded SINA Corp (NASDAQ:SINA) to Buy from Hold.

Israeli cell phone carrier Cellcom Israel Ltd. (NYSE: CEL) is trading higher on almost 4 times average daily volume. While no reason has been given for the surge in volume, this weekend is extremely important for the Israel cell phone industry. Starting in December, number portability takes effect; meaning that customers will be free to take their phone numbers with them to any carrier they choose. No one is quite sure what will happen, but the anticipated marketing onslaught to persuade consumers to switch carriers, hasn't really materialized.

Three weeks ago the company reported a rise in the number of subscribers and a 47 percent jump in income from data and content and that revenue rose 7.2 percent to $392 million. Net profit rose more than expected in the third quarter, boosted by cost cuts and sharply higher revenue from data and content services. Israel's largest mobile phone operator posted net profit of $67 million, or 68 cents per diluted share, compared with $33 million or 34 cents a share a year earlier.

With a PE of 15.50 and a dividend yield of 8.5%, the stock is an attractive play for investors who want some exposure to the Israeli domestic economy.

But it's important to keep in mind that with cellular penetration of 120% and potential surging marketing costs just to keep existing customers, let alone trying to get new ones, Cellcom may be in for some volatility.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. Disclosure: Writer has no position in any stock mentioned as of 11/29/07.

MOST NOTEWORTHY: Oracle Corp (ORCL), Helicos BioSciences (HLCS), Clean Energy Fuels (CLNE) and China Sunergy (CSUN) topped today's noteworthy initiations:

• Benchmark started Oracle Corp (NASDAQ: ORCL) with a Hold rating.

• JP Morgan initiated Helicos BioSciences (NASDAQ: HLCS) with a Neutral rating based on the potential of its single-molecule genetic sequencing platform but noted that commercialization carries near-term risk.

• Hambrecht believes Clean Energy Fuels' (NASDAQ: CLNE) total addressable market is over $20B given the company's focus on natural gas vehicle fuel for return-to-base applications and started shares with a Buy rating.

• Jefferies wants to see China Sunergy (NASDAQ: CSUN) demonstrate that its silicon wafer suppliers can meet aggressive ramping plans before becoming more positive on the stock, starting shares off with a Hold rating...

OTHER INITIATIONS:

• Lehman started Greenlight Capital Re (NASDAQ: GLRE) with an Equal Weight rating.

• Cellcom Israel (NYSE: CEL) and Partner Communications (NYSE: PTNR) were initiated with Buy ratings at Citigroup.

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

MOST NOTEWORTHY: CVS Corp (CVS), Express Scripts, Inc (ESRX) and Goodrich Petroleum Corp (GDP) were some of today's more notable initiations:

• CVS Corp (NYSE: CVS) was reinstated at Credit Suisse with an Outperform and at JP Morgan with Neutral ratings.

• Express Scripts (NASDAQ: ESRX) was reinstated at Credit Suisse with an Outperform rating, up from its Neutral rating, and resumed at Bank of America with a Buy rating. JP Morgan reinstated Express Scripts share with an Overweight rating.

• Goodrich Petroleum (NYSE: GDP) was initiated with an Overweight rating at JP Morgan.

OTHER INITIATIONS:

• Jefferies initiated Cellcom Israel Ltd (NYSE: CEL) with a Buy rating and $21 target.

• CIBC initiated 3SBio Inc (NASDAQ: SSRX) with a Sector Outperformer rating and $17 target; the firm said 3SBio Inc offers the broadest range of BioGenerics in the Chinese market and views the company as an execution story and country play.

• Cowen started G-III Apparel Group, Ltd (NASDAQ: GIII) with an Outperform rating based on expectations of market share growth to be driven by new brands and products.

• BMO Capital Markets expects Riverbed Technology, Inc (NASDAQ: RVBD) with a Market Perform rating.

• Lazard started Synta Pharmaceuticals Corp (NASDAQ: SNTA) with a Buy rating; Bear Stearns initiated shares of Synta with an Outperform rating.

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