Analyst Upgrades

• Hewlett-Packard (HPQ) to buy from neutral at UBS.
• Fluor (FLR) to overweight from neutral at JPMorgan.
• Macy's (M) to outperform from neutral at Credit Suisse.
• Canadian Solar (CSIQ), JA Solar (JASO) and HeartWare (HTWR) to buy from hold at Auriga.
• Ashford Hospitality (AHT) to outperform from market perform at FBR Capital.
• RenaissanceRe (RNR) to buy from neutral at Janney Capital.
• DCT Industrial (DCT) to market perform from underperform at Wells Fargo.
• Coeur d'Alene Mines (CDE) and Silver Standard (SSRI) to buy from hold at Deutsche Bank.
• Weatherford (WFT), Hercules (HERO), GulfMark Offshore (GLF), Tidewater (TDW) and GlaxoSmithKline (GSK) to buy from hold, and Diamond Offshore (DO) to hold from underperform, at Jefferies.
• Ritchie Bros. (RBA) to buy from neutral at BofA/Merrill.
• AstraZeneca (AZN) to buy from hold at Citigroup.

Analyst Upgrades

• SuperValu (SVU) to buy from hold at Hapoalim.
• Constellation Energy (CEG) to buy from hold at Citigroup.
• Doral Financial (DRL) to neutral from sell and ABB (ABB) to buy from neutral at Sterne Agee.

Analyst Downgrades

• American Eagle (AEO) to neutral from buy at SunTrust.
• Tenet Healthcare (THC) to market perform from outperform at Wells Fargo.

Analyst upgrades:

• Piper upgraded shares of Palm (NASDAQ: PALM) to Buy from Neutral following the company's negative Q3 pre-announcement as it believes the launch of Pre will drive longer term profitability. Piper raised its target price on shares to $10 from $4.
  
• Jefferies upgraded Monotype Imaging (NASDAQ: TYPE) to Buy from Hold as it believes the valuation is compelling at current levels and the company's debt is manageable. Despite upgrading, Jefferies lowered its target price to $4 from $6.
  
• Citigroup raised Arcelor Mittal (NYSE: MT) to Hold from Sell as it believes the company's productions cuts and lower dividends are positive.
• Celanese (NYSE: CE) was upgraded to Buy from Neutral at Goldman and added to the firm's Conviction Buy List.
  
• Aegon (NYSE: AEG) was lifted at UBS to Neutral from Sell.
  
• Sun Healthcare (NASDAQ: SUNH) was upgraded at Stephens to Overweight from Equal Weight.

MOST NOTEWORTHY: Obagi Medical, Medical, Microsemi, Marathon Oil and Encore Energy were today's noteworthy initiations:

• Obagi Medical Products (NASDAQ: OMPI) was initiated with a Positive rating at Susquehanna, as they like Obagi's growth opportunity in the aesthetics-dermatology market and views the company as an interesting take-out target for a larger specialty pharmaceutical company.
  
• Montgomery believes Microsemi Corporation's (NASDAQ: MSCC) core business is on track and gaining momentum based on leverage in both high-reliability and high-performance analog. The firm started shares with a Buy rating and $34 target.
  
• Goldman initiated Marathon Oil Corporation (NYSE: MRO) with a Buy rating and $72 target, as they view Marathon as most favorably leveraged refining company and would use seasonal weakness in refining margins as a buying opportunity.
  
• RBC Capital sees a large opportunity for Encore Energy Parners (NYSE: ENP) to grow its reserves from internal negotiated transactions from its parent, Encore Acquisition Companies (NYSE: EAC), starting shares off with an Outperform rating and $26 target.

OTHER INITIATIONS:

• BMO Capital initiated DCT Industrial Trust (NYSE: DCT) with a Market Perform rating.
  
• Lehman started shares of Darden Restaurants (NYSE: DRI) with an Overweight rating and $52 target.
  
• The firm also reinstated Radian Group (NYSE: RDN) and MGIC Investment Corporation (NYSE: MTG) with Underweight ratings.

MOST NOTEWORTHY: Small-cap banks, Garmin Ltd (GRMN), Force Protection, Inc (FRPT), D.R. Horton, Inc (DHI) and Ryland Group, Inc (RYL) were today's noteworthy initiations:

• Stanford initiated shares of American Community Bancshares (NASDAQ: ACBA), BNC Bancorp (NASDAQ: BNCN), Cooperative Bankshares, Inc (NASDAQ: COOP) and Yadkin Valley Financial Corp (NASDAQ: YAVY) with Buy ratings. The firm started Capital Bank Corp (NASDAQ: CBKN) and Southern Community Financial Corp (NASDAQ: SCMF) with Hold ratings. Stanford believes North Carolina is a great opportunity for investors who look for inexpensive community banks operating in growing markets.
• Elsewhere, Garmin Ltd (NASDAQ: GRMN) was initiated with a Sector Outperformer at CIBC with a $67 target.
• Thomas Weisel started Force Protection Inc (NASDAQ: FRPT) with an Overweight rating, as the firm believes the mine-resistant vehicle market is real and has staying power.
• Morgan Stanley initiated both D.R. Horton, Inc (NYSE: DHI) and The Ryland Group, Inc (NYSE: RYL) with Equal Weight ratings.

OTHER INITIATIONS:

• Clearwire Corp (NASDAQ: CLWR) was the most favored initiation today, with coverage started in at least nine firms: Merril, ThinkEquity, Jefferies and Stifel all started Clearwire with a Buy rating, Morgan Stanley and JP Morgan started it with an Overweight rating, Raymond James and Wachovia started it with an Outperform rating and Bear Stearns started shares of Clearwire with a Peer Perform rating.
• Credit Suisse started Healthways, Inc (NASDAQ: HWAY) with an Outperform rating and $60 target.
• Wachovia started DCT Industrial Trust Inc (NYSE: DCT) with a Market Perform rating.
• Caris initiated Circuit City Stores, Inc (NYSE: CC) with an Average rating, as the firm believes Circuit City is still playing catch-up in the customer centered approach and services venues, and notes shares trade at premium earnings ratios to Best Buy Co, Inc (NYSE: BBY).

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