The stock of electric power/natural gas play Dominion Resources (D), first discussed on May 8, 2009, at a price of $31.87, appears to be headed toward higher ground, having pushed above 52-week resistance at $45, and I still like the stock at this juncture.

Look for Dominion to post a 2011 revenue increase of 1% to 3%, boosted by modestly higher electric utilities revenue. Meanwhile, in 2011, as was the case in 2010, sub-par natural gas prices will likely hurt Dominion's gas distribution business, but the view from here argues prices should continue to firm in 2011. An impressive $1.97 annual dividend -- good for a 4.4% yield at the current share price -- provides some downside protection for investors.

Analyst Upgrades

• Dominion (D) to buy from hold at Deutsche Bank.
• Corinthian Colleges (COCO) to outperform from underperform at RBC Capital.
• Canadian National (CNI) to sector outperformer from sector performer at CIBC.
• DragonWave (DRWI) to buy from hold at Jefferies.
• Infosys (INFY) to overweight from equal weight at Morgan Stanley.
• SL Green Realty (SLG), Lexington Realty (LXP) and Taubman Centers (TCO) to overweight from neutral at JPMorgan.
• Sunstone Hotel (SHO) to buy from neutral and Extra Space Storage (EXR) to buy from hold at KeyBanc.

Analyst Upgrades

• Goldman upgraded Potash (POT) to conviction buy from buy and said a "near-worst-case" scenario on 2010 potash pricing is reflected in potash valuations and that they continue to expect a fundamental potash demand recovery in 2010. Note that the firm also upgraded Mosaic (MOS) to buy from neutral. Potash's price target is $138.
• Morgan Stanley upgraded Alcoa (AA) to overweight from equal weight based on expectations for alumina to continue to rally in 2H10. The firm has a $22 target on the stock.
• Baird upgraded Seagate (STX) to outperform from neutral and raised its target to $25 from $22 based on expectations that IT hardware spend will continue to accelerate through 2010, HDD supply conditions will continue to be constrained at least into the March quarter, and that enterprise strength and favorable supply conditions will drive shares higher in 2010.
• Intel (INTC) was upgraded to overweight from equal weight at Barclays.
• Resource Capital (RSO) was raised to outperform from market perform at FBR Capital.
• Palm (PALM) was upgraded to hold from sell at Morgan Joseph.

MOST NOTEWORTHY: Dominion Resources (D), Syniverse Holdings (SVR), Research in Motion (RIMM), Verizon Communications (VZ) and Comcast (CMCSA) were the noteworthy upgrades today:

• Jefferies upgraded shares of Dominion Resources (NYSE: D) and raised their target to $90 from $68 as the firm believes shares are fairly valued based on assumed higher spark spreads in New England.

• Syniverse Holdings (NYSE: SVR) was raised to Peer Perform from Underperform at Bear Stearns after its Q1 report.

• Credit Suisse upgraded Research in Motion (NASDAQ: RIMM) and raised their target to $145 from $100 as the firm believes the company will benefit from smart phone market growth and improving international traction. However, FBCO still believes RIMM's increasing exposure to the consumer market will continue to pressure margins.

• Prudential said Verizon Communications (NYSE: VZ) is showing signs of improving revenue growth and accelerating FiOS TV subscriber additions, as well as continued dominance in wireless, and upgraded shares to Neutral from Underweight.

• Matrix USA raised Comcast Corp's (NASDAQ: CMCSA) rating to Hold from Sell on valuation...

OTHER UPGRADES:

• Goldman upgraded Danaher Corp (NYSE: DHR) to Buy from Neutral with an $81 target.

• NTT DoCoMo (NYSE: DCM) was upgraded to Outperform from Neutral at Credit Suisse.

• Bear Stearns raised Ingersoll-Rand's (NYSE: IR) rating to Peer Perform from Underperform.

• Needham upgraded Sigma Designs (NASDAQ: SIGM) to Buy from Hold with a $28 target.

• Wachovia raised Innkeepers USA Trust (NYSE: KPA) rating to Market Perform from Underperform.

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

MAJOR PAPERS:

• The Wall Street Journal (subscription required) had some interesting M&A speculation:
• Morgan Stanley (NYSE: MS) and Goldman Sachs Group (NYSE: GS) may team up to acquire Dominion Resources (NYSE: D).
• According to the Journal's MarketBeat blog, Williams-Sonoma Inc (NYSE: WSM) denied rumors that it hired Goldman Sachs to "explore strategic alternatives."
• Macau has seen its revenue jump 22% in 2006 and could now be in the position to become the world's biggest casino market, topping the Las Vegas Strip.
• The Financial Times (subscription required) reported that News Corp (NYSE: NWS) has entered into talks to acquire Tribune Company (NYSE: TRB).

OTHER PAPERS:

• A New York Post exclusive wrote that Vertrue Inc (NASDAQ: VTRU) has put itself up for sale and could fetch a bid of about $43 per share.
• Investor's Business Daily's "New America" column highlighted real estate company CB Richard Ellis Group Inc (NYSE: CBG), saying the company has been dominating most major markets in the world, before and after its acquisition of rival Trammell Crow for $2.2B last month.

MOST NOTEWORTHY: Dominion Resources (D), Caremark RX (CMX), Intel (INTC) and CVS Corp (CVS) top today's extensive list of downgrades.

• Dominion Resources, Inc. (NYSE:D) was downgraded to Sell from Hold at Deutsche Bank and to Underperform from Hold at Jefferies. Both firms cited the E&P sale that would lead to near-term dilution.
• Caremark Rx, Inc. (NYSE:CMX) was downgraded at Wachovia to Market Perform from Outperform citing the merger with CVS Corp (CVS) valued Caremark RX too low. First Albany and FTN Midwest also downgraded Caremark RX to Neutral, citing the merger with CVS Corp.
• Intel Corp (NASDAQ:INTC) was downgraded at Merrill Lynch to Neutral from Buy, citing weakened demand and increased capacity.
• CVS Corp (NYSE:CVS) was downgraded to Hold from Buy at Deutsche Bank citing the uncertainties of the Caremark RX (CMX) merger. CVS Corp was also downgraded by William Blair to Market Perform from Outperform.

OTHER DOWNGRADES:

• Morgan Stanley downgraded MasterCard, Inc. (NYSE:MA) to Equal Weight from Overweight.
• Robert W. Baird downgraded SRA Int'l (NYSE:SRX) to Neutral from Outperform based on lower than expected organic revenue near-term, federal agencies to operate under CR beyond mid-November, recruiting retention challenges and valuation.

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