Analyst upgrades:

• Citigroup upgraded shares of Ball (NYSE: BLL) to Buy from Hold and raised its target to $45 from $41 as they believe recent capacity closures will be positive for beverage can operating rates.
  
• Deutsche Bank upgraded Rio Tinto (NYSE: RTP) to Buy from Hold on valuation and the company's plans to preserve cash.
• ThinkPanmure upgraded Intel (NASDAQ: INTC) to Accumulate from Sell and raised its target to $17 from $12 citing trough earnings in 2009 and lowered expectations.
• Viacom B (NYSE: VIA.B) was added to Goldman's Conviction Buy List.
  
• Telefonica (NYSE: TEF) was upgraded to Outperform from Neutral at Credit Suisse.
  
• Onyx Pharma (NASDAQ: ONXX) was raised to Overweight from Neutral at JP Morgan.

Analyst downgrades:

MOST NOTEWORTHY: Ballard Power Systems Inc (BLDP), GSI Technology, Inc (GSIT), eTelecare Global Solutions (ETEL) and JA Solar Holdings Co, Ltd (JASO) were the most noteworthy initiations in today's modest-sized list:

• Lazard started Ballard Power (NASDAQ: BLDP) with a Hold rating based on valuation.

• GSI Technology (NASDAQ: GIST) is gaining shares at key customers while ramp-up of its next-generation product should act as a strong catalyst to revenue starting in 2H07; Baird started shares with an Outperform rating.

• Baird also initiated eTelecare Global (NASDAQ: ETEL) with an Outperform rating citing consistent above-industry growth rates.

• American Technology initiated JA Solar Holdings Co (NASDAQ: JASO) with a Buy rating, pointing to the company's long-term customer agreements and solid silicon position...

OTHER INITIATIONS:

• MetroPCS Communications, Inc (NYSE: PCS) was started with an Overweight rating at Lehman.

• Cowen initiated shares of NetGear, Inc (NASDAQ: NTGR) with a Neutral rating.

• Lazard initiated Itron, Inc (NASDAQ: ITRI) with a Buy rating.

• Pacific Crest started shares of AsiaInfo Holdings, Inc (NASDAQ: ASIA) with a Sector Perform rating.

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

Jim Cramer has a new SELL BLOCK this evening on MAD MONEY, and many of these are not sells at all. He also reviewed many recent IPOs -- some he says to sell and some he still likes.

Cramer said he feels like he got a little played by the CEO of Syntax-Brillian Corp (NASDAQ: BRLC) because the CEO said all great things, but right after Cramer brought him on the company announced a $15.5 million capital raise at a huge discount in a private placement. Cramer said he felt gamed and he is upset with the CEO for not disclosing this. Cramer doesn't trust the CEO now and he said it is taken off the positive crew.

Out of his 4% yield plays in AT&T (NYSE: T), Cramer says he likes Verizon Communications (NYSE: VZ) better now, but you don't have to sell all of AT&T. He says you can keep some but if you don't own either then he likes VZ better right now.

He would rather see you in Exxon Mobil Corp (NYSE: XOM) and out of his BP (NYSE: BP) call now since everyone wants to own XOM.

Cramer changed his tune on Vonage Holdings (NYSE: VG), well sort of. He said it is very interesting $3.00 lower than here, which is basically ZERO. VG actually popped a tad on this after-hours, even though it sounded a little sarcastic. I would expect to hear a clarification from Cramer on this tomorrow or next week since VG is such a controversial stock.

Movado (NYSE: MOV) is up 12% since his call, but he said to wait for a pullback. Now you got it and it is lower than his first recommendation since they warned; stock was down 17% today.

Here are his recent IPO Sell Block notes: As far as BigBand Networks (NASDAQ: BBND), Cramer still likes it. On SourceFire (NASDAQ: FIRE) he said they have run enough and you can sell. Aruba Networks (NASDAQ: ARUN) and Glu Mobile (NASDAQ: GLUU) he still doesn't like. Cramer likes Clearwire Corp (NASDAQ: CLWR) down here. He still is sticking with the "the underwriters sold to the wrong hands" story and thinks it is a good buy in here. On eTelecare Global Solutions (NASDAQ: ETEL) he said he still likes it but you can sell most of it and just leave the amount on that you have profits in since it is up so much.

Jon Ogg is a partner in 24/7 Wall St. LLC; he does not own securities in the companies he covers.

MAJOR PAPERS:

• According to the Wall Street Journal, Take-Two Interactive Software's (NASDAQ: TTWO) announcement that it is considering a sale is being considered a "ploy" by the company to hold off a shareholder revolt, according to analysts.
• The Wall Street Journal reported that Deutsche Bank AG (NYSE: DB) has agreed to buy Maher Terminals, the owner of the largest container operation at the Port of New York and New Jersey.
• The Financial Times reported that FedEx Corporation (NYSE: FDX) will launch guaranteed next day deliveries within China beginning in May.

OTHER PAPERS:

• The New York Post is reporting that Apollo Management is near a deal to acquire Claire's Stores Inc (NYSE: CLE) for $3B, according to sources familiar with the situation.
• The New York Times reported that two Home Depot Inc (NYSE: HD) directors will not seek re-election at the company's annual meeting in May.
• Investor's Business Daily's "New Issue America" column highlighted ETelecare Global Solutions (which will trade under the symbol ETEL on the NASDAQ), which is expected to price the week of March 26 with an offering price of $12.50-$14.50.

WEBSITES:

• A Palm Inc (NASDAQ: PALM) buyout could be finalized by Thursday at $20 a share, with Nokia Corporation (NYSE: NOK) as the leading bidder, reported Unstrung.com.
• CNet.com reported that Google Inc (NASDAQ: GOOG) will offer themes for its personalized homepages.