Analyst Upgrades

• Valero Energy (VLO) to outperform from perform at Oppenheimer.
• Changyou.com (CYOU) to overweight from equal weight at Morgan Stanley.
• Albermarle (ALB) to overweight from neutral at JPMorgan.
• ICU Medical (ICUI) to buy from neutral at Roth Capital.
• Check Point (CHKP) to outperform from market perform at Bernstein.
• FMC Corporation (FMC) to buy from neutral at BofA/Merrill.
• Rangold Resources (GOLD) to neutral from sell at Goldman.
• Global Cash Access (GCA) to buy from hold at Duncan-Williams.

Analyst upgrades:

• Citigroup upgraded Research in Motion (NASDAQ: RIMM) to Buy from Hold and added the stock to its Top Picks Live List. The firm believes RIMM's outlook is more secure given its unit growth trajectory and stabilizing margins. Citi raised its target on the stock to $100 from $65.
  
• Morgan Stanley upgraded Microsoft (NASDAQ: MSFT) to Overweight from Equal Weight following the company's Q3 results it believes growth is accelerating and expectations are low. The firm raised its target on the stock to $24 from $21.
  
• Deutsche Bank upgraded Huron (NYSE: HURN) to Buy from Hold as it believes bad news is already priced in and FY09 expectations are achievable. The firm keeps a $46 target on the stock.
• Credit Suisse (NYSE: CS) was upgraded to Neutral from Sell at UBS.
  
• Quicksilver (NYSE: KWK) was raised to Buy from Neutral at Banc of America/Merrill.
  
• EIG Resources (NYSE: EOG) was lifted at Goldman to Conviction Buy from Neutral.

MOST NOTEWORTHY: Delta Air Lines (DAL), Diana Shipping Inc (DSX), Adobe Systems Inc (ADBE), Eagle Materials, Inc (EXP), ACR Group (BRR) and Autodesk, Inc (ADSK) were today's noteworthy initiations:

• Goldman is positive on Delta Air Lines (NYSE: DAL), starting shares with a Buy rating and $25 target based on above average growth, best-in-class unit costs, free cash flow and less labor cost risk.

• Diana Shipping (NYSE: DSX) was started at JP Morgan with an Overweight rating based on valuation and positioning. Lazard started Diana with a Buy rating, expecting demand for dry bulk shipping will outperform supply through 2010.

• Soleil expects Adobe Systems (NASDAQ: ADBE) recently released Creative Suite 3 to be the near-and-medium term growth driver and started shares with a Buy rating.

• JP Morgan started Eagle Materials Inc (NYSE: EXP) with an Underweight rating, expecting a decline in wallboard industry profitability due to increased capacity and lower demand.

• B. Riley started ACR Group (AMEX: BRR) with a Buy rating calling the stock "cheap."

• Soleil believes a catch up on the Autodesk's (NASDAQ: ADSK) SEC filings and a strong Q1 will prove near-term catalysts and started shares off with a Buy rating and $56 target.

OTHER INITIATIONS:

• Merrill Lynch started Super Micro Computer, Inc (NASDAQ: SMCI) and Capital Product Partners LP (NASDAQ: CPLP) with Buy ratings.

• Banc of American started Verigy Ltd (NASDAQ: VRGY) with a Buy rating and $32 target.

• Stephens initiated Kaman Corp (NASDAQ: KAMN) with an Overweight rating and $34 target.

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