MOST NOTEWORTHY: Campbell Soup Co (CPB), Yum! Brands (YUM), NYSE Euronext (NYX), Forest Laboratories (FRX) and International Speedway Corp (ISCA) were some of today's noteworthy upgrades:

• JP Morgan upgraded shares of Campbell Soup (NYSE: CPB) to Overweight from Neutral as they believe the company's entrance into Russia and China is not priced into shares. JP Morgan also added CPB to their Analyst Focus List.

• UBS upgraded shares of Yum! Brands (NYSE: YUM) to Buy from Neutral based on higher estimates for international, potential debt leverage, and a potential minority spin-off of its China business.

• Lehman upgraded NYSE Euronext (NYSE: NYX) to Overweight from Equal Weight on valuation following the recent weakness. They believe Q2 earnings and a potential S&P 500 Index addition could be a catalyst for gains.

• UBS upgraded Forest Labs (NYSE: FRX) to Buy from Neutral on valuation and their belief that the company will prevail in a patent dispute over Lexapro with Teva Pharmaceutical Industries Ltd (TEVA).

• AG Edwards upgraded International Speedway (NASDAQ: ISCA) to Hold from Sell on valuation...

OTHER UPGRADES:

• Hambrecht upgraded Micron Technology (NYSE: MU) to Buy from Hold.

• JMP Securities raised shares of Equifax (NYSE: EFX) to Outperform from Market Perform.

• Ferris Baker Watts upgraded Unica Corp (NASDAQ: UNCA) to Neutral from Sell.

• Calyon upgraded Discover Financial Services (NYSE: DFS) to Neutral from Sell.

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

MOST NOTEWORTHY: Select pharmaceutical companies, timber companies and Kona Grill Inc (NASDAQ: KONA) and were today's noteworthy initiations:

• Medarex Inc (NASDAQ: MEDX) was initiated with a Positive rating at Susquehanna. The firm said Medarex has multiple drivers include a potential buyout by one of its existing partners, as well as clinical progress and the success of its technology platform in monoclonal antibody therapeutics.
• Susquehanna also initiated shares of Dyax Corporation (NASDAQ: DYAX), Millennium Pharmaceuticals Inc (NASDAQ: MLNM), and Idera Pharmaceuticals Inc (AMEX: IDP) with Neutral ratings and Dynavax Technologies Corporation (NASDAQ: DVAX) and Coley Pharmaceutical Group Inc (NASDAQ: COLY) with Positive ratings.
• Rayonier Inc (NYSE: RYN), Plum Creek Timber Company Inc (NYSE: PCL) and Weyerhaeuser Company (NYSE: WY) were initiated with Buy ratings at Merrill Lynch.
• Kona Grill was initiated with an Outperform rating at Cowen. The firm believes Kona can grow its asset base 10-fold at strong store-level cash-on-cash ROICs.

OTHER INITIATIONS:

• Jefferies initiated shares of Input/Output Inc (NYSE: IO) with a Buy rating and $19 target.
• Goldman Sachs initiated shares of Minerals Technologies Inc (NYSE: MTX) with a Buy rating and $80 target.
• JP Morgan initiated shares of Orexigen Therapeutics Inc (NASDAQ: OREX) with an Overweight rating and is positive on the company's obesity pipeline.

MOST NOTEWORTHY: Staples, Inc (SPLS), Sun Microsystems, Inc (SUNW), Forest Laboratories, Inc (FRX), AvalonBay Communities (AVB) and ConocoPhillips (COP) were today's noteworthy upgrades:

• Soleil upgraded shares of Staples, Inc (NASDAQ: SPLS) to Buy from Hold following the in-line Q1 results, as the firm believes management's initiatives will benefit the company for the remainder of the year.

• Matrix upgraded Sun Microsystems (NASDAQ: SUNW) to Hold from Sell based on improved profitability and margins due to cost cuts.

• First Albany upgraded Forest Laboratories (NYSE: FRX) to Strong Buy from Neutral following positive preliminary results for Milnacipran in Fibromyalgia.

• AvalonBay Communities (NYSE: AVB) was raised to Market Perform from Underperform at BMO Capital based on valuation.

• Bernstein upgraded shares of ConocoPhillips (NYSE: COP) to Outperform from Market Perform...

OTHER UPGRADES:

• Piper Jaffray upgraded Medtronic, Inc (NYSE: MDT) to Outperform from Market Perform.

• Advanced Analogic Technologies Incorp (NASDAQ: AATI) was upgraded to Buy from Hold at Needham.

• CIBC raised Cypress Bioscience, Inc's (NASDAQ: CYPB) rating to Sector Outperformer from Sector Performer.

• HSBC upgraded Agnico-Eagle Mines Ltd (NYSE: AEM) and AngloGold Ashanti Ltd (NYSE: AU) to Overweight from Neutral.

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

MOST NOTEWORTHY: Brocade Communications Systems, Inc (BRCD), AT&T Inc (T), DaimlerChrysler (DCX), AMR Corp (AMR) and Continental Airlines, Inc (CAL) were today's more noteworthy upgrades:

• JP Morgan upgrade shares of Brocade Communications Systems, Inc (NASDAQ: BRCD) to Overweight from Neutral, citing positive trends in networked storage; shares were also added to the firm's Focus List.

• Matrix believes improving product mix and demand for new products is driving strong fundamental trends in AT&T (NYSE: T). Matrix upgraded T shares to Strong Buy from Buy and sees upside to their intrinsic value of $56.

• Bernstein believes the divestiture of Chrysler from DaimlerChrysler AG (NYSE: DCX) is a positive for the company and upgraded shares to Outperform from Market Perform.

• Soleil upgraded shares of AMR Corp (NYSE: AMR) to Buy from Hold on valuation and Continental Air Lines Inc (NYSE: CAL) to Hold from Sell based on a more constructive industry outlook...

OTHER UPGRADES:

• Morgan Stanley upgraded NTT DoCoMo, Inc (NYSE: DCM) to Overweight from Equal-Weight.

• Bear Stearns upgraded TiVo Inc (NASDAQ: TIVO) and Paychex, Inc (NASDAQ: PAYX) to Outperform from Peer Perform.

• Goldman upgraded Forest Oil Corp (NYSE: FST) and CommVault Systems, Inc (NASDAQ: CVLT) to Buy from Neutral.

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

MOST NOTEWORTHY: Specialty pharmaceutical companies make up today's most noteworthy list:

• The Bank of America initiated Shire plc (NASDAQ: SHPGY), Mentor Corp (NYSE: MNT), Alcon, Inc (NYSE: ACL) and Allergan, Inc (NYSE: AGN) with Buy ratings and initiated Cephalon, Inc (NASDAQ: CEPH), Forest Laboratories, Inc (NYSE: FRX), Sepracor Inc (NASDAQ: SEPR) with Neutral ratings. Bank of America's top pick is Shire plc as the firm expects the company to launch six products or product extensions by mid-2008, followed by Mentor Corp, as the conversion to silicone breast implants should drive a period of stronger-than-expected sales and earnings.

OTHER INITIATIONS:

• Ford Motor Co (NYSE: F) was initiated at Buckingham with an Underperform rating and General Motors (GM) was started with a Neutral rating.

• Nollenberger believes Under Armour, Inc (NYSE: UA), started with a Buy rating, is positioned to outperform the market based on the strength of its brand name and demand through the continued introduction of new products along with European growth.

• Barr Pharmaceuticals, Inc (NYSE: BRL) was initiated with an Equal Weight rating and $53 target at Morgan Stanley.

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

It is without a doubt that Limited Brands (NYSE:LTD) is having an outstanding year. Year to date operating income has approximately doubled over last year and same store sales were showing a 7% increase just prior to November. I'm expecting that year end figures will be right on track with the previous three quarters.

What brought Limited Brands to my attention was their announcement of a new initiative to support the movement to protect endangered forests. It's only right that corporate America shows the government they can do the right thing without it being legislated against them. I live in a region of "working" forests. I have seen responsible forestry practices in action. I've watched as Michigan, Minnesota and Wisconsin implemented far-reaching and effective sustainable forestry practices. We love our trees, we work them and we protect them. Just last summer there was selected harvesting of mature trees right across the road from my home. I don't know how many thousands of dollars in revenue and income was generated by the project but I'll tell you what, if you stand at the end of my driveway, you can't even tell they were in there.

This announcement by Limited Brands should please environmentalists and the forest products industry alike. Limited Brands has pledged to maintain a high level of post-consumer material in their publications and has vowed to work with their suppliers to find workable options for acquiring the virgin material which quality paper production requires. Based on my experience in the field I think they and their suppliers shall find no shortage of viable options. I think this situation should serve to highlight the movement by corporate America towards environmental sustainability. The more we approve the right moves by our manufacturers, the more they will choose to make those right moves. My thanks to Limited Brands for exhibiting this high level of eco-responsibility.

Oh, and please keep the Victoria's Secret catalogs coming, my wife loves them.