Analyst Upgrades

• Piper Jaffray upgraded Red Hat (RHT) to overweight from neutral.
• Honeywell (HON) was upgraded to outperform from neutral at Cowen.
• Regal-Beloit (RBC) and Actuant (ATU) were upgraded to buy from hold at Jefferies.
• RW Baird upgraded MedAssets (MDAS) to outperform from neutral.
• Savvis (SVVS) was upgraded to outperform from market perform at William Blair.

TheStreet.com's Jim Cramer says some really good things are happening, but you wouldn't know it from reading the headlines.

You want to shoot yourself when you read these headlines. "Local Banks Face Big Losses," is the lead story in The Wall Street Journal, a fomented survey story telling us that commercial lending is going to sink local and community banks under a pile of $100 billion in bad loans.

This is news?

So what!

MOST NOTEWORTHY: GMX Resources, Glacier Bancorp and Brown and Brown were today's noteworthy initiations:

• Jefferies initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $40 target and believes the company's valuation discount to its NAV will narrow as management refocuses its efforts on its base Cotton Valley development program.
  
• Glacier Bancorp (NASDAQ: GBCI) was assumed with a Neutral rating and $20 target at B. Riley, as they think bank multiples are unlikely to rise much further, given the ongoing problems in the housing market and continued deterioration in credit quality.
  
• Brown and Brown (NYSE: BRO) was initiated with a Buy rating and $23 at Suntrust. The firm believes softness in the insurance market is now reflected in valuation.

OTHER INITIATIONS:

• Stephens assumed Online Resources (NASDAQ: ORCC) with an Overweight rating and $13 target.
  
• W.R. Berkley (NYSE: BER) was initiated with a Market Perform rating and $34 target at Keefe Bruyette.
  
• Morgan Keegan initiated Finisar (NASDAQ: FNSR) with an Outperform rating.