Analyst upgrades:

• Kaufman Bros. assumed coverage of Ctrip.com (NASDAQ: CTRP) and upgraded the stock to Buy from its previous Hold rating. The firm thinks the company's Q2 targets are achievable while 20%-plus growth should return in Q3 as comps ease.
• Janney Montgomery upgraded Cogdell Spencer (NYSE: CSA) to Neutral from Sell as it believes last night's capital raise removes risk. The firm has a $4.50 target on shares.
• Deutsche Bank upgraded Map Pharmaceuticals (NASDAQ: MAPP) to Buy from Hold following the positive Levadex Phase 3 results as it believes the migraine drug could generate peak sales of $250M in the U.S. if approved. Deutsche raised its target on shares to $12 from $5.
• Northwest Natural Gas (NYSE: NWN) was raised to Buy from Neutral at UBS.
• Petro-Canada (NYSE: PCZ) was upgraded to Overweight from Equal Weight at Barclays.
• Alcatel-Lucent (NYSE: ALU) was upgraded to Add from Reduce at WestLB.

• Citigroup upgraded Abbott Lab (NYSE: ABT) to Hold from Sell on valuation following the stock's recent underperformance. The firm maintains a $48 price target.
  
• Deutsche Bank upgraded shares of Pepsi Bottling (NYSE: PBG) and Dr. Pepper Snapple (NYSE: DPS) to Buy from Hold as they believe carbonated soft drinks market is showing signs of stabilization. The firm raised its price target on Pepsi Bottling to $28 from $25 and on Dr. Pepper Snapple to $22 from $20.
  
• Baird upgraded CommScope (NYSE: CTV) to Outperform from Neutral and raised their target to $19 from $10 as they expect fundamentals to bottom in Q1 and ramp strongly in Q2 as wireless capex outlook improves.
• Sinopec Shanghai (NYSE: SHI) was raised to Buy from Sell at Goldman.
  
• TRW Automotive (NYSE: TRW) was upgraded at JP Morgan to Neutral from Underweight.

Analyst upgrades:

• Goldman upgraded Nokia (NYSE: NOK) to Neutral from Sell on valuation and believes the company's guidance is realistic.
  
• SMH Capital upgraded GMX Resources (NASDAQ: GMXR) to Accumulate from Neutral and is positive on the company's capex reduction.
  
• Wachovia raised Nationwide Health Services (NYSE: NHP) to Outperform from Market Perform to reflect the company's diversified portfolio and "solid" capital position.
• Portugal Telecom (NYSE: PT) was upgraded to Equal Weight from Underweight at Morgan Stanley.
  
• Omnicare (NYSE: OCR) was upgraded to Buy from Hold at Soleil.
  
• SKF AB (OTC: SKFRY) was upgraded at JP Morgan to Neutral from Underweight.

Analyst downgrades:

MOST NOTEWORTHY: Lincoln Electric, Prospect Capital and GMX Resources were today's noteworthy initiations:

• Piper believes Lincoln Electric (NASDAQ: LECO) is positioned to capitalize on global infrastructure spending as a leading manufacturer of welding/metal fabrication equipment and materials. Shares were initiated with a Buy rating and $100 target.
  
• Wachovia said Prospect Capital (NASDAQ: PSEC) has good visibility on portfolio growth and sees significant value in the potential sale of the company Gas Solutions business. The firm assumed shares with an Outperform rating.
  
• Collins Stewart initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $67 target. The firm believes the company's drilling program will continue to drive both strong production and proved reserves growth.

OTHER INITIATIONS:

• Louisiana Pacific (NYSE: LPX) was initiated at RBC Capital with an Underperform rating and $10 target.
  
• The firm also started Mercer International (NASDAQ: MERC) with an Outperform rating and $11 target.
  
• Keefe Bruyette initiated SWS Group (NYSE: SWS) with a Market Perform rating.

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.

MOST NOTEWORTHY: InfoSpace, Parexel and Idearc Inc were today's noteworthy initiations:

• B. Riley believes InfoSpace (NASDAQ: INSP) is now positioned to further leverage the growing online search market following divestitures. The firm started shares with a Buy rating and $13 target.
  
• Oppenheimer assumed coverage of Parexel (NASDAQ: PRXL) with an Outperform rating and $70 target, as they believe the company is well-positioned to benefit from positive CRO industry trends and sees room for continued growth.
  
• Wachovia initiated Idearc (NYSE: IAR) with an Underperform rating, citing the challenging industry and cyclical pressures.

OTHER INITIATIONS:

• Morgan Keegan initiated GMX Resources (NASDAQ: GMXR) with an Outperform rating.
  
• Goldman assumed coverage of Cigna (NYSE: CI) with a Buy rating.
  
• Merrill started PharMerica (NYSE: PMC) with a Neutral rating.