MOST NOTEWORTHY: Bionovo, Constant Contact, Senorx, and RemoteMDx were today's noteworthy initiations:
Merriman initiated Bionovo Inc (NASDAQ: BNVI), with a Buy rating, as they believe shares are undervalued given the company's development pipeline and related intellectual property.
Constant Contact Inc (NASDAQ: CTCT) was initiated with a Market Weight rating at Thomas Weisel. The company was also initiated with a Sector Outperformer and $30 target at CIBC, as they believe the company is well-positioned in the on-demand email marketing segment.
Citigroup initiated Senorx Inc (NASDAQ: SENO) with a Hold rating and $12 target, citing competition concerns and their belief that infrastructure investments could delay profitability.
BWS Financial said RemoteMDx Inc (OTC: RMDX) has been able to secure contracts that should result into larger follow-on orders as the TrackerPAL starts to have a history in real life scenarios. The firm started shares off with a Buy rating and $8.75 target.
MOST NOTEWORTHY: RF Micro Devices, Inc (RFMD), Bristol-Myers Squibb Co (BMY), Colgate-Palmolive Co (CL), EarthLink. Inc (ELNK) and Hutchinson Technology Inc (HTCH) were today's more noteworthy upgrades:
CIBC upgraded shares of RF Micro Devices Inc (NASDAQ: RFMD) to Sector Outperformer from Sector Performer as the firm expects the company to benefit from improving late CY07 trends.
Deutsche Bank upgraded shares of Bristol-Myers Squibb Co (NYSE: BMY) as the firm believes strong Q1 results suggest sustained earnings recovery may be ahead.
AG Edwards believes Colgate's (NYSE: CL) cost cutting efforts have been paying off, creating a greater "position of strength" for the company, upgrading shares of to Buy from Hold.
Cowen raised EarthLink Inc (NASDAQ: ELNK) to Neutral from Underperform, believing downside was limited given core business cash flow.
Hutchinson Technology Inc (NASDAQ: HTCH) was upgraded to Hold from Sell at W.R. Hambrecht, believing their thesis has played out and that further risks to estimates are priced into shares at current levels...
OTHER UPGRADES:
Ciena Corp (NASDAQ: CIEN) was upgraded to Overweight from Market Weight at Thomas Wiesel, citing accelerated strength growth specific opportunities and improving sector fundamentals.
Banc of America raised shares of M&T Bank Corp (NYSE: MTB) to Neutral from Sell.
MOST NOTEWORTHY: Today's more noteworthy downgrades included L-1 Identity Solutions, Inc (ID), THQ Inc (THQI), JetBlue Airways Corp (JBLU), Brinker International, Inc (EAT) and Lexmark International, Inc (LXK):
JP Morgan downgraded L-1 Identity Solutions (NYSE: ID) to Underweight from Neutral based on valuation.
THQ Inc (NASDAQ: THQI) was cut to Neutral from Buy at Banc of America, as the firm believes further upside to estimates is limited.
JetBlue Airways (NASDAQ: JBLU) was cut to Neutral from Add at Calyon and to Peer Perform from Outperform at Bear Stearns following reduced guidance and higher fuel costs.
JP Morgan downgraded Brinker International (NYSE: EAT) to Neutral from Overweight citing challenging fundamentals after the restructuring announcement. Stephens cut Brinker International to Equal Weight from Overweight.
Elsewhere, Citigroup cut Lexmark Int'l (NYSE: LXK) to Hold from Buy with a $58 target based on valuation...
Punk, Ziegel & Co downgraded KeyCorp (NYSE: KEY) to Sell from Market Perform.
WR Hambrecht downgraded shares of Silicon Storage Technology, Inc (NASDAQ: SSTI) to Sell from Hold to reflect negative fundamentals in the NOR Flash memory market.
CIBC downgraded Ipsco Inc (NYSE: IPS) to Sector Underperformer from Sector Performer on valuation.
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MOST NOTEWORTHY: Bionovo, Constant Contact, Senorx, and RemoteMDx were today's noteworthy initiations: 
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