Analyst Upgrades

• Heico (HEI) to outperform from market perform at FBR Capital.
• Eaton (ETN), Silgan Holdings (SLGN), MYR Group (MYRG) and Shaw Group (SHAW) to outperform from neutral at RW Baird.
• Infosys (INFY) to buy from Neutral at Nomura.
• Isle of Capri (ISLE) to buy from neutral at Merriman.
• NovaGold (NG) to sector perform from underperform at RBC Capital.
• CarMax (KMX) and Rockwell Collins (COL) to outperform from neutral at Credit Suisse.
• DHT Holdings (DHT) to overweight from neutral at JPMorgan.
• Cabot Oil & Gas (COG) to overweight from underweight at Morgan Stanley.

Analyst Upgrades

• Red Hat (RHT) and American Public (APEI) to outperform from sector perform at RBC Capital.
• KBR (KBR) and Foster Wheeler (FWLT) to buy from neutral at Goldman.
• Bio-Rad (BIO) to outperform from market perform at Leerink.
• Oceaneering (OII) to outperform from neutral at Credit Suisse.
• ASM International (ASMI) and Avid Technology (AVID) to overweight from neutral at JPMorgan.
• Dominion Resources (D) to equal weight from underweight at Morgan Stanley.
• Nationwide Health Properties (NHP) to buy from hold at Jefferies.
• Vivus (VVUS) to buy from underperform at BofA/Merrill.
• Intersil (ISIL) to buy from hold at Canaccord.

Analyst Upgrades

• Stifel Financial (SF) and CVR Energy (CVI) to buy from neutral and Principal Financial (PFG) to conviction buy from buy at Goldman.
• Suntech (STP) to buy from hold at Auriga.
• Internap (INAP) to outperform from sector perform at RBC Capital.
• Andersons (ANDE) to buy from hold at BB&T.

"It was interesting to watch the pundits react to the iPad recently; even though none of them had used or even really understood the product, it seemed as though no one liked it following its first introduction," notes tech expert Paul McWilliams in his just-released review of the new tech device from Apple (AAPL).

In his Next Inning newsletter, he explains, "Of course, this was similar to how the pundits first reacted to the iPod when it was released. As the pundits trashed the iPad following its release, I reminded readers about the iPod story and predicted we would see the pundits about face and the stock price run up ahead of the product release."

MOST NOTEWORTHY: NutriSystem, Under Armour, CME Group, Air France ADS and Kilroy Realty were today's noteworthy upgrades:

• NutriSystem (NASDAQ: NTRI) was upgraded to Strong Buy from Buy at Broadpoint on valuation, as they believe all concerns are overdone.
  
• Think Equities upgraded Under Armour (NYSE: UA) to Buy from Accumulate on valuation.
  
• Wachovia upgraded CME Group (NYSE: CME) to Overweight from Market weight, as they expect fed income volumes to benefit from a more active Federal Reserve.
  
• Goldman added Air France (NYSE: AKH) to its Pan-European Conviction Buy List citing valuation following the recent sell-off.
  
• Citigroup upgraded shares of Kilroy Realty (NYSE: KRC) to Buy from Hold on valuation, as they believe concerns are overblown and the company's underleveraged balance sheet can drive growth.

OTHER UPGRADES:

• UBS raised SXC Health Solutions (NASDAQ: SXCI) to Buy from Neutral.
  
• Think Equities upgraded Symantec Corporation (NASDAQ: SYMC) to Accumulate from Source of Funds.
  
• DA Davidson & Co upgraded Texas Industries (NYSE: TXI) to Buy from Hold.
  
• Lehman upgraded Intersil Corporation (NASDAQ: ISIL) to Equal Weight from Underweight.
  
• Keefe Bruyette upgraded SEI Investments (NASDAQ: SEIC) to Outperform from Market Perform.

MOST NOTEWORTHY: Steven Madden, Ltd (SHOO), Expedia, Inc (EXPE), Oracle Corp (ORCL) and Tim Horton's Inc (THI) round up today's noteworthy upgrade list:

• Steve Madden, Ltd (NASDAQ: SHOO) was upgraded to Buy from Neutral at Nollenberger as they believe Madden is well positioned going into the back half of 2007 with clean inventories and focused products.

• Matrix believes increasing marketing efforts and European growth are contributing to significant improvement in fundamental trends for Expedia Inc (NASDAQ: EXPE), and upgraded shares to Hold from Sell.

• Pacific Crest upgraded shares of Oracle Corp (NASDAQ: ORCL) to Outperform from Sector Perform to reflect improved channel checks and the probability of continued success.

• CIBC upgraded Tim Horton's (NYSE: THI) to Sector Outperformer from Sector Performer based on valuation...

OTHER UPGRADES:

• Banc of America upgraded Intersil Corp (NASDAQ: ISIL) to Buy from Neutral.

• Bear Stearns upgraded Illumina, Inc (NASDAQ: ILMN) to Outperform from Peer Perform.

• Buckingham raised Kohl's Corp (NYSE: KSS) to Strong Buy from Neutral.

• Matrix USA raised Titanium Metals Corp (NYSE: TIE) to Buy from Hold.

• Merrill Lynch upgraded Kulicke and Soffa Industries Inc (NASDAQ: KLIC) to Buy from Neutral.

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

MOST NOTEWORTHY: Merck & Co (MRK), Intersil Corp (ISIL), Nautilus Group (NLS) and Pacific Sunwear (PSUN) were some of today's more noteworthy upgrades:

• Merck & Co (NYSE: MRK ) was upgraded to Neutral from Sell at Goldman Sachs to reflect the company's continued revenue strength and raised guidance. They believe strong execution continues.
• JP Morgan upgraded Intersil Corp NASDAQ: ISIL) to Overweight from Neutral based on improving fundamentals.
• Matrix USA upgraded shares of Nautilus Group (NYSE: NLS) to Hold from Strong Sell after this week's sell-off.
• Pacific Sunwear of California (NASDAQ: PSUN) was added to Freidman Billing's Top Picks List, believing the turnaround is taking hold following strong March comps.

OTHER UPGRADES:

• Goldman added L-3 Communications Hlds (NYSE: LLL) to its Conviction Buy List and raised its target to $105 from $95.
• McCormick Corp (NYSE: MKC) was upgraded to Outperform from Market Perform at Wachovia citing core performance in both Industrial and Consumer, including a nominal boost in long-term growth outlook.
• Bear Stearns upgraded shares of Ventana Medical Systems (NASDAQ: VMSI) to Outperform from Peer Perform, citing the company's solid base business outlook and Symphony potential.
• Piper Jaffray upgraded Ocwen Financial (NYSE: OCN) to Outperform from Market Perform.
• JP Morgan upgraded TJX Cos (NYSE: TJX) to Neutral from Underweight expecting merchandising initiatives and marketing spending to drive growth.

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

MOST NOTEWORTHY: Kraft Foods, Inc (KFT), Healthways, Inc (HWAY), PepsiCo (PEP) and Lam Research Corp (LRCX) were some of today's more noteworthy upgrades:

• Morgan Stanley upgraded shares of Kraft Foods Inc (NYSE: KFT) to Equal Weight from Underweight on valuation. UBS upgraded shares to Buy from Neutral on expectations the company may benefit from a purchase of Cadbury Schweppes' (CSG) confectionary unit; UBS believes Kraft could purchase Cadbury's confectionery unit for $20.8B and still see 7% accretion in 2008.
• Elsewhere, Goldman Sachs upgraded Healthways Inc (NASDAQ: HWAY) to Neutral from Sell on valuation.
• Bernstein raised PepsiCo's (NYSE: PEP) rating to Outperform from Market Perform with a $77 target, expecting the soft-drink maker to outperform rival Coca-Cola (KO) by more than 10% over the next year.
• Citigroup upgraded Lam Research Corp (NASDAQ: LRCX) to Hold from Sell to reflect a more bullish 2-3 year memory capex view and the firm believes customers of Samsung/Hynix continue to have an upward bias.

OTHER UPGRADES:

• Vodafone PLC (NYSE: VOD) was upgraded to Buy from Hold at Deutsche Bank on valuation.
• JP Morgan upgraded shares of Intersil Corp (NASDAQ: ISIL) to Overweight from Neutral.
• Dreamworks Animation SKG, Inc (NYSE: DWA) was upgraded to Buy from Neutral at Pali Capital.
• Sappi Ltd (NYSE: SPP) was raised to Buy from Sell at Merrill Lynch.
• JP Morgan added VCA Antech, Inc (NASDAQ: WOOF) to its Focus List with a $46 target, citing the company's near-term growth prospects.

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