Analyst Upgrades

• Goldman upgraded Reliance Steel (RS) to buy from neutral and The Buckle (BKE) to neutral from sell.
• RAM Energy (RAME) was upgraded to outperform from market perform at Rodman & Renshaw.
• RBC Capital upgraded H&E Equipment (HEES) and Cameco (CCJ) to outperform from sector perform, and Denison Mines (DNN) to sector perform from underperform.
• Alexandria Real Estate (ARE) was upgraded to overweight from neutral at JPMorgan.
• Investment Technology (ITG) was upgraded to outperform from neutral at Wedbush.

Analyst Upgrades

• Oppenheimer upgraded VeriSign (VRSN) to outperform from perform, citing better-than-expected domain names trends and the potential for a sizeable share buyback. The firm has a $33 price target for shares.
• Oppenheimer also upgraded EMC (EMC) to outperform from perform, citing valuation and expectations for strong Q2 results. The firm set a $22 price target for shares.
• Piper Jaffray upgraded Juniper (JNPR) to overweight from neutral, citing valuation and its longer-term outlook. The firm keeps a $31 price target for shares.
• Kilroy Realty (KRC) was upgraded to neutral from underperform at BofA/Merrill.
• Veolia Environment (VE) was upgraded to buy from add at WestLB.
• QEP Resources (QEP) was upgraded to positive from neutral at Susquehanna.

Analyst Upgrades

• Sterne Agee upgraded Wynn Resorts (WYNN) to buy from neutral and has a $115 price target on the stock. The firm believes Encore Macau will drive further share gains near-term.
• Deutsche Bank upgraded PPL Corp. (PPL) to buy from hold and said the equity offering and the the stipulation reached in the KY utilities' rate cases removes important overhangs. The firm has a $30 price target on the stock.
• UBS upgraded CarMax (KMX) to buy from neutral based on forecasts for higher consumer forecast income and positive used car trends. The firm has a $28 target on the stock.
• Aeropostale (ARO) was upgraded to outperform from underperform at Oppenheimer.
• Cardinal Financial (CFNL) was upgraded to neutral from underperform at Baird.
• Pinnacle West (PNW) was upgraded to overweight from equal weight at Barclays.

Analyst Upgrades

• JPMorgan upgraded Anadarko Petroleum (APC) to overweight from neutral on valuation as it views the recent pullback in shares as excessive. Despite upgrading, the firm lowered its target for shares to $82 from $90.
• Oppenheimer upgraded Office Depot (ODP) to perform from underperform and upped its target for shares to $7 from $3 after raising its estimates for companies in the Office Products Retail space. The firm expects trends to accelerate for the sector due to moderating unemployment pressures. In conjunction with the upgrade, Opco raised its target for OfficeMax (OMX) to $26 from $21 and target for Staples (SPLS) to $30 from $28. Both stocks remain outperform rated.
• C.K. Cooper upgraded iRobot (IRBT) to buy from hold with a $30 price target following the company's analyst day.
• Seadrill (SDRL) was upgraded to buy from hold at Jefferies.
• Vodafone (VOD) was upgraded to neutral from reduce at Nomura.

"For a pure play in automated and remotely controlled vehicles, consider iRobot (NASDAQ: IRBT)," says Jim Powell. Here's the latest from his Global Changes & Opportunities Report.

"The company is best known for its Roomba vacuum cleaners that wander around the house bumping into everything and setting off security alarms.

"A similar product cleans the surface of swimming pools. iRobot also makes automated mail and product delivery carts for businesses.

Analyst upgrades:

• Morgan Keegan upgraded Motorola (NYSE: MOT) to Outperform from Market Perform due to the increased visibility of Android-based launches, as well as the stock's valuation.
• OfficeMax (NYSE: OMX) was upgraded to Buy from Hold by Citigroup, which cited the company's stabilizing sales trend, accelerating share gains, and valuation.
• Kaufman Bros. upgraded iRobot (NASDAQ: IRBT) to Buy from Hold on valuation.
• Cancaccord upgraded Rio Tinto (NYSE: RTP) to Buy from Hold citing the turnaround in the aluminum business and its exposure to copper.
• Wells Fargo upgraded Smith & Nephew (NYSE: SNN) to Market Perform from Underperform.
• BT Group (NYSE: BT) was upgraded to Neutral from Reduce by Nomura.
• Societe Generale raised L'Oreal (OTC: LRLCY) to Buy from Sell.
• Franklin Resources (NYSE: BEN) was upgraded to Buy from Hold by Sandler O'Neill.

• Jefferies upgraded MSC Industrial (NYSE:MSM) to Buy from Hold after meeting with management as they believe shares are attractive at current levels. The firm raised their target price to $44 from $32.
  
• UBS upgraded DuPont Fabros (NYSE:DFT) to Buy from Neutral and raised their target to $7 from $2. The firm believes DuPont Fabros will receive a waiver on its CH1 Construction loan for at least a year.
  
• Royal Bank of Scotland upgraded Credit Suisse (NYSE:CS) to Buy from Hold to reflect the company's derisking of its trading book.
• Smith & Nephew (NYSE:SNN) was upgraded to Buy from Neutral at Goldman and added to the Conviction Buy List; Cigna (NYSE:CI) was also added to the Conviction Buy List.
  
• Affymetrix (NASDAQ:AFFX) was raised to Equal Weight from Underweight at Morgan Stanley.
  
• Airtran Holdings (NYSE:AAI) was upgraded to Buy from Hold at Jesup & Lamont.

MOST NOTEWORTHY: iRobot, Felcor Lodging and Office Max were today's noteworthy initiations:

• Stanford initiated iRobot (NASDAQ: IRBT) with a Buy rating and $18 target and believes better-than-expected military robot sales will allow the company to beat 2008 consensus estimates.
  
• Felcor Lodging (NYSE: FCH) was initiated at Keefe Bruyette with a Market Perform rating and $12.50 target. The firm believes material upside is unlikely given the company's above average suburban and airport exposure.
  
• Soleil assumed Office Max (NYSE: OMX) with a Hold rating and $17 target, as they believe macroeconomic challenges and heightened competition will limit near-term upside in the stock.

OTHER INITIATIONS:

• Broadcom (NASDAQ: BRCM), Marvell Tech (NASDAQ: MRVL) and Nvidia (NASDAQ: NVDA) were initiated with Outperform ratings at Cowen.
  
• Knot Inc. (NASDAQ: KNOT) was started with an Outperform rating at William Blair.
  
• Deutsche Bank initiated Cardtronics (NASDAQ: CATM) with a Buy rating and $13 target.

MOST NOTEWORTHY: Gen-Probe, iRobot and Emeritus were today's noteworthy initiations:

• RBC Capital expects Gen-Probe Inc. (NASDAQ: GPRO) to continue to generate high margin, annuity-like revenue from its core business while new tests with good long-term growth. Shares were initiated with an Outperform rating and $66 target.
  
• Kaufman Brothers believes robotics technology is more than just a fad and that iRobot (NASDAQ: IRBT) is well-positioned given its innovation applications and innovative applications that create new solutions to existing issues; Kaufman started iRobot with a Buy rating and $22 target.
  
• Jefferies believes Emeritus Corp. (AMEX: ESC), initiated with a Buy rating, is well-positioned to drive superior cash flow growth given favorable/stable industry fundamentals and renewed operational focus.

OTHER INITIATIONS:

• Piper assumed Comverge Inc. (NASDAQ: COMV) with a Buy rating and $17 target.
  
• Morgan Stanley initiated Excel Maritime Carriers Ltd. (NYSE: EXM) with an Overweight rating.
  
• Thomson Reuters (NASDAQ: TRIN) was initiated at JP Morgan with a Neutral rating.

Real world, futuristic technology plays can be had in the recently declared working partnership between Taser International (NASDAQ: TASR) and iRobot Corp. (NASDAQ: IRBT). The team is developing machines and equipment which could revolutionize the worlds of the military, security and law enforcement, all the while seeking to take real people (in their own bodies) out of harms way.

By forming this working alliance, Taser and iRobot have accomplished two very significant things. First, iRobot has deeply jammed their foot in the door of a market sector which will only grow larger. By taking advantage of the position already secured by Taser, iRobot has eliminated years of marketing work which would have been required to gain for themselves the same position. Second, by teaming with iRobot, Taser has fulfilled a grand desire to enhance product mobility and they have done it without the time and massive capital investment which would have been required to accomplish it alone.

If you're looking for a long-term technology play with relative safety, I'd say this working alliance provides a couple good ones and remember, you're hearing that from the biggest bear on the block. ;)

"Defense companies are in a growth market of the highest order," says Gregg Early in Personal Finance. But rather than buy industry giants, he suggest looking at lower-tier companies that are "either primed for the big leagues or will be acquired by a first- or second-tier company for a big premium in coming years."

One such play is Harris Corp. (NYSE: HRS), which Early notes represents the globalization of the defense industry. According to the advisor, "Special forces in Afghanistan, army units in Iraq and astronauts rely on Harris equipment."

Now, he says, Harris is making a move into Eastern Europe. He explains, "Because these nations are small and need to be unified on a communications level, the company will have myriad contracts with new nations for years to come. Harris Corp is a buy below 56."

Also a global play, the advisor looks to Israel-based Elbit Systems (NASDAQ: ESLT). He notes, "It's difficult to overstate the breadth of the company's client list. From India to the US to Saudi Arabia, everyone has a contract with this diversified defense conglomerate."