Last week Forbes released its annual list of the fastest growing tech stocks, and it shouldn't be much of a surprise that Google Inc. (NASDAQ: GOOG) topped the list, with nearly $15 billion in sales, representing five-year sales growth of 155%, and 30% EPS growth. To make the list, companies had to have significant sales growth over the past year and five years, as well as a good earnings forecast for the next three to five years. Companies with significant legal problems or corporate governance issues were excluded.

Rounding out the top five were Salesforce.com (NYSE: CRM), Ceradyne Inc. (NASDAQ: CRDN), Euronet Worldwide Inc. (NASDAQ: EEFT), and FalconStor Software Inc. (NASDAQ: FALC). Some other familiar names that made the list this year include Red Hat Inc. (NYSE: RHT), L-3 Communications (NYSE: LLL), Adobe Systems Inc. (NASDAQ: ADBE), and Cognizant Technology Solutions (NASDAQ: CTSH). Cognizant has been on Forbes list since its inauguration six years ago. For the full list, see the Forbes article.

Also of interest was the Forbes Fast 15, companies that didn't make the list mentioned above, but which Forbes thought were worth keeping an eye on for their potential. Engineering software maker Ansys Inc. (NASDAQ: ANSS), semiconductor maker Atheros Communications Inc. (NASDAQ: ATHR), Brubaker BioSciences Corp. (NASDAQ: BRKR), and scoreboard maker Daktronics Inc. (NASDAQ: DAKT) top that list. For the full list, see the Forbes article.

So if, like Aaron Katsman, Georges Yared, and Jim Cramer, you are bullish on tech stocks, then there's plenty on the Forbes lists worth taking a look at.

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: RealNetworks, Inc (RNWK), The Boeing Co (BA), L-3 Communications Holdings (LLL) and Research in Motion (RIMM) were some of today's most notable upgrades:

• Jefferies upgraded RealNetworks, Inc (NASDAQ: RNWK) to Hold from Underperform with an $8 target on valuation.

• JP Morgan raised The Boeing Co (NYSE: BA) and L-3 Communication Holding's (NYSE: LLL) rating to Neutral from Underweight citing valuation.

• Yesterday's "China Effect" on the U.S. markets have created a buying opportunity in Research in Motion Ltd; ThinkEquity upgraded shares of Research in Motion Ltd (NASDAQ: RIMM) to Buy from Accumulate with a $165 target.

OTHER UPGRADES:

• Ciena Corp (NASDAQ: CIEN) was upgraded to Overweight from Neutral at JP Morgan.

• Wachovia upgraded Fresh Del Monte Produce inc (NYSE: FDP) to Market Perform from Underperform based on an improving banana outlook and cost environment.

• Citigroup upgraded Nestle (OTC: NSRGY) to Buy from Hold to reflect the company's improved cash flows.

• Bear Stearns upgraded BEA Systems Inc (NASDAQ: BEAS) to Peer Perform from Underperform.

• Stephens upgraded Sanderson Farms Inc (NASDAQ: SAFM) to Overweight from Equal Weight with a $35 target.

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

MOST NOTEWORTHY:

• L-3 Communications Holdings Inc (NYSE: LLL) was downgraded by Bank of America to Neutral from Buy based on valuation, as they see limited upside from current levels. The firm's target for L-3 is $92.
• NewMont Mining Corp (NYSE: NEM) was downgraded by RBC Capital Markets to Underperform from Sector Perform based on Newmont's weak production profile and declining financial forecasts. The firm lowered its price target for Newmont to $48 from $52.

OTHER DOWNGRADES:

• K Swiss Inc (NASDAQ: KSWS) was downgraded by Susquehanna to Neutral from Positive. The firm does not believe domestic sales will stabilize until 2008 and sees European growth being less robust over the next several quarters.
  
• Alltel Corporation (NYSE: AT) was downgraded at Deutsche Bank to Hold from Buy on valuation. The firm's target for Alltel is $63.