Analyst Upgrades

• Citigroup (C) to outperform from market perform at Bernstein.
• Cubist Pharma (CBST) to outperform from neutral at RW Baird.
• Pentair (PNR) to buy from hold at Citigroup.
• Heritage Financial (HFWA) to outperform from market perform at Keefe Bruyette.
• SL Green Realty (SLG) and Digital Realty (DLR) to market perform from underperform at FBR Capital.
• MGM Resorts (MGM) to neutral from Sell at Janney Capital.
• Ciena (CIEN) to buy from neutral and Olin (OLN) to buy from underperform at BofA/Merrill.
• Mellanox (MLNX) to overweight from equal weight at Barclays.
• ConocoPhillips (COP) and Canadian Natural (CNQ) to overweight from neutral at JPMorgan.
• IDEX (IEX) to outperform from perform at Oppenheimer.
• Taiwan Semiconductor (TSM) to buy from hold at Deutsche Bank.
• Ctrip.com (CTRP) to positive from neutral at Susquehanna.
• Linear Technology (LLTC) and Analog Devices (ADI) to hold from sell at Auriga.
• Quicksilver (KWK) to outperform from market perform at BMO Capital.

Analyst Upgrades

• Citigroup assumed coverage of Illinois Tool Works (ITW) and upgraded shares to buy from hold with a $52 price target. Citi cites valuation and the company's successful execution for the rating change.
• UBS upgraded Rowan Companies (RDC) to buy from neutral based on better-than-expected dayrates in the high specification jack-up market. The firm raised its price target to $42 from $28.
• UBS also upgraded NetLogic (NETL) to buy from neutral and keeps a $33.50 target on the stock. The firm upgraded shares based on valuation and solid long-term outlook.
• AvalonBay (AVB) and BRE Properties (BRE) were upgraded to neutral from underperform at Macquarie.
• Covance (CVD) was upgraded to equal weight from underweight at Morgan Stanley.
• Reynolds American (RAI) was upgraded to neutral from underperform at BofA/Merrill.

Playboy (PLA) tends to be associated with the magazine and sex. Not the hardcore, nasty kind, of course -- Playboy has always been more than a tad distinguished, staying above board while the adult entertainment industry has chosen to compete in ways that my editor would delete if I even attempted.

With Iconix said to be interested in acquiring Playboy, it needs to think about where it can win with the ailing brand. The smart move may be to ditch the magazine and move away from sex -- it can't compete in either of these markets. Then, it needs to figure out how to make the brand relevant to everyone not in the Boomer generation ... or treat Playboy as an investment with a clock on it.

Analyst upgrades:

• Jefferies upgraded Buffalo Wild Wings (NASDAQ: BWLD) to Buy from Hold on valuation with the stock down 65% in two months as they believe the company has a "best-in-class fundamental story." The firm lowered its target to $25 from $30.
• Morgan Stanley upgraded Sanofi-Aventis (NYSE: SNY) to Overweight from Equal Weight on valuation and believes near-term cost reductions could provide a positive catalyst.
• Citigroup upgraded New York Times (NYSE: NYT) to Hold from Sell and lowered its target to $5.50 from $7 on valuation and believes the dividend cut will boost the company's liquidity.
• Pantry (NASDAQL PTRY) was upgraded to Outperform from Market Perform at Friedman Billings.
• LECG Corp (NASDAQ: XPRT) was raised to Buy from Neutral at UBS.
• Thomson Reuters (NYSE: TRI) was upgraded at RBC Capital to Outperform from Sector Perform.

Analyst downgrades:

• Jefferies downgraded Suntech (NYSE: STP) to Hold from Buy and lowered its target to $6 from $25 as they believe concerns about a convert refinancing in February 2010 will continue to weigh on the stock.
• Credit Suisse cut Ericsson (NASDAQ: ERIC) to Underperform from Outperform due to expectations for a decline in wireless infrastructure spending.
• ING downgraded shares of Rio Tinto (NYSE: RTP) to Hold from Buy as they believe it will be challenging for the company to execute asset sales planned at reducing debt in the current environment.

MOST NOTEWORTHY: ING Group, Innerworkings, Kenexa, AirTran Holdings and AMR Corp were today's noteworthy downgrades:

• Bear Stearns downgraded shares of ING Group (NYSE: ING) to Peer Perform from Underperform after the company's Q3 results, given continued concerns regarding the US mortgage market.
  
• Jefferies lowered its rating on Innerworkings (NASDAQ: INWK) to Hold from Buy on valuation, as they see limited upside after the in-line Q3 results.
  
• Kenexa (NASDAQ: KNXA) was downgraded to Market Underperform from Market Perform at JMP Securities. The firm downgraded shares following the disappointing Q3 report and guidance as pressure on its business is likely to continue.
  
• UBS downgraded AirTran Holdings (NYSE: AAI) to Neutral from Buy and AMR Corporation (NYSE: AMR) to Sell from Neutral. The firm cited weakening corporate demand for the downgrades.

OTHER DOWNGRADES:

• NICE Systems (NASDAQ: NICE) was downgraded to Neutral from Buy at Banc of America.
  
• Deutsche Bank downgraded Gol Linhas Aereas (NYSE: GOL) to Hold from Buy.
  
• Wachovia downgraded the Broker Sector to Market Weight from Overweight, also downgrading Goldman Sachs (NYSE: GS) to Market Perform from Outperform.
  
• Goldman removed Maxim (NASDAQ: MXIM) from its Conviction Buy List.

MOST NOTEWORTHY: Bear Stearns (BSC), Citigroup (C), Lehman (LEH), Chicago Bridge & Iron (CBI) and Bed Bath & Beyond (BBBY) were today's noteworthy downgrades:

• Merrill downgraded Bear Stearns (NYSE: BSC), Citigroup (NYSE: C) and Lehman Brothers (NYSE: LEH) to Neutral from Buy to reflect greater earnings risk stemming from the slowdown in securitization and mortgage. Merrill also finds it "inevitable" that revenue from underwriting and advising on takeovers will slow.

• Stanford downgraded shares of Chicago Bridge & Iron (NYSE: CBI) to Sell from Hold as they believe the premium valuation is unjustified given the Lummus acquisition.

• Merrill Lynch cut Bed Bath & Beyond (NASDAQ: BBBY) to Sell from Neutral based on slowing secular growth...

OTHER DOWNGRADES:

• Goldman downgraded Zale (NYSE: ZLC) to Sell from Neutral.

• PrivateBancorp (NASDAQ: PVTB) was cut from JP Morgan's Focus List.

• Banc of America downgraded Maxim Integrated (NASDAQ: MXIM) to Neutral from Buy.

• Stanford cut Oceaneering Int'l (NYSE: OII) to Hold from Buy.

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

It seems like it happens every couple years. The promoters of major league soccer have finally found the secret ingredient needed to give soccer mass appeal as a spectator sport in the United States -- some advertising promotion, strategic partnership, or, in this case, the high-profile signing pf real Madrid soccer star/Posh Spice's Hubby/The Original Metrosexual, David Beckham. At 31 years of age, the British midfielder is already on the downside of his playing career, and there are a bunch of reasons this gimmick won't work:

1. The only people in the United States (other than die-hard soccer fans who, presumably, already watch MLS) who care about David Beckham are celebrity gossip followers -- and these people are unlikely to become MLS fans because of David Beckham. Sure, they might go to one game out of curiosity, or buy a poster of him -- but this will not translate into success for Major League Soccer as a whole.

2. The 18- to 35-year-old football, hockey, and baseball fans that soccer really would need to attract to become a viable spectator sport just don't care about professional soccer, or David Beckham. They might buy a copy of Maxim with Victoria Beckham on the cover, but they don't really care about David. If anything, a lot of men hate him for being so classy and good-looking.

3, This blatant PR gimmick runs the risk of alienating the few core soccer fans MLS can count on by turning their sport into a media circus. Think of Shooter McGavin in Happy Gilmore.

The Wall Street Journal points out numerous endorsement deals and media buzz that the league has generated in the wake of the Beckham signing. But I'll be surprised if anyone cares in a few years. Wasn't Freddy Adu supposed to generate lasting interest in soccer?