• Jefferies upgraded MICROS Systems (NASDAQ:MCRS) to Buy from Hold as it believes the company's cost cutting is running ahead of Street expectations. The firm raised its target on shares to $25 from $18.
  
• KeyBanc upgraded Cheesecake Factory (NASDAQ:CAKE) to Buy from Hold. The analyst believes companies will beat EPS estimates given lower commodity costs, focus on cost controls, and reduced drag of inefficient, new restaurants on unit level margins. Additionally, they believe reduced mortgage payments from refinancing will incrementally help traffic.
  
• Keefe Bruyette upgraded First Niagara (NASDAQ:FNFG) to Outperform from Market Perform on valuation following the company's Q1 results. The firm raised its target price to $15.
• American Electric Power (NYSE:AEP) was upgraded to Overweight from Neutral at JP Morgan.
  
• Royal Gold (NASDAQ:RGLD) was upgraded to Sector Performer from Sector Underperformer at CIBC and to Neutral from Underperform at Banc of America/Merrill.
  
• Micron (NYSE:MU) was raised to Overweight from Equal Weight at Barclays.

• Goldman upgraded Intercontinental Exchange (NYSE: ICE) to Conviction Buy from Neutral and raised their target to $90 from $60. Goldman cites ICE's positioning and potential for upward EPS revisions for the upgrade.
  
• Jefferies upgraded FMC Technologies (NYSE: FTI) to Buy from Hold as they believe solid deepwater activity levels will lead to solid EPS results in 2009 and 2010. The firm raised their price target to $45 from $27.
  
• Friedman Billings upgraded Devon Energy (NYSE: DVN) to Outperform from Market Perform on valuation and expects significant improvement in basis differentials for the company's Barnett production starting the second half of Q2. The firm raised their price target to $60 from $50.
• Elan Corp (NYSE: ELN) was raised to Neutral from Sell at Piper Jaffray.
  
• Banco Santander (NYSE: STD) was upgraded at Keefe Bruyette to Outperform from Market Perform.

The earnings crunch continues, and here are a few of the highlights of this past week's earnings coverage from BloggingStocks:

• Alcatel-Lucent (NYSE: ALU) posted its biggest quarterly loss since its creation in 2006.
• Archer Daniels Midland Co. (NYSE: ADM) missed earnings estimates despite revenue up 50%.
• Biogen Idec Inc. (NASDAQ: BIIB) fourth-quarter profit soared on strong sales of Avonex and Tysabri.
• Chevron Corp. (NYSE: CVX) reported record profits due to surging oil prices.
• CNET Networks Inc. (NASDAQ: CNET) revenue rose but the forecast was not encouraging.
• Data Domain Inc. (NASDAQ: DDUP) third-quarter revenues spiked due to aggressive overseas expansion.
• Elizabeth Arden Inc. (NASDAQ: RDEN) benefitted from overseas growth, which offset weak holiday sales.
• GlaxoSmithKline (NYSE: GSK) warned that 2008 earnings would be affected by competition from generics.
• Harris Corp. (NYSE: HRS) beat estimates and raised its guidance.
• Micros Systems (NASDAQ: MCRS) beat expectations and offered guidance in line with estimates.
• News Corp. (NYSE: NWS) fell short of earnings expectations despite strength in MySpace and Fox News.
• PepsiCo Inc. (NYSE: PEP) results met estimates and it announced further share buybacks.
• Polo Ralph Lauren Corp. (NYSE: RL) beat estimates and raised its guidance.
• SiRF Technology Holdings Inc. (NASDAQ: SIRF) missed expectations due to a seasonal decline.
• Toll Brothers Inc. (NYSE: TOL) expects to report its seventh straight quarterly revenue decline.
• Toyota Motor Corp. (NYSE: TM) attributed solid earnings to growth in China, Russia, emerging markets.
• Wendy's International Inc. (NYSE: WEN) missed earnings estimates, despite beating revenue forecast.
• Western Union Co. (NYSE: WU) posted results just ahead of Wall Street estimates.
• Yum! Brands (NYSE: YUM) posted solid results on overseas growth and share buybacks.

Micros Systems (NASDAQ: MCRS) is a leading developer of enterprise applications designed for the hospitality and specialty retail industries. The firm provides hardware and software for point-of-sale and operational applications, as well as back office programs for inventory, labor and financial management needs. The systems operate locally and across the enterprise, allowing management to analyze demand through detailed tracking of inventory, orders and reservations. Marriott International (NYSE: MAR) is a major customer.

The firm pleased investors last week, when it reported fiscal Q2 EPS of 68 cents and revenues of $244 million. Analysts had been looking for 61 cents and $220.7 million. Management also guided Q3 EPS to 63-67 cents (65 cent consensus) and Q3 revenues to $228-$232 million ($229.83M consensus).

The size of a businesses profit is a function of the efficiency with which sales and operational data can be collected and analyzed. There is an outfit in Columbia, Maryland that helps companies at the hospitality end of the spectrum with that sort of thing.

Micros Systems (NASDAQ: MCRS) is a leading developer of enterprise applications designed for the hospitality and specialty retail industries. The firm provides hardware and software for point-of-sale and operational applications, as well as a suite of inventory, labor and financial management back office programs. The systems operate locally and across the enterprise, allowing management to analyze demand through detailed tracking of inventory, orders and reservations. Customers include Hilton Hotels (NYSE: HLT) and Marriott International (NYSE: MAR).

The firm pleased investors last week, when it reported fiscal Q4 EPS of 75 cents and revenues of $221.6 million. Analysts had been looking for 70 cents and $219.8 million. Management also guided Q1 EPS to 50-52 cents (49 cent consensus), Q1 revenues to $201-$204 million ($202.70M consensus), FY08 EPS to $2.59-2.62 ($2.56 consensus) and FY08 revenues to $910-$915 million ($905.47M consensus). Ferris Baker Watts subsequently reiterated its MCRS "buy" rating.