Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

Analyst Upgrades

• Thoratec (THOR) to buy from neutral at UBS.
• TW Telecom (TWTC) to buy from hold at Citigroup.
• TAL Education (XRS) to overweight from neutral at Piper Jaffray.
• Amedisys (AMED) to buy from hold at Deutsche Bank.

Analyst Downgrades

• Navigators (NAVG) to neutral from outperform at Macquarie.
• El Paso Electric (EE) to hold from buy at Jefferies.
• Hancock Holding (HBHC) to hold from buy at Wunderlich.
• California Water Service (CWT) and American States Water (AWR) to neutral from buy at Janney Capital.
• Mednax (MD) to hold from buy at Deutsche Bank.

According to AdAge, McDonald's (NYSE:MCD) broadside at the battleship Starbucks (NASDAQ:SBUX) has been delayed by the credit crunch. The chain's plans to build coffee bars in its 14,000+ locations won't meet its previous deadline of April 2009. The delay means the ad campaign planned to accompany it will also be postponed, to the disappointment of the media world.

The magazine reports that in an internal memo the company explains that the program it runs through Bank of America to loan franchisees development funds has been tapped out earlier than expected. Franchisees are expected to resort to local funding sources for operational and development loans, in the short term.

The coffee bars are expected to cost each outlet around $100,000. A later launch could result in the bars landing in the hot summer months, not prime time for coffee drinks.

Too bad for McDonald's, since the economic uncertainty of the moment would provide a wonderful marketing platform for lower-cost, boutique coffees. Perhaps the government will include a little taste of TARP money to compensate Mickey D's for this loss of business. Crazier ideas have been floated.