As class action lawsuits go, I have never encountered one any more questionable than the recent complaint issued against Medivation Inc. (MDVN), via the law firm Izard Nobel LLP.

Readers of this space may recall that just a few days ago I decried the sell off of shares that occurred on the heels of Medivation's ill-fated phase 3 drug trial of the potential Alzheimer's treatment dimebon. At that time, I pointed out that one failed drug trial is not equal to the failure of a company. I still stand by that common sense determination.

I really wish I had several thousand dollars to play with right about now. If I did, I'd plunk the entire wad down on Medivation (MDVN) and let it ride.

Why would I do that? My reasoning is simple. I'd do that because the recent sell-off of Medivation, on the heels of a disappointing phase 3 study of the drug dimebon (latrepirdine) absolutely blew the floor out from under the company's shares. I'm telling you right now, I believe that sell-off has gone twice as deep as good sense can justify. At least, that's the way I see it.

Analyst Upgrades

• UBS upgraded Boeing (BA) to neutral from sell, citing increased delivery forecasts. The firm raised its target to $68 from $50.
• Benchmark Co. upgraded Meredith Corp. (MDP) to buy from hold to reflect improving broadcasting and magazine advertising fundamentals. The firm raised its target for shares to $40 from $36.
• Keefe Bruyette upgraded Transatlantic (TRH) to market perform from underperform after the annual statutory data was published. The firm raised its target for shares to $51 from $4.
• Disney (DIS) was upgraded to buy from neutral at BofA/Merrill.
• Royal Caribbean (RCL) was upgraded to neutral from sell at Goldman.
• FedEx (FDX) was upgraded to outperform from market perform at Morgan Keegan.

Today started out strong on news of the Greek austerity plans, but the markets managed to give back most of the gains. The jobs data this morning was anemic, but offered some hope, and the ISM services data was promising. Even the Beige Book looked more positive than before with low inflation worries. Yet traders sold the market after President Obama talked health care reform again. Today was a mini-bull that got away.

Here are today's unofficial closing bell levels:
DJIA: 10,396.76 (-0.09%)
S&P500: 1,118.79 (+0.04%)
NASDAQ: 2,280.68 (0%)

Top Analyst Upgrades and Downgrades
Top Stock Market Rumors

Analyst upgrades:

• Deutsche Bank upgraded Vale SA (NYSE: VALE) to Buy from Hold on expectations the company will benefit from higher realized prices. The firm raised its target on shares to $30 from $23.
• Soleil upgraded Education Management (NASDAQ: EDMC) to Buy from Gradually Accumulate following the company's Q1 results and raised its target on shares to $34 from $32.
• Credit Suisse upgraded Medtronic (NYSE: MDT) to Outperform from Neutral. The firm also added the stock to its Focus List and raised its target on shares to $49 from $41. Credit Suisse believes Medtronic's base business is stabilizing and the stock's risk/reward is compelling.
• Medivation (NASDAQ: MDVN) was upgraded to Buy from Hold at Roth Capital.
• Martha Stewart (NYSE: MSO) was upgraded to Buy from Hold at Morgan Joseph.
• Dominion Resources (NYSE: D) was upgraded to Hold from Underperform at Jefferies.

For speculative investors aware of the risks associated with a development stage drug company, Karim Rahemtulla looks to Medivation (NASDAQ: MDVN), a play on development of a drug to treat Alzheimer's.

In his Xcelerated Profits Report, the advisor explains, "Medivation continues to make good clinical trial progress with its Dimebon drug for Alzheimer's Disease.

"The firm received some mainstream media attention at the recent International Conference on Alzheimer's Disease (ICAD) in Vienna. Reuters, Forbes and Bloomberg all reported that Dimebon is changing the way scientists think about Alzheimer's.

MOST NOTEWORTHY: NCR Corp, Medivation and Teva Pharma were today's noteworthy upgrades:

• Baird upgraded NCR Corp (NYSE: NCR) to Outperform from Neutral following its North American ATM managers survey that indicates a solid ATM environment and opportunity for margin improvement.
  
• Rodman & Renshaw upgraded Medivation (NASDAQ: MDVN) to Outperform from Market Perform citing valuation of the firm's pipeline given recent catalyst of positive Phase II results in Huntington's disease with lead candidate, Dimebon.
  
• Goldman added Teva Pharma (NASDAQ: TEVA) to its Conviction Buy List citing valuation, upcoming catalysts, and defensive characteristics.

OTHER UPGRADES:

• Marsh & McLennan (NYSE: MMC) was raised to Buy from Hold at Citigroup.
  
• RBC lifted Bankrate (NASDAQ: RATE) to Outperform from Sector Perform.
  
• Alcatel-Lucent (NYSE: ALU) was upgraded at WestLB to Hold from Sell.

MOST NOTEWORTHY: Exar, Diamond Management and Medivation were today's noteworthy initiations:

• B. Riley thinks shares of Exar Corp. (NYSE: EXAR) are near a bottom given the balance sheet support at $6.47/share and prospect for a return to positive EBITDA as early as the June quarter. The firm initiated coverage with a Buy rating and $10 target.
  
• B. Riley initiated Diamond Management & Technology (NASDAQ: DTPI) with a Buy rating and $10 target and expects the company's strong growth to continue. The firm also sees margin expansion opportunities.
• Roth Capital assumed coverage of Medivation (NASDAQ: MDVN) with a Buy rating and $21 target, as they believe the company's Dimebon for Alzheimer's is a persuasive story and that the company's pipeline has strong potential.

OTHER INITIATIONS:

• UBS started DuPont (NYSE: DD) and Monsanto (NYSE: MON) with Neutral ratings and targets of $48 and $125, respectively.
  
• Siemens (NYSE: SI) was initiated with an Overweight rating at Morgan Stanley.

The highlight of the week, where all eyes will be focused (at least in the tech world), is the Apple Worldwide Developers Conference, which is all week long.

Monday June 11

• Apple Inc (NASDAQ: AAPL) Worldwide Developers Conference to be held from June 11 through June 15.
• Texas Instruments Incorporated (NYSE: TXN) mid-quarter update conference call to be held at 5pm.
• Medivation Inc (NASDAQ: MDVN) to discuss Phase II study results for Dimebon for Alzheimer's.

Tuesday June 12

• Lehman Brothers Holdings Inc (NYSE: LEH) to report Q2 earnings; conference call at 10am.

Wednesday June 13

• FDA Endocrinologic and Metabolic Drugs Advisory Committee Meeting on Sanofi-Aventis's (NYSE: SNY) Acomplia at 8am.

Thursday June 14

• The Goldman Sachs Group Inc (NYSE: GS) to report Q2 earnings; conference call at 11am.
• Adobe Systems Incorporated (NASDAQ: ADBE) to report Q2 earnings.
• Telkonet Inc (AMEX: TKO) to hold conference call at 11am to provide business update.

Friday June 15

• PDUFA date for Encysive Pharmaceuticals Inc's (NASDAQ: ENCY) Thelin for Pulmonary Arterial Hypertension (PAH).

MOST NOTEWORTHY: Nintendo Co, Ltd (NTDOY) and FuelCell Energy, Inc (FCEL) were the only noteworthy initiations in today's modest-sized list:

• JP Morgan started Nintendo Ltd (OTC: NTDOY) with an Overweight rating.
• Lazard initiated shares of FuelCell Energy (NASDAQ: FCEL) with a Buy rating and $11 target, as the firm believes the company has the best bookings prospects in its history.

OTHER INITIATIONS:

• Discovery Holding Co (NASDAQ: DISCA) was initiated at Pali Research with a Buy rating and $25.50 target. Pali said Discovery now appears committed to developing unique,"on-brand" proprietary content across all its cable networks that it can exploit through an increasing number of distribution platforms; Pali added that this is a company that no longer feels compelled to be in every country around the globe.
• Pacific Crest initiated shares of Vocus, Inc (NASDAQ: VOCS) with an Outperform rating and $28 target, as the firm believes the company has a strong competitive position.
• Cowen initiated Medivation, Inc (NASDAQ: MDVN) with a Neutral rating based on valuation.

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