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.

We're well into the quarter now and the earnings reports continue to roll out.

This week, Dell (DELL) highlights a handful of results from tech companies. Analysts surveyed by Thomson Reuters are looking for fourth-quarter earnings of 37 cents per share from the one of the world's top PC purveyors. That's up from 28 cents per share during the same period a year ago. Dell also is expected to report its revenue grew 5.5% year over year to $15.7 billion, for the three months that ended in January.

Analyst Upgrades

• Athenahealth (ATHN), Ensco (ESV), Pride International (PDE) and Sinclair Broadcast (SBGI) to outperform from market perform at Wells Fargo.
• CIRCOR (CIR) to buy from hold at BB&T.
• Urban Outfitters (URBN) to hold from sell at Citigroup.
• Shaw Group (SHAW) to buy from neutral at UBS.
• MGM Resorts (MGM) and Boyd Gaming (BYD) to buy from neutral, as well as Intrepid Potash (IPI) to neutral from underperform, at BofA/Merrill.
• Carlisle (CSL) to buy from neutral at SunTrust.

Options with increase in I.V.: MGM Resorts (MGM) January 15 calls up 5%. AIG (AIG) January 60 calls up 16%.

Options with increase in I.V.: AIG (AIG) January 55 call up 18%. MannKind (MNKD) January 10 call up 7% according to iVolatility.com.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Despite a lackluster day for the broader equities market, MGM Resorts International (MGM) has racked up a healthy gain of about 4% so far. Scanning the headlines, it seems that traders are responding to a bullish endorsement for the gaming guru from CNBC analyst Jim Cramer.

"Las Vegas is coming back," declared Jim Cramer on Friday's episode of Mad Money. He went on to add, "MGM's the best way to speculate on the turn, especially considering that they helped get Senate majority leader Harry Reid re-elected."

Analyst Upgrades

• Deutsche Bank upgraded Ford (F) to buy from hold and raised its price target to $19.50 from $14.50, citing positive demand trends, sustainable market share gains and strong cash flow.
• BMO Capital upgraded MGM Resorts (MGM) to outperform from market perform with an $18 target, citing stabilizing metrics in Las Vegas.
• Deutsche Bank upgraded TRW Automotive (TRW) to buy from hold, citing better-than-expected production trends, and raised its price target for shares to $52 from $39.
• Dr. Reddy's Labs (RDY) was upgraded to buy from underperform at BofA/Merrill.
• Pulte Group (PHM) was upgraded to neutral from sell at UBS and $8.50 price target.
• Vodafone (VOD) was upgraded to buy from neutral at Nomura.

Analyst Upgrades

• Piper Jaffray upgraded Duoyuan Global Water (DGW) to neutral from underweight, citing the potential for positive fundamental news flow through the end of the year, and upped its price target to $16 from $9.
• Jefferies upgraded Alcatel-Lucent (ALU) to buy from underperform, expecting a benefit from a significant ramp in EVDO software sales as mobile data growth accelerates.
• Myriad Genetics (MYGN) was upgraded at RBC Capital to outperform from sector perform with a $23 price target based on valuation and potential to be acquired.
• Goldman upgraded Mohawk (MHK) to neutral from sell with a $53 price target.
• Smithfield Foods (SFD) was upgraded to outperform from market perform at BMO capital with a $21 target.
• Priceline.com (PCLN) was upgraded to outperform from market perform at Morgan Keegan.

Analyst Upgrades

• Citigroup upgraded Endo Pharmaceuticals (ENDP) to buy from hold and raised its price target for shares to $40 from $28 following the company's acquisition of Qualitest. The firm believes the deal makes financial and strategic sense. Shares were also upgraded to outperform from perform at Oppenheimer with a $40 price target following the company's acquisition of Qualitest. The firm views the deal as potentially transformative for Endo.
• Goldman upgraded Carnival (CCL) to buy from neutral, citing low supply growth and cost-cutting measures. The firm also raised its price target to $44 from $36.
• Needham upgraded Jabil Circuit (JBL) to strong buy from buy with a $23 target.
• Siliconware Precision (SPIL), United Microelectronic (UMC) and Advanced Semiconductor (ASX) were upgraded to buy from underperform at BofA/Merrill.
• Check Point (CHKP) was upgraded to overweight from equal weight at Morgan Stanley.
• Raymond James (RJF) was upgraded to buy from neutral at Ticonderoga.

Analyst Upgrades

• Goldman upgraded Costco (COST) to buy from neutral based on valuation, improving fundamentals and potential catalysts. The firm raised its price target to $68 from $62.
• Soleil upgraded MGM Resorts (MGM) to buy from hold, citing valuation, easing balance sheet concerns and a multiyear convention recovery. The firm upped its target for shares to $14 from $13. Note, Soleil also downgraded Las Vegas Sands (LVS) to hold from buy.
• Piper Jaffray upgraded Phillips-Van Heusen (PVH) to overweight from neutral with a $59 price target following the company's better-than-expected Q2 results.
• Dell (DELL) was upgraded to buy from outperform at CLSA.
• CommScope (CTV) was upgraded to buy from neutral at UBS.
• EnCana (ECA) was upgraded to sector outperformer from sector performer at CIBC.

Analyst upgrades:

• Oppenheimer upgraded Goldman Sachs (GS) to Outperform from Perform following the company's $550M settlement with the SEC. Opco has a $213 price target for Goldman shares. BofA/Merrill upgraded Goldman Sachs to Buy from Neutral and raised its price target to $182 from $160.
• Wells Fargo upgraded JP Morgan (JPM) to Outperform from Market Perform following the company's Q2 results citing valuation and lower credit costs. The firm keeps a valuation range for shares of $48-$51.
• Goldman upgraded Murphy Oil (MUR) to Buy from Neutral and has a $61 price target on the stock. The firm cites Murphy's Eagle Ford growth and valuation for the upgrade.
• Precision Cast (PCP) was upgraded to Outperform from Neutral at Credit Suisse.
• Pride International (PDE) was upgraded to Buy from Hold at Jefferies.
• BHP Billiton (BHP) was upgraded to Overweight from Neutral at HSBC.

Analyst Upgrades

• Keefe Bruyette upgraded East West Bancorp (EWBC) to outperform from market perform after the company acquired assets from Washington First International Bank. The firm has a $21 price target for shares.
• Piper Jaffray upgraded Amylin (AMLN) to overweight from neutral, citing valuation and Bydureon's profile. The firm maintains a $26 price target for shares.
• Soleil upgraded MGM Mirage (MGM) to hold from sell, citing signs of stabilization in Vegas and valuation. The firm upped its target for shares to $13 from $11.10.
• T. Rowe Price (TROW) was upgraded to outperform from market perform at FBR Capital.
• JetBlue (JBLU) was upgraded to buy from neutral at BofA/Merrill.
• NetEase.com (NTES) was upgraded to buy from hold at Standpoint Research.

Analyst Upgrades

• Oppenheimer upgraded Citigroup (C) to outperform from perform, citing an attractive valuation following the recent pullback in shares. The firm has a $4.58 price target for the stock.
• Macquarie upgraded Transocean (RIG) to to outperform from neutral and has price target of $85 on the stock. The firm believes bad news is already priced into shares.
• JPMorgan upgraded U.S. Bancorp (USB) to overweight from neutral, citing the recent pullback in shares and a lower impact from the financial reform bill. The firm has a $31.50 price target for the stock.
• Boeing (BA) was upgraded to equal weight from underweight at Morgan Stanley.
• Health Net (HNT) was upgraded to buy from hold at Stifel Nicolaus.
• Vale (VALE) was upgraded to overweight from neutral at HSBC.

Analyst Upgrades

• Soleil upgraded Potash (POT) to hold from sell due to valuation. The firm maintains a $100 price target for shares.
• FBR Capital upgraded Arkansas Best (ABFS) to market perform from underperform after the company reached a tentative agreement with the Teamsters to amend its existing contract to include a 15% wage concession. The firm has a $34 price target for shares.
• Keefe Bruyette upgraded Zions Bancorp (ZION) to market perform from underperform following the company's Q1 results and raised its target for shares to $25 from $17.
• Apache (APA) was upgraded to outperform from neutral at Macquarie.
• MGM Mirage (MGM) wasupgraded to conviction buy from buy at Goldman.
• Monster Worldwide (MWW) was upgraded to outperform from neutral at Credit Suisse.

Analyst Upgrades

• Oppenheimer upgraded Williams-Sonoma (WSM) to outperform from perform. Opco believes the company's business model is being underappreciated by investors and upped its target price for shares to $40 from $26.
• BMO Capital upgraded Tractor Supply (TSCO) to market perform from underperform and set a $75 target. The firm upgraded the stock after the company's positive preannouncement.
• JCPenney (JCP) was upgraded to conviction buy from neutral at Goldman.
• DISH Network (DISH) was upgraded to buy from neutral at UBS.
• BJ's Wholesale (BJ) was upgraded to neutral from underperform at Credit Suisse.
• Taseko Mines (TGB) was upgraded to buy from hold at TD Newcrest.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• Apollo Group Inc. (APOL) second quarter EPS guidance fell short of analysts' estimates, sending shares lower.
• CBS Corp. (CBS) higher Q4 earnings were in line with analysts' expectations but free cash flow declined.
• Deere & Co. (DE) posted higher Q1 earnings that easily topped expectations, sending shares sharply higher.
• Gap Inc. (GPS) received a downgrade from an analyst that foresees contracting earnings, returns and margins.
• Hewlett-Packard Co. (HPQ) better-than-expected Q1 results were accompanied by a better-than-expected outlook.