Analyst upgrades:

• Roth Capital upgraded Charlotte Russe (NASDAQ: CHIC) to Hold from Sell. The firm is positive on management's strategy to drive improved operating performance and is encouraged by the company's longer-term growth prospects.
  
• Banc of America upgraded shares of Las Vegas Sands (NYSE: LVS) to Neutral from Sell following the company's capital raise as they see a more balanced risk/reward at current levels. The firm lowered their target to $5 from $12.
  
• Constellation Brands (NYSE: STZ) was raised to Buy from Neutral at UBS.
  
• Credit Suisse upgraded Ameriprise (NYSE: AMP) to Outperform from Neutral.
  
• Bob Evans (NASDAQ: BOBE) was upgraded to Hold from Underweight at KeyBanc.
• J. Sainsbury (OTC: JSAIY) was upgraded to Buy from Hold at ING and to Neutral from Underweight at JP Morgan after the company topped earnings expectations.

Analyst downgrades:

• JP Morgan downgraded General Motors (NYSE: GM) to Neutral from Overweight citing the "ambiguity of government aid structure" and the likely dilution to equity. The analyst said GM needs money now to get past December 2008 and will need at least $15B to get through 2009, with the total bailout potentially reaching $30B.
  
• Goldman downgraded Dell (NASDAQ: DELL) to Sell from Neutral and added shares to the Conviction Sell List.
  
• J.C. Penney (NYSE: JCP) was lowered to Equal Weight from Overweight at Morgan Stanley.

Analyst upgrades:

• Jefferies upgraded shares of Abercrombie & Fitch (NYSE: ANF) to Hold from Underperform on valuation. The stock has gone down 40% since they initiated coverage on September 19. The firm maintains a $29 target.
  
• Citigroup upgraded EOG Resources (NYSE: EOG), Quicksilver (NYSE: KWK) and Southwestern Energy (NYSE: SWN) to Buy from Hold on their belief U.S. natural gas-focused E&P companies have near-term upside.
  
• Barclays upgraded Whole Foods (NASDAQ: WFMI) to Equal Weight from Underweight citing the $425M private equity investment, which reduces liquidity risk, and its reduced cost structure.
• Brandywine Realty (NYSE: BDN) and AvalonBay (NYSE: AVB) were upgraded to Neutral from Underperform at Merrill Lynch.
  
• tw telecom (NASDAQ: TWTC) was upgraded to Neutral from Underweight at JP Morgan.
  
• AmeriCredit (NYSE: ACF) was upgraded to Market Perform from Underperform at Friedman Billings.

Analyst downgrades:

• Jefferies downgraded Macquarie Infrastructure (NYSE: MIC) to Hold from Buy to reflect the company's sensitivity to the economic slowdown and funding risk. The firm lowered their target to $9 from $40 after the company announced a dividend reduction.
  
• Sanofi-Aventis (NYSE: SNY) was cut to Sell from Neutral at UBS due to the company's exposure to potential generic competition and a lack of new products.
  
• Friedman Billings downgraded Cleveland Cliffs (NYSE: CLF) to Market Perform from Outperform and lowered their target to $42 from $50 to reflect the risk of further production cuts.
• Credit Suisse lowered Acme Packet (NASDAQ: APKT) to Neutral from Outperform.
  
• Delta Petroleum (NASDAQ: DPTR) was downgraded at Deutsche Bank to Sell from Hold.
  
• Siemens (NYSE: SI) was downgraded to Sell from Buy at UBS.

Analyst initiations:

• Goldman initiated Bristol-Myers (NYSE: BMY) with a Buy rating and $27 target as they believe it is making progress in becoming a mid-sized specialty biopharmaceutical company. The firm expects the company to be active in M&A and to spin-off or divest its slow-growth or fast-growing assets, such as virology and oncology.
  
• Goldman believes Pfizer (NYSE: PFE) needs a "radical transformation" and restructuring that includes a break up, spin and merger in order to outperform over the next several years. Shares were assumed with a Sell rating and $19 target.
  
• Johnson & Johnson (NYSE: JNJ) was initiated with a Neutral rating and $65 target at Banc of America. The firm prefers to be on the sidelines given uncertainties surrounding 2009 revenue growth and the potential for negative rhetoric out of Washington on pharma costs.
• Acorda (NASDAQ: ACOR) was started at RBC Capital with an Outperform rating and $30 target.
  
• Cavium Networks (NASDAQ: CAVM) and NetLogic (NASDAQ: NETL) were initiated with Neutral ratings at Cowen.
  
• Edwards Lifesciences (NYSE: EW) was assumed with a Buy rating and $61 target at Piper Jaffray.

"The market is pricing publicly-traded partnerships as if they're headed for bankruptcy," says Neil George who sees high yield and value in select issues. Here's two ideas from The Partnership Letter -- a global infrastructure play and a real estate investment trust.

"There are some darn good partnerships out there that are indeed worth the near-term risk, even amid the probability of lower stock prices.

"Partnerships are characterized by high cash generation and the maximization of depreciation and other tax deductions. They then pay out as much cash as possible to unitholders. And with prices so low, we get to buy into assets that in many cases are worth a lot more in terms of liquidation value.

MOST NOTEWORTHY: Ingram Micro (IM), SYNNEX Corp (SNX), Yahoo! (YHOO), Macquarie Infrastructure (MIC) and Polypore International (PPO) were today's noteworthy initiations:

• Banc of America assumed coverage of Ingram Micro (NYSE: IM) with a Buy rating and $23 target, as the firm is positive on the company's balanced growth and margin expansion.

• Banc of America also initiated shares of SYNNEX Corp (NYSE: SNX) with a Buy rating and $24 target, as they believe cost synergies and mix in 2007 will drive 2008 leverage and share appreciation.

• ThinkEquity transferred coverage of Yahoo! (NASDAQ: YHOO) with an Accumulate rating and cut its target to $27. ThinkEquity believes Yahoo!'s challenges, which include employee turnover risk, slower user growth, competitive pressures and limited upside in search, are unlikely to be fixed near-term by the new team of management.

• Macquarie Infrastructure (NYSE: MIC) was initiated with a Buy rating and $51 target at Citigroup, as the firm believes management fee concerns are priced into shares and that the recent acquisition of Mercury Air and San Jose Jet Center will drive a 6% increase in dividend by the end of 2007.

• Bear Stearns started Polypore International (NYSE: PPO) with a Peer Perform rating on valuation.

OTHER INITIATIONS:

• BMO Capital initiated shares of Hewlett-Packard (NASDAQ: HPQ), Dell (NASDAQ: DELL) and Western Digital (NYSE: WDC) with an Outperform rating and shares of Seagate Technology (NYSE: STX) with a Market Perform rating.

• Leerink Swann started shares of Applied Biosystem (NYSE: ABI) with an Outperform rating.

• Lehman Brothers initiated shares of Blackstone Group (NYSE: BX) with an Overweight rating and $32 target.

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

Moody's (NYSE: MCO) volatility elevated into 2Q revenues increasing 52% to $261M. MCO, a provider of credit ratings, research and analysis covering fixed income securities closed at $53.89. MCO reported 2Q EPS of 95 cents verses consensus estimates of 69 cents. MCO over all option implied volatility of 45 is above its 26-week average of 33 according to Track Data, suggesting larger fluctuations.

McGraw-Hill (NYSE: MHP) implied volatility Elevated at 34. MHP, a global information service provider, closed at $60.50. MHP's S&P division Standard & Poor's, is a provider of market intelligence, including independent credit ratings, risk evaluation and data. MHP over all option implied volatility of 34 is above its 26-week average of 22 according to Track Data, suggesting larger risk.

Amex Financial Select Sector (NYSE: XLF) call implied volatility Elevated at 38. XLF seeks to replicate the total retune of the Financial Select sector of the S&P 500 Index. XLF implied volatility is elevated on uncertain submprime mortgage risk exposure. C, BAC, AIG, JPM, WFC, WB & GS are components of the XLF. XLF August at the money option call implied volatility is at 38, puts are at 35; above its 26-week average of 17 according to Track Data, suggesting larger risk.

Macquarie Infrastructure (NYSE: MIC) volatility Elevated at 26 into 8/9 EPS. MIC, a market leader in the ownership and operation of infrastructure businesses in the US, will announce EPS on August 9th. MIC over all option implied volatility of 26 is above its 26-week average of 21 according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Sydney, Australia's Macquarie Infrastructure Company Trust (NYSE: MIC) is the top conservative idea for 2007 from Neil George, editor of Personal Finance, while Macquarie Infrastructure Group (OTC: MCQRF), is his top speculative play.

The advisor explains, "Infrastructure is the foundation of our economy. And whether owned by privateers or the public, we need more and better roads, bigger airports, better power and water systems. And there are companies getting the bids over and over again to make it all happen.

"Sydney, Australia might not come to the forefront of your mind when it comes to our nation's infrastructure, but that's where most of the capital is being pooled together to quietly gobble up deal after deal.

"Parent company, Macquarie Bank, first cut its teeth on financing and investing in several projects in its own back yard for years before taking its deal-making skills on the road.