Analyst Upgrades

• Canaccord believes growth in DigitalGlobe's (DGI) commercial business will be a catalyst for shares. The firm upgraded shares to buy from hold and has a $38 price target on the stock.
• Standpoint upgraded Abercrombie & Fitch (ANF) to accumulate from hold based on valuation. The firm has a $47 target on the stock.
• Morgan Keegan upgraded Open Text (OTEX) to outperform from market perform based on the company's strong FY2011 EPS outlook.
• Devon Energy (DVN) was upgraded to overweight from equal weight at Morgan Stanley.
• Magna (MGA) was upgraded to outperform from sector perform at RBC Capital.
• EnCana (ECA) was upgraded to outperform from neutral at Macquarie.

MOST NOTEWORTHY: Celgene Corp (CELG), Luminent Mortgage Capital (LUM) and CNET Networks, Inc (CNET) were some of today's notable initiations:

• Bernstein started Celgene Corp (NASDAQ: CELG) with an Outperform rating and $62 target. The firm believes Revlimid can achieve the company's global sales of more than $3.2B by 2012 and feels the recent low $50's is an excellent share entry point.

• JP Morgan initiated Luminent Mortgage Capital (NYSE: LUM) with an Overweight rating based on valuation.

• First Albany initiated CNET Networks inc (NASDAQ: CNET) with a Buy rating and $10 target, citing valuation.

OTHER INITIATIONS:

• RBC initiated Multi-Fineline Electronix, Inc (NASDAQ: MFLX) with an Outperform rating and $23 target.

• Jefferies started Packeteer, Inc (NASDAQ: PKTR) with a Buy rating and $18.50 target on valuation.

• Jefferies also initiated Riverbed Technology, Inc (NASDAQ: RVBD) with a Hold rating and $28 target.

• UBS AG (NYSE: UBS) was started with a Buy rating and $79 target at Bank of America.

• Matrix USA initiated Transocean Inc (NYSE: RIG) with a Buy rating.

• Wedbush initiated both eFunds Corp (NYSE: EFD) and NCR Corp (NYSE: NCR) with Buy ratings.

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