Analyst Upgrades

• Cisco (CSCO) to outperform from perform at Oppenheimer.
• Cognizant (CTSH) to buy from neutral at Goldman.
• Polypore (PPO) to outperform from neutral at RW Baird.
• Elan (ELN) to buy from neutral at UBS.
• Millicom (MICC) and NuStar GP Holdings (NSH) to overweight from equal weight at Morgan Stanley.
• Teekay LNG (TGP) to equal weight from underweight at Morgan Stanley.
• American Railcar (ARII) to outperform from market perform at Morgan Keegan.
• Texas Instruments (TXN) to buy from neutral at Sterne Agee.

MOST NOTEWORTHY: NDS Group plc (NNDS), Payless ShoeSource, Inc (PSS), Southern Union Co (SUG) and Take-Two Interactive Software, Inc (TTWO) were today's noteworthy initiations:

• B. Riley believes NDS Group (NASDAQ: NNDS) is in an attractive space with 42M digital TV subscribers, increasing competition between TV service providers and declining digital deployment costs, starting shares with a Buy rating and $66.50 target.
• KeyBanc McDonald initiated shares of Payless ShoeSource Inc (NYSE: PSS) with a Buy rating and $42 target.
• Calyon started Southern Union Co (NYSE: SUG) with a Buy rating and $38 target and sees positive catalysts over the next 12-18 months, including a potential takeover or monetization and the formal creation of an MLP.
• Take-Two Interactive Software (NASDAQ: TTWO) was started with a Hold rating at Needham. The firm finds it unlikely that shares will outperform until new management sets forth their new plan, which is expected to take 3-6 months.

OTHER INITIATIONS:

• Credit Suisse imitated Akamai Technologies, Inc (NASDAQ: AKAM) with an Outperform rating and $65 target.
• American Technology believes Cadence Pharmaceuticals, Inc's (NASDAQ: CADX) two late-stage products fill an important, unmet medical need and started the company with a Buy rating and $24 target.
• UBS started shares of NuStar GP Holdings, LLC (NYSE: NSH) with a Neutral rating and $30 target.
• TeleTech Holdings, Inc (NASDAQ: TTEC) was initiated with a Buy rating at Merrill Lynch.

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