Analyst upgrades:

• Jefferies upgraded Buffalo Wild Wings (NASDAQ: BWLD) to Buy from Hold on valuation with the stock down 65% in two months as they believe the company has a "best-in-class fundamental story." The firm lowered its target to $25 from $30.
• Morgan Stanley upgraded Sanofi-Aventis (NYSE: SNY) to Overweight from Equal Weight on valuation and believes near-term cost reductions could provide a positive catalyst.
• Citigroup upgraded New York Times (NYSE: NYT) to Hold from Sell and lowered its target to $5.50 from $7 on valuation and believes the dividend cut will boost the company's liquidity.
• Pantry (NASDAQL PTRY) was upgraded to Outperform from Market Perform at Friedman Billings.
• LECG Corp (NASDAQ: XPRT) was raised to Buy from Neutral at UBS.
• Thomson Reuters (NYSE: TRI) was upgraded at RBC Capital to Outperform from Sector Perform.

Analyst downgrades:

• Jefferies downgraded Suntech (NYSE: STP) to Hold from Buy and lowered its target to $6 from $25 as they believe concerns about a convert refinancing in February 2010 will continue to weigh on the stock.
• Credit Suisse cut Ericsson (NASDAQ: ERIC) to Underperform from Outperform due to expectations for a decline in wireless infrastructure spending.
• ING downgraded shares of Rio Tinto (NYSE: RTP) to Hold from Buy as they believe it will be challenging for the company to execute asset sales planned at reducing debt in the current environment.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

MOST NOTEWORTHY: Patterson Companies, Virgin Media and MannKind were today's noteworthy downgrades:

• Patterson (NASDAQ:PDCO) was downgraded to Neutral from Outperform at Baird, as the firm's checks indicate industry fundamentals have softened and it sees greater near-term risk for dental consumables than dental equipment.
  
• Virgin Media (NASDAQ:VMED) was cut to Hold from Buy at Jefferies as they believe the company's results could be under pressure given the continued competitive activity and potential weakening of the UK economy.
  
• Piper downgraded shares of MannKind (NASDAQ:MNKD) to Neutral from Buy and lowered their target to $1.50 after Pfizer (NYSE:PFE) discontinued inhaled insulin Exubera due to an increase in lung cancer cases.

OTHER DOWNGRADES:

• Lehman cut Cheniere Energy (LNG) to Equal Weight from Overweight.
  
• Pantry (PTRY) was cut to Market Perform from Outperform at Friedman Billings.
  
• JP Morgan lowered Watsco (WSO) to Neutral from Overweight.

MOST NOTEWORTHY: Intel Corp (INTC), Hansen Natural Corp (HANS), Netflix, Inc (NFLX), Marvel Entertainment, Inc (MVL) and Walt Disney Co (DIS) were today's more noteworthy upgrades:

• Goldman upgraded shares of Intel Corp (NASDAQ: INTC) to Buy from Neutral as they believe Advanced Micro Devices' (AMD) likely move to an outsourced business model will make it easier for the company to retain a product advantage.

• Goldman also upgraded shares of Hansen Natural Corp (NASDAQ: HANS) to Buy from Neutral based on expectations for sales and earnings acceleration in 2H07, driven by recent distribution agreements, a potential European distribution deal and the possibility of a share buyback.

• Soleil upgraded shares of Netflix Inc (NASDAQ: NFLX) to Buy from Hold on valuation as they believe the company will overcome the challenge from Blockbuster (BBI) and outperform the current sentiment.

• Matrix believes strong demand for licensed character products is boosting Marvel Entertainment's (NYSE: MVL) sales and raised its rating on the company to Hold from Strong Sell.

• SMH Capital upgraded The Walt Disney Co (NYSE: DIS) to Buy from Neutral as they believe the Street may be underestimating the free cash flow and earnings power within the Media Networks unit...

OTHER UPGRADES:

• Trump Entertainment Resorts, Inc (NASDAQ: TRMP) was upgraded to Buy from Hold at Morgan Joseph.

• LG Phillips LCD Co, Ltd (NYSE: LPL) was raised to Buy from Hold at Citigroup.

• Cowen raised Inverness Medical Innovations, Inc (AMEX: IMA) to Neutral from Underperform.

• Jefferies upgraded shares of The Pantry, Inc (NASDAQ: PTRY) to Buy from Hold.

• Gold Fields Ltd (NYSE: GFI) was raised to Outperform from Market Perform at BMO Capital.

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

MOST NOTEWORTHY: At the top of today's list of initiations is Netflix (NFLX).

• Cantor, who initiated Netflix, Inc. (NASDAQ:NFLX) with a Buy rating and $39 target, said the company has competitive advantages that are likely to drive business for several years.

OTHER INITIATIONS:

• Lehman Brothers started Pantry, Inc. (NASDAQ:PTRY) with an Overweight rating and $58 target and said that Pantry has favorable supply agreements, expertise in acquisition integration and could improve merchandise offerings.
• Piper Jaffray started Biogen Idec, Inc. (NASDAQ:BIIB) with a Market Perform and $50 target, citing the slow re-launch of Tysabri.
• Finally, Credit Suisse assumed coverage of Deere & Co. (NYSE:DE) with an Outperform rating.

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