Analyst Upgrades

• Aetna (AET) to buy from neutral at Goldman.
• Kellogg (K) to buy from neutral at UBS.
• PetSmart (PETM) to outperform from market perform at JMP Securities.
• NetApp (NTAP) and Scripps Networks (SNI) to buy from hold at Wunderlich.
• Thoratec (THOR) to buy from hold at Auriga.
• ArcelorMittal (MT) to overweight from neutral at HSBC.
• Bristol-Myers (BMY) to outperform from neutral at Cowen.
• Eaton Vance (EV) to neutral from sell at Ticonderoga.
• Adtran (ADTN) to buy from underperform at BofA/Merrill.

Some of the stocks for investors to watch on Thursday include:

Limited Brands (LTD) reported its Q3 earnings at 18 cents per share, up from 5 cents a share in the year-ago period. The company's sales came in at $1.98 billion, up from $1.77 billion, in the year-ago quarter. LTD shares surged 5.11% to $33.50 in after-hours trading.

Wall Street expects Dell (DELL) to report its Q3 EPS at 33 cents. DELL shares gained 0.67% to $13.44 in the after-hours trading session.

Analyst Upgrades

• Intel (INTC) was upgraded to overweight from equal weight and Autodesk (ADSK) to equal weight from underweight at Morgan Stanley.
• Citigroup upgraded Blackrock (BLK) to buy from hold.
• 99c Only Stores (NDN) was upgraded to buy from hold at Deutsche Bank.
• PetSmart (PETM) was upgraded to overweight from equal weight at Barclays.
• Piper Jaffray upgraded Ruth's Hospitality (RUTH) and Morton's Restaurant (MRT) to overweight from neutral.
• BioMed Realty (BMR) was upgraded to market perform from underperform at FBR Capital.
• Wells Fargo upgraded Piedmont (PDM) to market perform from underperform.

Analyst Upgrades

• Goldman upgraded Reliance Steel (RS) to buy from neutral and The Buckle (BKE) to neutral from sell.
• RAM Energy (RAME) was upgraded to outperform from market perform at Rodman & Renshaw.
• RBC Capital upgraded H&E Equipment (HEES) and Cameco (CCJ) to outperform from sector perform, and Denison Mines (DNN) to sector perform from underperform.
• Alexandria Real Estate (ARE) was upgraded to overweight from neutral at JPMorgan.
• Investment Technology (ITG) was upgraded to outperform from neutral at Wedbush.

Analyst Upgrades

• Piper Jaffray upgraded Clear Channel Outdoors (CCO) to neutral from underweight following the company's Q1 results. The firm also doubled its price target for shares to $12 from $6.
• Deutsche Bank upgraded MetroPCS (PCS) to buy from hold to reflect higher EBITDA assumptions and valuation while doubling its target price for shares to $14 from $7.
• Thomas Weisel upgraded America's Car-Mart (CRMT) to overweight from market weight ahead of the company's Q4 results and upped its target for shares to $31 from $30. The firm has increased confidence in its FY11 estimates for the company and sees potential upside in Q4.
• Esterline Technologies (ESL) was upgraded to overweight from equal weight at Stephens.
• Cheesecake Factory (CAKE) was upgraded to outperform from neutral at Baird.
• J.B. Hunt (JBHT) was upgraded to buy from neutral at Longbow.

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

• AutoZone Inc. (AZO) reported better-than-expected Q2 earnings, as well as sales and gross margin growth.
• Big Lots Inc. (BIG) beat Q4 earnings expectations, raised its guidance, and lifted its share repurchase program.
• Carmike Cinemas Inc. (CKEC) swung to better-than-expected profit in Q4 and reported strong sales growth.
• Ciena Corp. (CIEN) reported a bigger-than-expected Q1 net loss and some revenue growth, and offered guidance.
• DISH Network Corp. (DISH) posted a year-over-year increase in Q4 revenue but also a decline in per-share earnings.

PetSmart, Inc. (PETM), whose related competitors include Target Corporation (TGT) and Wal-Mart Stores, Inc. (WMT), reported fourth-quarter earnings earlier in the week. Net income dropped by a penny to 61 cents per share. Total sales went up over 3%, and same-store sales increased 1.5%.

On the surface, Q4 doesn't make you want to rush out and buy the stock, does it? But the per-share profit beat expectations by five pennies, according to data at Earnings.com. Also, Reuters says that the outlook for the full fiscal year is shaping up to be a good one, in terms of both the bottom line and margin expansion. Now, what do you think?

Central Garden & Pet Company's (CENT) stock continues to meander, but I'm reiterating my buy rating for the shares, first recommended on June 22, 2009 at a price of $10.16. Here's why:

Central posted Q3 EPS of 12 cents, in-line with the First Call Q3 EPS estimate of 12 cents, and that's good enough to keep the company's recovery narrative in-place. Namely -- that CENT, which receives about 50% of its revenue from pet products/care, will not suffer the fate of other retail plays, under the thesis that the now 'frugal consumer' Americans will give up a lot before giving up their pets.

Analyst upgrades:

• Wells Fargo upgraded Qualcomm (QCOM) to outperform from market perform. The firm believes key risks have been eliminated, such as the license dispute with Nokia (NOK) and litigation with Broadcom (BRCM), and thinks Qualcomm is well-positioned for handset unit shipments growth. Wells has a $50 to $60 target range on shares.
• Oppenheimer upgraded Juniper Networks (JNPR) to outperform from perform as it views shares as compelling at current levels and thinks the company is well positioned for 2010. Opco set a $31 price target on the stock.
• FBR Capital upgraded Frontline (FRO) to outperform from market perform after raising its rating on the tanker industry to overweight. The firm raised its target on shares to $33 from $23.
• PetSmart (PETM) was upgraded to buy from neutral at Goldman.
• Career Education (CECO) was upgraded to equal weight from underweight at Barclays.
• Rosetta Resources (ROSE) was upgraded to buy from neutral at SunTrust.

There is a bill making rounds on Capitol Hill that would provide a tax break for up to $3,500 for pet expenses. Does Fido really deserve a tax deduction? Do we really need to subsidize pet ownership in this country?

The recession has been extra hard on pets as people have abandoned pets at shelters they are no longer able to properly care for them. Pet can be very expensive between food, visits to the vet and increased rent. Those of you who think dog food is expensive should try to feed a horse sometime!

Analyst upgrades:

• Deutsche Bank upgraded Coca-Cola (NYSE: KO) to Buy from Hold on expectations that stable volumes and a better outlook for currency and commodities will lead to higher earnings visibility. The firm raised its price target on shares to $62 from $52.
• FBR Capital upgraded Goodrich (NYSE: GR) to Outperform from Market Perform as it finds the stock's valuation compelling following the recent pullback. The firm raised its target on shares to $65 from $46.
• William Blair upgraded Cisco (NASDAQ: CSCO) to Outperform from Market Perform after channel checks indicated demand is accelerating as the firm finds the stock's valuation compelling at current levels.
• Robbins & Myers (NYSE: RBN) was upgraded to Outperform from Neutral at Baird.
• Disney (NYSE: DIS) and Viacom B (NYSE: VIA.B) were upgraded to Neutral from Underperform at BofA/Merrill, while News Corp. (NASDAQ: NWS) was upgraded to Buy from Neutral.

Analyst upgrades:

• Deutsche Bank upgraded ConocoPhillips (NYSE: COP) to Buy from Hold on expectations that oil supply will begin to tighten and demand rise. The firm has a $55 price target on the stock.
• Citigroup upgraded Pinnacle West (NYSE: PNW) to Buy from Hold and added the stock to its Top Picks Live list. The firm expects the company's settlement in Arizona to be approved and raised its target on shares to $35 from $32.
• RBC Capital upgraded NetApp (NASDAQ: NTAP) to Outperform from Sector Perform as it believes that the company is performing better than expected during its October quarter. The firm expects the company to continue to execute well during subsequent quarters and it raised its target to $33.
• Wells Fargo (NYSE: WFC) was upgraded to Buy from Neutral at Goldman.
• PetSmart (NASDAQ: PETM) was upgraded to Buy from Neutral at Janney Montgomery.
• General Dynamics (NYSE: GD) was upgraded to Overweight from Equal Weight at Morgan Stanley.

This was one of those days that the overseas stock markets had a boost for the U.S. and the strength just stayed around. Despite a worse jobless claims figure, there was an actual positive report in the Philadelphia Fed manufacturing data and the Leading Indicators did not hurt the market either.

Here were today's unofficial closing bell levels:

Dow 9,348.54 +69.38 (0.75%)
S&P 500 1,007.37 +10.91 (1.09%)
Nasdaq 1,989.22 +19.98 (1.01%)

Top 10 Analyst Calls

Analyst upgrades:

• Oppenheimer upgraded Gymboree (NASDAQ: GYMB) to Outperform from Perform following the company's Q2 results to reflect valuation and square footage growth from Crazy 8. The firm has a $52 target on the stock.
• KeyBanc upgraded Lululemon (NASDAQ: LULU) to Buy from Hold on expectations sales and margins will improve in the near-term due to clean inventory levels. The firm recommends a pair trade of long Lululemon, short Under Armour (NYSE: UA).
• Keefe Bruyette upgraded Allied Capital (NYSE: ALD) to Market Perform from Underperform following the company's Q2 results and raised its target on shares to $3.50 from $1.
• Jack in the Box (NASDAQ: JACK) was upgraded to Overweight from Neutral at JPMorgan.
• LogMeln (NASDAQ: LOGM) was upgraded to Overweight from Neutral at Piper Jaffray.
• Barclays (NYSE: BCS) was reinstated with an Outperform from Neutral at Credit Suisse.

Analyst Upgrades

• Barclays upgraded Anglo American (NASDAQ: AAUK) to Overweight from Equal Weight based on a potentially higher bid from Xstrata (OTC: XSRAY) or a white night willing to pay a premium for the group, higher copper prices, and improving operating performance.
• Janney Montgomery upgraded Chiquita Brands (NYSE: CQB) to Buy from Neutral citing improved bagged salad margins, strong free cash flow, solid banana trends, and valuation. The firm has a $13 target on the stock.
• Wunderlich upgraded Legacy Reserves (NASDAQ: LGCY) to Buy from Hold due to the firm's belief that the back of the crude board is still very cheap, the firm's increased distribution outlook, and the movement of the stock after the discontinuation of the company's talks with Apollo.
• Deutsche Bank (NYSE: DB) was upgraded to Buy from Neutral at UBS.
• UBS (NYSE: UBS) was upgraded to Outperform from Neutral at Credit Suisse.
• Illinois Tool Works (NYSE: ITW) was upgraded to Outperform from Market Perform at Wachovia.