Analyst Upgrades

• FBR Capital upgraded Noble Corporation (NE) to outperform from market perform as it finds the company's acquisition of Frontier Drilling as smart and strategic. The firm upped its target price for shares to $42 from $36.
• Citigroup upgraded Ameriprise (AMP) to buy from hold, citing potential margin expansion from the Columbia acquisition. The firm maintains a $50 price target for shares.
• Thomas Weisel upgraded Jabil Circuit (JBL) to overweight from market weight, citing valuation and the company's growth prospects. The firm raised its target for shares to $20 from $18.
• Blackrock (BLK) was upgraded to outperform from market perform at Keefe Bruyette.
• Disney (DIS) and News Corp (NWS) were upgraded to buy from neutral at Goldman.
• Portland General Electric (POR) was upgraded to neutral from underperform at BofA/Merrill.

Analyst Upgrades

• Keefe Bruyette upgraded East West Bancorp (EWBC) to outperform from market perform after the company acquired assets from Washington First International Bank. The firm has a $21 price target for shares.
• Piper Jaffray upgraded Amylin (AMLN) to overweight from neutral, citing valuation and Bydureon's profile. The firm maintains a $26 price target for shares.
• Soleil upgraded MGM Mirage (MGM) to hold from sell, citing signs of stabilization in Vegas and valuation. The firm upped its target for shares to $13 from $11.10.
• T. Rowe Price (TROW) was upgraded to outperform from market perform at FBR Capital.
• JetBlue (JBLU) was upgraded to buy from neutral at BofA/Merrill.
• NetEase.com (NTES) was upgraded to buy from hold at Standpoint Research.

Analyst upgrades:

• FBR Capital upgraded U.S. Bancorp (NYSE: USB) and New York Community Bancorp (NYSE: NYB) to Market Perform from Underperform to reflect a new valuation framework. The firm raised its target on U.S. Bancorp to $21 from $14 and on New York Community Bancorp to $10 from $9.
• Stephens upgraded Insulet (NASDAQ: PODD) to Overweight from Equal Weight to reflect the company's top-line growth prospects and reasonable expectations. The firm raised its target on shares to $14 from $8.
• Baird upgraded Athenahealth (NASDAQ: ATHN) to Outperform from Neutral and raised its target to $46 from $37 based on expectations for revenue and gross margin expansion, and relative valuation.
• Broadcom (NASDAQ: BRCM) was upgraded to Overweight from Equal Weight at Barclays.
• Phillips-Van Heusen (NYSE: PVH) was upgraded to Buy from Neutral at BofA/Merrill.
• Reliant Energy (NYSE: RRI) was upgraded to Conviction Buy from Neutral at Goldman.

Analyst upgrades:

• Keefe Bruyette upgraded American Express (NYSE: AXP) to Outperform from Market Perform to reflect improving credit trends following the July monthly data. The firm raised its target price on shares to $37.
• Oppenheimer upgraded Corning (NYSE: GLW) to Outperform from Perform as it believes 2010 estimates are achievable and concerns over falling LCD demand are overdone. The firm set a $19 price target on the stock.
• JPMorgan upgraded International Game Technology (NYSE: IGT) to Overweight from Neutral on valuation and expectations domestic replacement orders will pick up. The firm has a $23 price target on shares.
• Goldman Sachs (NYSE: GS) was raised to Buy from Neutral at Pali Capital.
• Portland General Electric (NYSE: POR) was upgraded to Buy from Neutral at Goldman.
• Mechel Steel (NYSE: MTL) was upgraded to Neutral from Reduce at Nomura.

Analyst upgrades:

• Deutsche Bank upgraded Portland General Electric (NYSE: POR) to Buy from Hold on valuation as it finds the risk/reward on shares attractive at current levels. The firm raised its target price to $22 from $20.
  
• FBR Capital upgraded Abercrombie & Fitch (NYSE: ANF) to Outperform from Market Perform after channel checks indicated recent sales are driving increased traffic and easing market share losses. The firm raised its target price on shares to $37 from $21.
• Barclays upgraded Yahoo (NASDAQ: YHOO) to Overweight from Equal Weight as it believes the company is well positioned for a rebound in advertising and that the valuation is compelling at current levels. The firm raised its target on shares to $20 from $15.
• Kohl's (NYSE: KSS) was raised to Overweight from Market Weight at Thomas Weisel.
  
• U.S. Steel (NYSE: X) and CB Richard Ellis (NYSE: CBG) were upgraded at Goldman to Neutral from Sell.
  
• Dolby Laboratories (NYSE: DLB) was upgraded at JP Morgan to Overweight from Neutral.

Analyst upgrades:

• William Blair upgraded Parexel (NASDAQ: PRXL) to Outperform from Market Perform on increased conviction in the company's earnings growth outlook following channel checks.
  
• Friedman Billings upgraded UDR Inc (NYSE: UDR) to Outperform from Market Perform and raised its target to $22 from $26 citing the company's approximate 8% implied cap rate on is vastly improved apartment portfolio.
  
• Citigroup upgraded Abercrombie & Fitch (NYSE: ANF) to Hold from Sell on valuation as they believe weak fundamentals are now priced into the stock.
• Goldman upgraded Portland General Electric (NYSE: POR) to Buy from Neutral and added shares to the Conviction Buy List.
  
• StellarOne (NASDAQ: STEL) and Union Bankshares (NASDAQ: UBSH) were upgraded to Neutral from Underperform at Baird.
  
• Bernstein upgraded DISH Network (NASDAQ: DISH) to Market Perform from Underperform.

Analyst downgrades:

• Deutsche Bank downgraded Align Tech (NASDAQ: ALGN) to Hold from Buy as they believe macroeconomic pressures will limit the company's ability to reach longer term growth expectations. Align's target was lowered to $8 from $14.
  
• Jefferies downgraded shares of Advanced Medical (NYSE: EYE) to Underperform from Buy and lowered its target to $9 from $28 following the company's lowered guidance as they believe macroeconomic pressures affecting LASIK volumes and the unanticipated slowdown in lens care should put continued pressure on the stock.
  
• ThinkPanmure expects the macro slowdown and credit crunch to slow Intel's (NASDAQ: INTC) growth and IT capex spending. The firm downgraded shares to Sell from Buy, lowered its 2009 EPS estimate to $1.01 from $1.35, vs. consensus of $1.46, and cut Intel's target to $12 from $24.
• MGM Mirage (NYSE: MGM) was lowered to Neutral from Positive at Susquehanna.
  
• Charles River Labs (NYSE: CRL) was downgraded at William Blair to Market Perform from Outperform.
  
• Deutsche Bank cut Heinz (NYSE: HNZ) and MasterCard (NYSE: MA) to Hold from Buy.

Analyst initiations:

• Old Second Bancorp (NASDAQ: OSBC) was initiated with a Market Perform rating and $17 target at Keefe Bruyette. The firm believes the company's exposure to strong markets should generate above-average returns.
  
• Susquehanna assumed Affiliated Computer (NYSE: ACS) with a Positive rating and $55 target and is positive on the company's low levels of customer concentration and high levels of geographic diversification.
  
• Cowen resumed coverage of AnnTaylor (NYSE: ANN) with a Neutral rating, citing the company's share loss to competitors and top-line weakness..
• MetLife (NYSE: MET) was assumed with an Overweight rating at Morgan Stanley.
  
• JMP Securities initiated HFF Inc (NYSE: HF) with a Market Perform rating.
  
• Genpact (NYSE: G) was initiated at Susquehanna with a Neutral rating.

Portland General Electric (NYSE: POR) is engaged in the generation, purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. The company's generating portfolio consists of thermal, hydro and wind resources. It serves approximately 813,000 residential, commercial and industrial customers. The firm also sells electricity and natural gas in the wholesale market to western U.S. utilities and energy marketers.

The company pleased investors earlier in the month, when it reported Q2 EPS of 63 cents and revenues of $425 million. Analysts had been looking for 58 cents and $419 million. Management also guided FY08 EPS to $1.85-$1.95, versus Street consensus of $1.80. In discussing significant capital projects, the CEO noted that the firm is moving forward with the next phase of a wind farm and with the implementation of a new smart-metering technology.

MOST NOTEWORTHY: Scientific Games, COTT Corp and Houston Wire & Cable were today's noteworthy upgrades:

• Morgan Stanley upgraded Scientific Games (NASDAQ: SGMS) to Overweight from Equal Weight as they believe investors are underestimating the company's opportunity in China and sees potential upside to estimates.
  
• CIBC upgraded COTT Corp (NYSE: COT) to Sector Outperformer from Sector Performer citing the company's re-focus on Retail Brands and adding talent to the board.
  
• William Blair raised Houston Wire & Cable (NASDAQ: HWCC) to Outperform from Market Perform on valuation and the company's continued large project growth.

OTHER UPGRADES:

• Beazer Homes (NYSE: BZH) was raised to Neutral from Sell at UBS.
  
• Pepsi Bottling (NYSE: PBG) and Portland General Electric (NYSE: POR) were upgraded to Neutral from Underweight at JP Morgan.
  
• Keefe Bruyette upgraded Fifth Third Bancorp (NASDAQ: FITB) to Outperform from Market Perform.

Wall Street's equity market offers a solid slate this week - with five IPOs and ten Secondaries on the docket.

Those deals tentatively scheduled to price include:

IPOs:

• Day Undetermined:
  • The Blackstone Group (BX), a 133.3M-share IPO. Morgan Stanley and Citigroup are the lead managers. Filing range: $29.00-$31.00.
• Tuesday
  • Biofuel Energy (BIOF), a 9.5M-share IPO for this ethanol company. JP Morgan Chase, Citigroup, and AG Edwards are the lead managers. Filing range: $16.00-$18.00.
• Wednesday
  • Bway (BWY), an 11.765M-share IPO for this container company. Goldman Sachs and the Bank of America are the lead managers. Filing range: $16.00-$18.00.
  • GeoVera Insurance (GEOV), a 5.99M-share IPO for this residential insurance company. JP Morgan Chase and Merrill Lynch are the lead managers.
• Thursday
  • Aegerion Pharmaceuticals (AEGR), a 5M-share IPO for this cardiovascular medicines company. Lehman Brothers is the lead manager. Filing range: $12.00-$14.00.