Analyst Upgrades

• Electronic Arts (ERTS) to overweight from neutral at Piper Jaffray.
• Helix Energy (HLX) to overweight from equal weight at Morgan Stanley.
• Quest Software (QSFT) to neutral from sell at Goldman.
• LTX-Credence (LTXC) to buy from hold at Needham.
• Anadarko (APC) to buy from hold at Canaccord.
• Walgreen (WAG) to hold from sell at Citigroup.
• Pericom (PSEM) to buy from hold at ThinkEquity.

Pericom Semiconductor Corporation (NASDAQ: PSEM) designs, develops and markets integrated circuits and frequency control products used in advanced electronic systems. Its devices transfer, route and time digital and analog signals within and between computer, networking, data communications and telecommunications systems. The company gets more than two-thirds of its sales from customers in the Asia/Pacific region. Apple (NASDAQ: AAPL), Cisco Systems (NASDAQ: CSCO) and Intel (NASDAQ: INTC) are among it domestic customers.

The firm pleased investors last week, when it said it was winning more deals to make products for desktop and notebook computers. That led management to issue upside guidance for third quarter revenues. Pericom now expects sales of $39.6-$40.7 million, versus January's forecast of $38.5-$40.7 million and Street consensus of $39.31 million.

MOST NOTEWORTHY: Pericom, St. Jude Medical and CDC Corp were today's noteworthy initiations:

• B. Riley believes Pericom (NASDAQ: PSEM) is in the early stages of a product cycle-driven growth and feels shares are significantly undervalued at current levels. The firm started shares with a Buy rating and $18 target.
  
• Rodman & Renshaw started St. Jude Medical (NYSE: STJ) with a Market Outperform rating and $50 target. The firm is positive on St. Jude's recent investments in its CRM product portfolio and sales organization, which should increase competitiveness and facilitates continued market share gains.
  
• CDC Corp (NASDAQ: CHINA) was initiated at Cantor with a Buy rating and $6 target, as they believe the stock is significantly undervalued due to the complexity of the company's corporate structure and poor financial disclosure. The firm believes this gap will close after the company lists at least one of its subsidiaries this year.

OTHER INITIATIONS:

• Kevin Dann initiated Orion Marine Group (NASDAQ: OMGI) with a Buy rating and $18 target.
  
• JP Morgan initiated Chimera Investment (NYSE: CIM) with a Neutral rating.
  
• Credit Suisse started Perrigo Company (NASDAQ: PRGO) with a Neutral rating and $40 target.