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.

MOST NOTEWORTHY: Four analog semiconductors, Archer Daniels Midland Co (ADM) and United Technologies Corp (UTX) were today's more noteworthy initiations:

• Bear Stearns initiated Analog Devices, Inc (NYSE: ADI) and National Semiconductor Corp (NYSE: NSM) with Outperform ratings and Linear Technology Corp (NASDAQ: LLTC) and Maxim Integrated Products Inc (NASDAQ: MXIM) with Peer Perform ratings.

• Archer Daniels Midland Co (NYSE: ADM) was initiated with a Neutral rating at Banc of America based on expected declines in ethanol margins. JP Morgan started shares with an Overweight rating.

• United Technologies (NYSE: UTX) was started with a Strong Buy rating at Matrix USA with a $90 intrinsic value...

OTHER INITIATIONS:

• CIBC initiated Quest Software, Inc (NASDAQ: QSFT) with a Sector Performer rating.

• Credit Suisse reinstated shares of Regal Entertainment Group (NYSE: RGC) with an Outperform rating.

• Merrill Lynch started BigBand Networks, Inc (NASDAQ: BBND) with a Neutral rating, ThinkEquity started shares with an Accumulate rating and $19 target, Jefferies started them with a Buy rating and Cowen started shares with an Outperform rating.

• RBC Capital initiated shares of Sunstone Hotel Investors, Inc (NYSE: SHO) with an Outperform rating.

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

MOST NOTEWORTHY: Garmin Ltd (GRMN) and USA Mobility (USMO) were today's notable initiations.

• JMP Securities initiated Garmin Ltd (NASDAQ: GRMN) with a Market Outperform and $60 target, saying that Garmin will benefit from strong GPS unit growth rates, a pick-up in aviation growth, also noting that checks indicate Garmin sales were strong over the holiday period.

• Soleil Securities started USA Mobility (NASDAQ: USMO) with a Sell rating and $11 target, as they believe USA Mobility is overvalued in a deteriorating industry.

OTHER INITIATIONS:

• USB initiated Level 3 Communications (NASDAQ: LVLT) with a Neutral rating and $7 target.

• First Albany started Quest Software (NASDAQ: QSFT) with a Neutral rating and $17 target, expecting volatile shares in the near-term due to the options investigation, but expects a resolution in 2007.

• BBN&T initiated NutriSystem Inc (NASDAQ: NTRI) with a Buy rating and $84 target. The firm believes NutriSystem is well positioned to sustain healthy earnings growth given consumer weight problems, along with the effectiveness and low consumer awareness of their program.

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