Analyst upgrades:

• Toll Brothers (NYSE: TOL) was upgraded to Buy at Citigroup. The firm views the recent sell-off in home building stocks as a buying opportunity and thinks Toll Brothers offers the best risk/reward in its coverage universe. Citi keeps a $23 price target on the stock.
• Kellogg (NYSE: K) was upgraded to Buy from Hold at Citigroup following the Q3 results, as it believes the company's reduced spending and share buyback will serve as catalysts. The firm raised its price target on shares to $63 from $50.
• Rogers Communications (NYSE: RCI) and Telus (NYSE: TU) were upgraded to Outperform from Sector Perform at RBC Capital, which said the CRTC unexpectedly denied Globalive's wireless application. The analyst said Globalive was potentially the biggest of new wireless competitors and the decision removes a big threat to the group. Rogers price target was raised to $40 from $33; Telus to $44 from $36.
• Stanley (NYSE: SXE) was upgraded at Wells Fargo to Outperform from Market Perform after the company reported better-than-expected Q3 results and raised its FY10 guidance.
• Texas Instruments (NYSE: TXN) was upgraded at Bernstein to Outperform from Market Perform. The analyst believes Texas Instruments' core business earnings power is underappreciated and valuation is attractive. Target raised to $30 from $28.

Analyst upgrades:

• KeyBanc upgraded Epicor (NASDAQ: EPIC) to Buy from Hold based on several near-term catalysts that include possible convertible debt repurchases, reasonable Q4 results, a proxy fight, and a boost from the Epicor 9 product cycle in 2H09.
  
• KeyBanc also upgraded AK Steel (NYSE: AKS) to Buy from Hold based on relative valuation and said the company could benefit from lower iron ore, scrap natural gas, and labor inputs.
  
• JP Morgan upgraded Lennar (NYSE: LEN) to Overweight from Neutral based on relative valuation.
• Marriott (NYSE: MAR) was upgraded to Buy from Neutral at Goldman.
  
• Raymond James (NYSE: RJF) was raised to Market Perform from Underperform at Wachovia.
  
• Deere (NYSE: DE) was upgraded to Outperform from Market Perform at Bernstein.

Analyst downgrades:

MOST NOTEWORTHY: Syntroleum, Pervasive Software and Ardea Biosciences were today's noteworthy initiations:

• Merrriman believes Syntroleum (NASDAQ: SYNM) possesses the technological platforms with its Biofining process and the cost structures with its Tyson Foods (NYSE: TSN) relationship needed to commercialize clean synthetic fuels. The firm started shares with a Buy rating.
  
• Pervasive Software (NASDAQ: PVSW) was assumed with a Buy rating and $7 target at B. Riley, as they find shares attractive in this market given the company's solid balance sheet with a sizeable cash balance and positive operating cash flow. They believe the stock is undervalued at current levels.
  
• Ardea Biosciences (NASDAQ: RDEA) was assumed with an Outperform rating at Cowen. The firm believes Ardea has a promising clinical pipeline for HIV, gout, and cancer.

OTHER INITIATIONS:

• Deutsche Bank initiated Nissan (NASDAQ: NSANY), Honda (NYSE: HMC) and Toyota (NYSE: TM) with Buy ratings.
  
• UBS initiated SanDisk (NASDAQ: SNDK) with a Neutral rating and $28 target.

MOST NOTEWORTHY: Electronics for Imaging, Fundtech and VIA Pharmaceuticals were today's noteworthy initiations:

• Banc of America initiated Electronics for Imaging (NASDAQ: EFII) with a Buy rating and $26.50 target, as it sees leverage potential in 2008 from cost reductions and revenue mix and believes stronger controller revenue mix and ink from inkjets could help gross margin in 2H08.
  
• JMP Securities expects Fundtech (NASDAQ: FNDT) to benefit from an upgrade cycle among large banks to improve their payment systems, starting shares off with a Market Outperform rating and $19 target.
  
• Rodman & Renshaw resumed coverage of VIA Pharmaceuticals (NASDAQ: VIAP) with an Outperform rating and $4 target. The firm expects VIAP's VIA-2291, a treatment for Antherosclerosis, Ph II data expected in mid-2008 to drive shares.

OTHER INITIATIONS:

• Oppenheimer initiated Ardea Biosciences (NASDAQ: RDEA) with a Buy rating and $15 target.
  
• SAP AG (NASDAQ: SAP) was initiated with an Equal Weight rating at Lehman.
  
• CIBC resumed coverage of Limelight Networks (NASDAQ: LLNW) with a Sector Outperformer rating.

MOST NOTEWORTHY: Concur Tech, TranS1 and Third Wave were today's noteworthy initiations:

• Broadpoint initiated Concur Tech (NASDAQ: CNQR) with a Strong Buy rating and $40 target. The firm believes Concur has attractive growth drivers, room for leverage, and is a market leader for innovation and growth. Wachovia is positive on TraS1's AxiaLIF procedure in lumbar fusions as it is less invasive and patients have a faster recovery period. The firm views the potential market at over $1B and started shares off with an Outperform rating.
  
• Shares of TranS1 (NASDAQ: TSON) were also initiated with a Buy rating and $27 target at Piper Jaffray, as they believe the company's focus on minimally invasive surgical technique for treating lower back pain provides a large market opportunity, and at Cowen with an Outperform rating, as they positive on TSON's minimally invasive platform in spinal fusions that should leaded rapid growth.
  
• Collins Stewart said Third Wave (NASDAQ: TWTI) is on track to file PMA submissions for 2 new screening tests for HPV by early next year and started shares with a Buy rating and $11 target.

OTHER INITIATIONS:

• Piper initiated Ardea Biosciences (NASDAQ: RDEA) with a Buy rating.
  
• JP Morgan initiated Lukoil (NASDAQ: LUKOY) with a Neutral rating.
  
• Cowen started shares of Limelight Networks (NASDAQ: LLNW) with a Neutral rating.