Analyst upgrades:

• BMO Capital upgraded Intercontinental Exchange (ICE) to Outperform from Market Perform based on valuation and the company's growth outlook. The firm has a price target of $125 on the stock.
• Morgan Keegan upgraded WESCO (WCC) to Outperform from Market Perform ahead of Thursday's earnings report based on valuation and expectations for stronger than expected sales.
• Keefe Bruyette upgraded Bank of Marin (BMRC) to Outperform from Market Perform with a $40 price target following the company's Q2 results.
• BHP Billiton (BHP) was upgraded to Overweight from Equal Weight at Barclays.
• PPG Industries (PPG) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Schnitzer Steel (SCHN) was upgraded to Buy from Neutral at UBS.

Analyst Upgrades

• JMP Securities views Yahoo!'s (YHOO) risk-reward as compelling, especially as cyclical and secular growth of online advertising improves. The firm upgraded shares to outperform from market perform and has a $21 target.
• FBR Capital upgraded PNC Financial (PNC) to outperform from market perform, citing an attractive valuation and better risk profile following the company's capital raise. The firm raised its target price on shares to $65 fro $55.
• Janney Montgomery upgraded SEI Investments (SEIC) to buy from neutral on expectations the company's revenues will accelerate in 2011. The firm has a $28 price target on shares.
• Research in Motion (RIMM) was upgraded to outperform from market perform at BMO Capital.
• Cisco (CSCO) was upgraded to overweight from neutral at JPMorgan.
• Macy's (M) was upgraded to buy from hold at Soleil.

Analyst Upgrades

• Citigroup upgraded Freeport McMoRan (FCX) to buy from hold to reflect valuation, as well as its increased forecasts for copper and aluminum. The firm raised its price target on shares to $95 from $85.
• Citigroup also upgraded Alcoa (AA) to buy from hold and reiterated a buy rating on Cliffs Natural (CLF).
• William Blair upgraded WESCO International (WCC) to outperform from market perform. The upgrade reflects the firm's belief that WESCO's sales trends will become increasingly positive from easy comparisons over the next 12 months.
• RBC Capital upgraded Thomson Reuters (TRI) to top pick from outperform. The firm sees attractive returns over the next 12 to 18 months as the company's headwinds subside, and it raised its target price on shares to $43 from $41.
• Motorola (MOT) was upgraded to hold from sell at Societe Generale.
• American Express (AXP) was upgraded to buy from neutral at BofA/Merrill.
• Schnitzer Steel (SCHN) was upgraded to buy from neutral at UBS.

Analyst upgrades:

• Merriman upgraded Sunpower (NASDAQ: SPWRA) two levels to Buy from Sell after transitioning coverage. The firm believes Sunpower is emerging from the current recession as the CleanTech leader and has a $38-$48 price range on shares.
• Citigroup upgraded Varian Medical (NYSE: VAR) to Buy from hold as it believes capex pressure and health care reform uncertainty is priced into shares, and demand will return as hospital budgets stabilize. Citi raised its target on shares to $45 from $36.
• FBR Capital upgraded Gap (NYSE: GPS) to Outperform from Market Perform following the Q2 results to reflect product improvement and ongoing inventory control. The firm raised its target on shares to $24 from $18.
• Schnitzer Steel (NASDAQ: SCHN) was upgraded to Neutral from Sell at UBS.
• UDR Inc. (NYSE: UDR) was upgraded to Market Perform from Underperform at Wells Fargo.
• The Buckle (NYSE: BKE) was upgraded to Buy from Hold at Roth Capital.

Analyst upgrades:

• Canaccord upgraded Imperial Oil (NYSE: IMO) to Buy from Speculative Buy following an increase in crude oil forecast.
• BT Group (NYSE: BT) was upgraded to Outperform from Market Perform at Bernstein.
  
• Novartis (NYSE: NVS) was upgraded to Overweight from Neutral at JP Morgan.
  
• CommVault (NASDAQ: CVLT) was upgraded to Neutral from Sell at Goldman.
  
• AvalonBay (NYSE: AVB) was upgraded to Buy from Hold at Sandler O'Neill.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Apollo Group Inc. (NASDAQ: APOL) posted better-than-expected Q3 earnings due to higher enrollments.
• Ball Corp. (NYSE: BLL) expected earnings growth resulted in an upgrade from one analyst.
• Constellation Brands Inc. (NYSE: STZ) shares soared after Q1 earnings topped analysts' expectations.
• General Mills Inc. (NYSE: GIS) profit doubled in Q4, beating estimates, and annual sales also rose.
• H&R Block Inc. (NYSE: HRB) reported earnings growth for the fiscal year but essentially flat revenues.
• Schnitzer Steel industries Inc. (NASDAQ: SCHN) surprised analysts with a Q3 loss, sending shares lower.
• Sealy Corp. (NYSE: ZZ) Q2 earnings fell short of expectations and revenues declined due to the recession.

Schnitzer Steel (NASDAQ: SCHN - option chain) stock is falling today after the company reported a third-quarter loss this morning of $1.53 million, or 5 cents per share. Analysts had expected the company to report a profit of 16 cents per share. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on SCNH.

This morning, SCHN opened at $56.99. So far today the stock has hit a low of $52.40 and a high of $57.00. As of 12:00, SCHN is trading at $52.88, down $7.33 (-12.2%). The chart for SCHN looks bullish.

"The steel stocks tend to go through boom and bust cycles depending on global economic activity; they have been pummeled over the last year, as the global economy slowed," notes turnaround expert George Putnam.

In his The Turnaround Letter, he explains, "But the news about steel is not all bad." Indeed, he believes some steel companies are poised for a turnaround. Here's his review of 6 leading steel production companies.

"Weakness in two big steel consuming industries, autos and construction, has been particularly troublesome for the steelmakers.

"However, there is evidence that steel inventories are gradually being worked off to low levels. There are also signs that economic activity in China, which is a huge consumer of steel, will not fall off as far as some economists initially feared.

TheStreet.com's Jim Cramer says stocks you'd sell on America alone are buys when you consider that great engine in Asia.

Here's some real tension. The best stocks to play China with may be the worst stocks to own here. Look at Freeport (NYSE: FCX) (Cramer's Take) yesterday, which did that giant and hugely successful secondary. There is no doubt in my mind that housing starts won't even get to 600,000 this year, not after that travesty of a stimulus bill -- or when considering the reaction expressed by the stocks of Lennar (NYSE: LEN) (Cramer's Take) and Pulte (NYSE: PHM) (Cramer's Take) and, perhaps most hobbled, Centex (NYSE: CTX) (Cramer's Take).

There is also no doubt that China's stock market being up 35% means that Freeport's Asian arm, the biggest, will soon be getting huge orders.

Analyst upgrades:

• Cowen upgraded Aaron Rents (NYSE: RNT) to Outperform from Neutral and believes the company's business model is gaining momentum despite the difficult environment. The firm views valuation as attractive.
  
• Citigroup upgraded shares of MedCath (NASDAQ: MDTH) to Hold from Sell on valuation following the recent sell-off. The company's target was lowered to $9 from $19.
  
• Stanford upgraded AeroVironment (NASDAQ: AVAV) to Buy from Hold based on valuation and because they believe its visibility over the next year has improved.
• Chiquita Brands (NYSE: CQB) was lifted to Buy from Hold at BB&T.
  
• Chico's FAS (NYSE: CHS) was upgraded to Neutral from Sell at UBS.
  
• FCStone (NASDAQ: FCSX) was raised to Strong Buy from Outperform at Raymond James.

Analyst downgrades:

• RBC Capital downgraded Clearwire (NASDAQ: CLWR) to Sector Perform from Outperform based on reduced valuation parameters and lack of catalysts. The company's target was lowered to $9 from $15.
• Kellogg (NYSE: K) and Coca-Cola (NYSE: KO) were cut to Neutral from Buy at UBS.
  
• Evergreen Solar (NASDAQ: ESLR) was downgraded at JP Morgan to Underweight from Neutral.
• Deutsche Telekom (NYSE: DT) was downgraded to Neutral from Buy at Goldman and to Hold from Buy at Deutsche Bank.