Analyst Upgrades

• Bristol-Myers (BMY) to hold from underperform at Jefferies.
• Pep Boys (PBY) to buy from hold at Stifel Nicolaus.
• Tesla Motors (TSLA) to overweight from equal weight at Morgan Stanley.
• Emerson (EMR) to buy from hold at Deutsche Bank.
• ARM Holdings (ARMH) to buy from neutral at BofA/Merrill.
• NetLogic (NETL) and Cavium Networks (CAVM) to buy from hold at Auriga.
• Aimco (AIV) to hold from sell at Citigroup.
• Ceragon Networks (CRNT) to overweight from equal weight at Barclays.

Analyst Upgrades

• Expedia (EXPE) to buy from hold at Citigroup.
• Weatherford (WFT) to outperform from market perform at Wells Fargo.
• Abercrombie & Fitch (ANF) to buy from neutral at BofA/Merrill.
• MDC Holdings (MDC) to outperform from neutral at Credit Suisse.
• AutoNavi (AMAP) to buy from neutral at Goldman.
• Ciena (CIEN) and Nvidia (NVDA) to neutral from underweight at JPMorgan.
• Canadian Pacific (CP) to outperform from market perform at Raymond James.
• First Midwest (FMBI) and Quiksilver (ZQK) to buy from hold at Jefferies.
• Sonic (SONC) to neutral from negative at Susquehanna.
• MIPS Technologies (MIPS) to buy from hold at Benchmark Co.
• Arrow Electronics (ARW) and Avnet (AVT) to buy from hold at Stifel Nicolaus.

Analyst upgrades:

• Citigroup upgraded MEMC Electronic (NYSE: WFR) to Buy from Hold after channel checks indicated solar poly price pressures are easing. The firm added MEMC to its Top Picks Live list and raised its price target on shares to $24 from $15.
  
• FBR Capital upgraded PHH Corp (NYSE: PHH) to Outperform from Market Perform to reflect an improvement in mortgage banking fundamentals and recent management changes at the company. The firm raised its target on shares to $23 from $13.
  
• Deutsche Bank upgraded PerkinElmer (NYSE: PKI) to Hold from Sell on valuation, seeing a balanced risk/reward at current levels. The firm raised its target on shares to $19 from $14.
• Pearson plc (NYSE: PSO) was upgraded to Outperform from Neutral at Credit Suisse.
  
• Dell (NASDAQ: DELL) was upgraded to Conviction Buy from Neutral at Goldman.
  
• Nymagic (NYSE: NYM) was upgraded to Market Perform from Underperform at Keefe Bruyette.

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.