MOST NOTEWORTHY: Comcast, Time Warner Cable, YRC Worldwide and Syniverse were today's noteworthy upgrades:

• Soleil upgraded shares of Comcast (NASDAQ: CMCSA) and Time Warner Cable (NYSE: TWC) to Buy from Hold on improving fundamentals, as they believe the economic stimulus package should drive consumer demand in 2H08.
  
• Stephens upgraded shares of YRC Worldwide (NASDAQ: YRCW) to Overweight from Underweight as they believe management is making meaningful changes.
  
• Syniverse (NYSE: SVR) was raised to Overweight from Neutral at JP Morgan. The firm upgraded shares based on accelerating organic growth from consumer wireless data usage.

OTHER UPGRADES:

• Deutsche Bank upgraded NYSE Euronext (NYSE: NYX) to Buy from Hold.
  
• VASCO Data Security (NASDAQ: VDSI) was upgraded to Buy from Hold at Jefferies.
  
• Goldman upgraded Lukoil (OTC: LUKOY) to Buy from Neutral.

MOST NOTEWORTHY: Microsoft, IPC The Hospitalist Co and DuPont were today's noteworthy initiations:

• Jefferies believes Microsoft's (NASDAQ: MSFT) bid for Yahoo (NASDAQ: YHOO) and more conciliatory tone towards regulators signals a shift in strategy from defense to offense. The firm started shares with a Buy rating and $33 target.
  
• Wachovia believes IPC The Hospitalist (NASDAQ: IPCM) is well-positioned to gain share in the fragmented hospitalist market given its experienced management team, operating history, and proven track-record; shares were initiated with an Outperform rating at Wachovia and with an Outperform rating and $27 target at Credit Suisse.
  
• DuPont (NYSE: DD) was initiated with an Outperform rating and $57 target at Credit Suisse, as they believe the company's number two seed position in North America looks secure.

OTHER INITIATIONS:

• B. Riley initiated VASCO Data Security (NASDAQ: VDSI) with a Buy rating and $18 target.
  
• Morgan Stanley initiated Liberty Entertainment (NASDAQ: LMDIA) with an Overweight rating; shares were also initiated with an Outperform rating at Wachovia.
  
• Credit Suisse added shares of Elan Corp (NYSE: ELN) to its Focus List and started shares with an Outperform rating.

MOST NOTEWORTHY: Omnicare, Masco, Smart Modular and VASCO Data Security were today's noteworthy downgrades:

• Matrix downgraded shares of Omnicare (NYSE: OCR) to Hold from Buy to reflect the company's very weak performance and higher than average risk.
• Merrill Lynch downgraded Masco Corp (NYSE: MAS) to Sell from Neutral to reflect expectations for a decline in U.S. housing starts and remodeling in 2008. The broker recommends swapping into Texas Industries (NYSE: TXI).
• Smart Modular (NASDAQ: SMOD) was downgraded to Market Outperform from Strong Buy at JMP Securities following the Q4 pre-announcement.
• VASCO Data Security (NASDAQ: VDSI) was downgraded to Market Perform from Outperform at Friedman Billings on valuation.

OTHER DOWNGRADES:

• RAIT Financial Trust (NYSE: RAS) was downgraded to Underperform from Sector Perform at RBC Capital.
• KMG America (NYSE: KMA) was downgraded to Market Perform from Outperform at Friedman Billings on valuation.

MOST NOTEWORTHY: Sanofi-Aventis (SNY), Dow Jones & Co (DJ) and AutoDesk, Inc (ADSK) were today's more notable downgrades:

• Sanofi-Aventis (NYSE: SNY) was downloaded from a multitude of companies after a U.S. FDA panel rejected the company's Zimulti weight-loss pill because the medicine was linked to suicides:
  
• To Hold from Buy at Societe Generale
• To Neutral from Outperform at BNP Paribas
• To Neutral from Overweight at JP Morgan and HSBC
• To Neutral from Buy at Merrill Lynch
  
• To Sell from Hold at ABN Amro

• Elsewhere, UBS cut Dow Jones & Co Inc (NYSE: DJ) to Reduce from Neutral as they believe there is no guarantee the controlling Bancroft family will accept News Corp's (NYSE: NWS) offer; they think another bid is unlikely given NWS's aggressive bid and cautions that shares could drop back to mid $30 range if the bid is not accepted.

• Autodesk Inc (NASDAQ: ADSK) was downgraded to Neutral from Buy at Goldman on valuation.

OTHER DOWNGRADES:

• HSBC cut Ivanhoe Mines, Ltd (NYSE: IVN) to Neutral from Outperform.

• Lehman downgraded shares of ITT Educational Services, Inc (NYSE: ESI) to Equal Weight from Overweight.

• VASCO Data Security International, Inc (NASDAQ: VDSI) was downgraded to Hold from Buy at Jefferies.

• Bear Stearns downgraded SLM Corp (NYSE: SLM) to Peer Perform from Outperform.

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

MOST NOTEWORTHY: The more noteworthy companies initiated today were ValueClick, Inc (VCLK), Delta Air Lines, Inc (DAL), 24/7 Real Media, Inc (TFSM), Knology, Inc (KNOL) and Allos Therapeutics, Inc (ALTH):

• Banc of America believes ValueClick Inc (NASDAQ: VCLK) is well-positioned for continued strong secular online ad growth and initiated shares with a Buy rating and $35 target.

• Lehman is positive on Delta Air Lines (NYSE: DAL) valuation and earnings growth, starting shares with an Overweight rating and $26.50 target.

• Banc of America believes 24/7 Real Media's (NASDAQ: TFSM) valuation is full at current levels and started shares with a Neutral rating and $12 target.

• RBC believes shares of Knology (NASDAQ: KNOL) are fairly-valued and would wait for a pullback, initiating shares with a Sector Perform rating.

• ThinkEquity started Allos Therapeutics (NASDAQ: ALTH) with a Buy rating and expects significant news flow data on PDX in 2007-2008. In addition, the firm expects to hear an update on enrollment from the PROPEL study, which could be ahead of expectations, and Phase I data in NSCLC in the fall...

OTHER INITIATIONS:

• Goldman resumed coverage with Mylan Laboratories (NYSE: MYL) and Exco Resources, Inc (XCO) with Neutral ratings.

• Merrill Lynch resumed coverage of News Corp (NYSE: NWS) with a Buy rating.

• Lehman started Input/Output, Inc (NYSE: IO) With an Overweight rating and $18 target.

• Needham started Vasco Data Security International, Inc (NASDAQ: VDSI) with a Hold rating.

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