Analyst upgrades:

• Citigroup upgraded Nucor (NYSE: NUE) to Buy from Hold to reflect its positive outlook for steel and expectations the company will return to profitability in Q4. Citi raised its target price on shares to $57 from $46.
• Oppenheimer upgraded Given Imaging (NASDAQ: GIVN) to Outperform from Perform to reflect solid PillCam Colon data and expected margin improvement. The firm has a $25 target on shares.
• Deutsche Bank upgraded Genworth (NYSE: GNW) to Buy from Hold following the $600M capital raise as it believes liquidity at the holding company has improved. The firm raised its target on shares to $18 from $7.
• Washington Federal (NASDAQ: WFSL) was upgraded to Outperform from Underperform at FBR Capital.
• Carnival (NYSE: CCL) was upgraded to Sell from Conviction Sell at Goldman.
• Anadarko Petroleum (NYSE: APC) was upgraded to Buy from Hold at Weeden.

MOST NOTEWORTHY: Vanguard National Resources, Fuqi and Ulta Salon were today's noteworthy initiations:

• Vanguard National (NYSE: VNR) was initiated at Jefferies with a Buy rating and $19 target, citing the company's yield premium to other MLPs, and at Wachovia with an Outperform rating on valuation and yield.
  
• Merriman believes Fuqi (NASDAQ: FUQI) strong brand and established wholesale distribution will drive increasing market share of China's jewelry market. The firm started shares with a Buy rating.
  
• William Blair resumed coverage of Ulta Salon (NASDAQ: ULTA) with an Outperform rating, as they believed the company's modest current market share and unique offering brings considerable opportunities to take further share from traditional department stores.

OTHER INITIATIONS:

• Goldman initiated Akzo Nobel (OTC: AKZOY) with a Buy rating and Holly Corp. (NYSE: HOC) with a Neutral rating and $63 target.
  
• CVR Energy (NYSE: CVI) was started with a Neutral rating and $27 target at Goldman and with a Buy rating and $27 target at Citigroup.