Analyst Upgrades

• Janney Montgomery upgraded MasterCard (MA) to buy from neutral. The firm has a $250 price target on the stock.
• Lazard upgraded Frontline (FRO) to hold from sell following the better than expected Q1 report.
• Knight Capital (NITE) was upgraded at BMO Capital to outperform from market perform. The firm cites valuation and improved fundamentals for the downgrade. The firm has an $18 price target on the stock.
• Royal Dutch Shell (RDS.A) was upgraded to overweight from equal weight at Barclays.
• Carnival (CCL) was upgraded to neutral from sell at Goldman.
• Computer Sciences (CSC) was upgraded to buy from hold at Stifel Nicolaus.

MOST NOTEWORTHY: QLogic (QLGC), Cnet Networks (CNET), Taiwan Semiconductor (TSM), Darden Restaurants (DRI) and Anadys Pharma (ANDS) were today's noteworthy downgrades:

• QLogic (NASDAQ: QLGC) was cut by several firms:
  
• QLogic was cut to Neutral from Outperform and removed from JP Morgan's Focus List due to the lack of catalysts to drive shares higher.
  
• Caris cut shares to Average from Above Average and Pacific
  
• Crest downgraded QLogic to Sector Perform from Outperform as the company's profits decline.

• Citigtroup downgraded CNet Networks (NASDAQ: CNET) to Hold from Buy as they no longer expect material revenue growth acceleration and operating leverage in 2H07; First Albany cut shares to Neutral from Buy.

• HSBC downgraded shares of Taiwan Semiconductor (NYSE: TSM) to Neutral from Overweight to reflect worse than expected pricing pressures.

• Matrix downgraded shares of Darden Restaurants (NYSE: DRI) to Hold from Buy on increasing competition and rising costs.

• Piper cut Anadys Pharma (NASDAQ: ANDS) to Underperform from Outperform following the company's announcement that it has discontinued development of ANA975...

OTHER DOWNGRADES:

• First Albany cut Zimmer Holdings (NYSE: ZMH) to Buy from Strong Buy.

• Bear Stearns downgraded AutoNation (NYSE: AN) to Peer Perform from Outperform.

• Piper Jaffray downgraded Volcom (NASDAQ: VLCM) and Sierra Wireless (NASDAQ: SWIR) to Market Perform from Outperform.

• Bernstein downgraded Coca-Cola Enterprises (NYSE: CCE) to Underperform from Market Perform.

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

MOST NOTEWORTHY: Jamba, Inc (JMBA), Quiksilver Inc (ZQK), Volcom, Inc (VLCM) and Interactive Data Corp (IDC) were today's noteworthy downgrades:

• Oppenheimer believes Jamba (NASDAQ: JMBA) is in the early stages of a solid top- and-bottom-line growth story and is one of the few opportunities today that offers sizable square foot growth, revenue and earnings growth, all with several years of visibility.

• Quiksilver Inc (NYSE: ZQK) was initiated with an Accumulate rating and $14 target at ThinkEquity.

• ThinkEquity also initiated shares of Volcom Inc (NASDAQ: VLCM) with a Buy rating.

• AG Edwards started Interactive Data Corp (NYSE: IDC) with a Buy rating.

OTHER INITIATIONS:

• Merrill Lynch resumed coverage of Merck & Co, Inc (NYSE: MRK) with a Neutral rating.

• Matrix USA started coverage of Loral Space & Communications Ltd (NASDAQ: LORL) with a Strong Buy rating and $72 intrinsic value.

• AG Edwards initiated shares of Atheros Communications, Inc (NASDAQ: ATHR) with a Buy rating.

• Stifel initiated Peet's Coffee & Tea, Inc (NASDAQ: PEET) with a Hold rating.

• Bear Stearns started Genworth Financial, Inc (NYSE: GNW) with an Outperform rating and $42 target.

• Morgan Stanley started Nova Chemicals Corp (NYSE: NCX) with an Equal Weight rating.

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