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Analyst upgrades, downgrades and initiations: JCP, NVLS, CAG, RJF, PCG, STP, AMZN, MS, MSFT

Analyst upgrades:

JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

MOST NOTEWORTHY: The small-cap bank sector, Waste Connections, Warnaco Group and Intersections were today's noteworthy upgrades:

Lehman upgraded the small-cap bank sector to Neutral from Negative as they expect the group to benefit from the decline in short-term interest rates and the steeping yield curve. The firm upgraded Associated Banc-Corp (NASDAQ: ASBC), Pacific Capital Bancorp (NASDAQ: PCBC) and Westpac Banking Corp (NYSE: WBK) to Equal Weight from Underweight.
Friedman Billings added Waste Connections (NYSE: WCN) to its Top Picks list. The firm believes the company can outperform the group and overall market in an economic downturn.
Warnaco Group (NASDAQ: WRNC) was upgraded to Overweight from Neutral at JP Morgan on valuation and growth potential.
JMP Securities' checks indicate that Intersections (NASDAQ: INTX) is on track to meet EPS expectations for the quarter and is well positioned to beat their 2008 EPS estimate of 80c. The firm raised shares to Strong Buy from Outperform.

OTHER UPGRADES:

Best Buy Incorporated (NYSE: BBY) and AutoZone (NYSE: AZO) were upgraded to Strong Buy from Outperform at Raymond James.
The firm also upgraded shares of CBRL Group (NASDAQ: CBRL) to Market Perform from Outperform.
JP Morgan upgraded Ruby Tuesday (NYSE: RT) and Plexus Corp (NASDAQ: PLXS) to Overweight from Neutral.
Bear Stearns raised MFA Mortgage Investments (NYSE: MFA) to Outperform from Peer Perform.
Goldman added Automatic Data Processing (NYSE: ADP) to its Conviction Buy List.

#	Blogger	Posts	Cmts
1	Joseph Lazzaro	107	0
2	Tom Johansmeyer	98	3
3	Connie Madon	50	0
4	Steven Mallas	43	0
5	Mark Fightmaster	42	0
6	Tom Taulli	40	0
7	Steven Halpern	31	0
8	Trey Thoelcke	29	0
9	Melly Alazraki	26	0
10	Zac Bissonnette	24	0
11	Paul Foster	24	0
12	Brian White	22	0
13	Brent Archer	21	0
14	Jon Ogg	21	0
15	Jim Cramer	21	0
16	Elizabeth Harrow	18	0
17	Eric Buscemi	17	0
18	Sheldon Liber	13	0
19	Michael Fowlkes	8	0
20	Beth Gaston Moon	8	0

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