Analyst upgrades:

• Oppenheimer upgraded Goldman Sachs (GS) to Outperform from Perform following the company's $550M settlement with the SEC. Opco has a $213 price target for Goldman shares. BofA/Merrill upgraded Goldman Sachs to Buy from Neutral and raised its price target to $182 from $160.
• Wells Fargo upgraded JP Morgan (JPM) to Outperform from Market Perform following the company's Q2 results citing valuation and lower credit costs. The firm keeps a valuation range for shares of $48-$51.
• Goldman upgraded Murphy Oil (MUR) to Buy from Neutral and has a $61 price target on the stock. The firm cites Murphy's Eagle Ford growth and valuation for the upgrade.
• Precision Cast (PCP) was upgraded to Outperform from Neutral at Credit Suisse.
• Pride International (PDE) was upgraded to Buy from Hold at Jefferies.
• BHP Billiton (BHP) was upgraded to Overweight from Neutral at HSBC.

Analyst Upgrades

• Deutsche Bank upgraded Research in Motion (RIMM) to hold from sell to reflect the company's Q3 results and guidance. The firm raised its target price on shares to $75 from $60.
• Keefe Bruyette upgraded Northern Trust (NTRS) and State Street (STT) to outperform from market perform to reflect valuation and favorable longer-term secular trends. The firm keeps a $58 price target on Northern Trust and a $51 target on State Street.
• UBS upgraded Universal Health (UHS) to buy from neutral and raised its target to $38 from $31. The firm said hospital checks indicate bad debt has not increased vs. Q3 and that Universal Health should report an in-line to better-than-expected Q4.
• Take-Two Interactive (TTWO) was upgraded to hold from sell at Kaufman Bros.
• Whiting Petroleum (WLL) was raised to outperform from market perform at Wells Fargo.
• BP Plc (BP) was upgraded at Goldman to buy from neutral.

Analyst upgrades:

• Citigroup upgraded Patriot Coal (NYSE: PCX) to Hold from Sell on easing credit and liquidity concerns following the company's guidance. The firm raised its target on the stock to $7.50 from $4.
  
• UBS upgraded Research In Motion (NASDAQ: RIMM) to Buy from Neutral and raised their target to $90 from $65 as they expect pent-up replacement demand in enterprise to drive 2010 estimates higher and for the consumer smartphone opportunity to grow in 2009 and 2010.
  
• Goldman upgraded Suncor (NYSE: SU) to Conviction Buy from Sell and raised their target to $33 from $25 citing their bullish view on crude oil for 2H09 and 2010 and in the company's ability to lower operating and capital costs in the oil sands region.
• Canadian National (CNI) was raised to Overweight from Neutral at JP Morgan.
  
• Applied Micro Circuits (NASDAQ: AMCC) was lifted at Oppenheimer to Overweight from Neutral.
  
• QLogic (NASDAQ: QLGC) was upgraded to Outperform from Neutral at Baird.

MOST NOTEWORTHY: Cadbury Schweppes ADS (CSG) and Buckeye Partners (BPL) were today's most notable rating changes.

• Wachovia started Cadbury Schweppes ADS (NYSE: CSG) with an Outperform rating. They said Cadbury's long-term global confectionery opportunities are among the best in the industry and the recent buyout of its U.S. Dr. Pepper/Seven-Up bottling unit provides high-leverage cash flow.

• Buckeye Partners Ltd (NYSE: BPL) was initiated with an Underperform rating and a $48 target at RBC based on valuation.

OTHER INITIATIONS:

• Stanford initiated AudioCodes Ltd (NASDAQ: AUDC) with a Buy rating and $15 target. The firm believes AudioCodes is an inexpensive play on the migration to packet networks.

• Stifel initiated William Partners LP (NYSE: WPZ) with a Buy rating and $46.50 target.

• AG Edwards started BioMarin Pharmaceutical inc (NASDAQ: BMRN) with a Buy rating and $25 target.

• Pacer International Inc (NASDAQ: PACR) was initiated with a Hold rating at Stifel.

• Morgan Stanley started Lyondell Chemical Company (NYSE: LYO) with an Overweight rating and $38 target.

• Buckingham initiated Chattem Inc (NASDAQ: CHTT) with an Accumulate rating and $64 target, citing high margins, cash flow and reduced debt.

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