Analyst Upgrades

• Citigroup (C) to outperform from market perform at Bernstein.
• Cubist Pharma (CBST) to outperform from neutral at RW Baird.
• Pentair (PNR) to buy from hold at Citigroup.
• Heritage Financial (HFWA) to outperform from market perform at Keefe Bruyette.
• SL Green Realty (SLG) and Digital Realty (DLR) to market perform from underperform at FBR Capital.
• MGM Resorts (MGM) to neutral from Sell at Janney Capital.
• Ciena (CIEN) to buy from neutral and Olin (OLN) to buy from underperform at BofA/Merrill.
• Mellanox (MLNX) to overweight from equal weight at Barclays.
• ConocoPhillips (COP) and Canadian Natural (CNQ) to overweight from neutral at JPMorgan.
• IDEX (IEX) to outperform from perform at Oppenheimer.
• Taiwan Semiconductor (TSM) to buy from hold at Deutsche Bank.
• Ctrip.com (CTRP) to positive from neutral at Susquehanna.
• Linear Technology (LLTC) and Analog Devices (ADI) to hold from sell at Auriga.
• Quicksilver (KWK) to outperform from market perform at BMO Capital.

Analyst Upgrades

• Goodrich (GR) to overweight from neutral at JPMorgan.
• Ford (F) to neutral from underperform and CenterPoint Energy (CNP) to outperform from neutral at Credit Suisse.
• Dollar Financial (DLLR) and Edwards Lifesciences (EW) to buy from hold at Jefferies.
• Alterra Capital (ALTE) to buy from hold at Deutsche Bank.
• Cheesecake Factory (CAKE) and P.F. Chang's (PFCB) to buy from neutral, as well as SunTrust (STI) to neutral from sell, at Janney Capital.
• Arch Capital (ACGL), Axis Capital (AXS), PartnerRe (PRE), Everest Re (RE) and Transatlantic (TRH) to buy from hold, as well as W. R. Berkley (WRB) to hold from sell, at Citigroup.
• Optimer Pharm (OPTR) to buy from neutral at BofA/Merrill.

Analyst Upgrades

• Bristol-Myers (BMY) to hold from underperform at Jefferies.
• Pep Boys (PBY) to buy from hold at Stifel Nicolaus.
• Tesla Motors (TSLA) to overweight from equal weight at Morgan Stanley.
• Emerson (EMR) to buy from hold at Deutsche Bank.
• ARM Holdings (ARMH) to buy from neutral at BofA/Merrill.
• NetLogic (NETL) and Cavium Networks (CAVM) to buy from hold at Auriga.
• Aimco (AIV) to hold from sell at Citigroup.
• Ceragon Networks (CRNT) to overweight from equal weight at Barclays.

The market tried to hit a new two-plus-year high again today. Anything cautious for the markets is being discounted and valuation concerns are out the door. It seems the bulls are in charge -- regardless of what comes down the pipe in the Middle East, Japan, the PIIGS and elsewhere. Even a goal of only aiming to cut foreign energy dependence by one-third did not rattle markets. The TARP even made money. Maybe we can just convince Bernanke to go ahead and raise rates to get the pain over with, once and for all.

Here were today's unofficial closing bell levels:

Dow Jones: 12,350.61 +71.60 (0.58%)

S&P500: 1,328.26 +8.82 (0.67%)

Nasdaq: 2,776,78 +19.90 (0.72%)

Top Analyst Calls

Analyst Upgrades

• Philip Morris (PM) to conviction buy from buy at Goldman.
• Peet's Coffee (PEET) to neutral from sell at Janney Capital.
• Cephalon (CEPH) to equal weight from underweight at Morgan Stanley.
• StoneMor Partners (STON) to outperform from neutral at RW Baird.
• Tibco (TIBX) to buy from underperform at BofA/Merrill.
• Apollo Group (APOL) to outperform from market perform at BMO Capital.

Analyst Upgrades

• Marriott (MAR) to outperform from market perform at Wells Fargo.
• Quest Diagnostics (DGX) and Owens-Illinois (OI) to outperform from neutral at Credit Suisse.
• FirstMerit (FMER) to outperform from perform at Oppenheimer.
• Safeway (SWY) to hold from sell at Citigroup.
• Babcock & Wilcox (BWC) to buy from neutral, as well as Jacobs Engineering (JEC) and W. R. Berkley (WRB) to neutral from sell, at Goldman.
• Pioneer Natural (PXD) to overweight from equal weight at Barclays.
• Teekay Tankers (TNK) to buy from underperform at BofA/Merrill.

U.S. markets were mixed most of Monday with what felt like very directionless trading on light volume. A selloff late in the day erased the small gains, and markets closed in the red today.

Another weak housing figure did not manage to cause too much harm as -- by now -- investors are conditioned to expect poor housing data. Consumer spending and income rose in February, topping expectations. U.S. investors also continued to expect that oil infrastructure would keep growing based upon Middle East build-outs for expanded production.

Analyst Upgrades

• Alcatel-Lucent (ALU) to buy from neutral at Goldman.
• Nvidia (NVDA) to outperform from market perform at JMP Securities.
• Verizon (VZ), AT&T (T), Leap Wireless (LEAP) and MetroPCS (PCS) to outperform from neutral at RW Baird.
• Illumina (ILMN) to buy from hold at Auriga.
• Sun Bancorp (SNBC) to neutral from sell at Janney Capital.
• American Tower (AMT), SBA Communications (SBAC) and Freeport McMoRan (FCX) to overweight from equal weight at Morgan Stanley.

Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

Analyst Upgrades

• Red Hat (RHT) to outperform from neutral at RW Baird.
• Cogdell Spencer (CSA) to buy from hold at Citigroup.
• Micron (MU) to neutral from reduce at Nomura.
• El Paso Electric (EE) to buy from hold at Jefferies.
• MICROS Systems (MCRS) and Harmony Gold (HMY) to outperform from sector perform at RBC Capital.
• Meridian Bioscience (VIVO) to buy from hold at Canaccord.
• Verso Paper (VRS) to outperform from neutral at Credit Suisse.
• Sony (SNE) to buy from hold at Deutsche Bank.
• Noble Corp. (NE) and Baker Hughes (BHI) to buy from neutral at UBS.
• Tyson Foods (TSN) and Smithfield Foods (SFD) to buy from hold at BB&T.

Analyst Upgrades

• Bunge (BG) to buy from hold at Deutsche Bank.
• Textron (TXT) to overweight from neutral at JPMorgan.
• CSX (CSX) to buy from neutral and Pulte Group (PHM) to conviction buy from neutral at Goldman.
• Aol (AOL) to buy from neutral at UBS.
• Kohlberg Capital (KCAP) to outperform from market perform at JMP Securities.
• Owens Corning (OC) to buy from neutral at BofA/Merrill.
• Jefferies (JEF) to buy from neutral at Ticonderoga.
• Harris (HRS) to outperform from perform at Oppenheimer.

Analyst Upgrades

• Netflix (NFLX) and Zions Bancorp (ZION) to outperform from neutral at Credit Suisse.
• Akamai (AKAM) to buy from neutral at Merriman.
• CSX (CSX) to overweight from equal weight at Barclays.
• Nordstrom (JWN) to buy from neutral, WellCare (WCG) to conviction buy from buy and Humana (HUM) to neutral from sell at Goldman.
• E-Commerce China Dangdang (DANG) to overweight from neutral at Piper Jaffray.
• VMware (VMW) to buy from neutral at BofA/Merrill.
• Celanese (CE) to overweight from equal weight at Morgan Stanley.