RBC Capital

UPGRADES
Goldman Sachs adds UPS (NYSE: UPS) to their Conviction Buy List with a $76 price target. Click Here for more color.

Susquehanna upgrades Schlumberger (NYSE: SLB) from Neutral to Positive. Price target $75. Click Here for more color.

RBC Capital upgrades Internap Network Services (NASDAQ: INAP) from Underperform to Sector Perform. PT increased from $3 to $6.

UBS upgrades ...

UPGRADES
Netflix, Inc. (NASDAQ: NFLX) has been upgraded by a mess of firms:Bank of America Merrill Lynch to Buy, and a price target raise to $70 from $40;

Jefferies & Co. to Buy as well, with a price target raised to $65 from $52;

Kaufman maintained a Buy rating on NFLX, and upped their price target to $69 from $55. Click Here for more color from Kaufman;

Lazard Capital Markets upgrades NFLX to Hold from Sell;

Wedbush raises to Neutral from Underperform, and increases their price target ...

UPGRADES:
Benchmark upgrades Google (Nasdaq: GOOG) from Hold to Buy. Click Here for more color.

Deutsche Bank upgrades Lloyds Banking Group (NYSE: LYG) to a Buy. For more color Click Here

BB&T Capital upgrades Kroger (NYSE: KR) from Hold to Buy. Price target $30.

An analyst at RBC Capital has upgraded shares of Harley-Davidson ...

UPGRADES:
Goldman Sachs upgrades Juniper Networks, Inc. (Nasdaq: JNPR) from Neutral to Buy and raises their price target from $24 to $29. Click here for some more color on the upgrade.

J.P. Morgan upgrades Con-way (NYSE: CNW) from Neutral to Overweight.

Citi upgrades E*TRADE (Nasdaq: ETFC) ...

Is There a Message Here?

If you haven't done so recently, pull up a daily chart of the Dow or S&P 500 over the past 3 - 6 months. What is now clear is the two blue-chip indices have been going sideways for the past couple of weeks. Thus, it is easy to argue that we have a consolidation phase going at the current time.

However, with the recent rally now on pause and just about every analyst still looking for a pullback of 5% or so, it is interesting that we haven't seen more downside pressure. Sure, we had a scary day on Monday as everyone freaked out about the banks again. But since then, the Dow has gained about
+1.5%, the S&P is up +2.4%, and the NASDAQ is back to within spitting distance of its cycle highs.

This despite the fact that we've had some bad news ...