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Investment Analysts’ upgrades for Tuesday, September 17th:

Aimia (TSE:AIM) was upgraded by analysts at RBC Capital from a sector perform rating to an outperform rating. The firm currently has C$20.00 target price on the stock, up from their previous target price of C$17.00.

Fortuna Silver Mines (NYSE:FSM) was upgraded by analysts at TheStreet to a hold rating.

Nokia (NYSE:NOK) was upgraded by analysts at Bank of America Corp. from a neutral rating to a buy rating. Bank of America Corp. currently has $7.07 target price on the stock, up from their previous target price of $6.19. The analysts wrote, “We upgrade Nokia to Buy and increase our revenue and EBIT forecasts for 2014/15 by 5/9% and 32/28%, reflecting a more bullish view on the top line for NSN and Advanced Technologies. The risk profile of new Nokia is very different to the handset-focussed Nokia of old, and we see limited potential downside in our bear case to €4, whilst in our bull case we see c60% potential upside to €6.68. We estimate that new Nokia is capable of >€0.35 in earnings power. Our €5.33 [US$7.07] PO is based on an 11x earnings multiple (15% discount to Ericsson’s 5yr average, 20% discount to current), to which we add back the excess net cash that we believe could be returned to shareholders (€1.53/share). Our new PO would value Nokia on 0.88x EV/Sales (2015), which we believe is conservative given the 11.8% operating margins we forecast for 2015, vs the current 0.58x EV/sales.”

Pool Corp. (NASDAQ:POOL) was upgraded by analysts at Zacks from an underperform rating to a neutral rating. They currently have $58.00 price target on the stock. Zacks’ analyst wrote, “We are reverting to a Neutral recommendation on Pool from Underperform on the back of the company’s solid long-term prospects. The solid momentum in the Green business, which was once struggling, will augur well for the company going ahead. The potential for market share gain is significant. The company expects market conditions to improve beyond 2013. Pool’s ability to grow earnings per share more than 20% over the past three consecutive years in a row amid a tough business environment indicates its fundamental strength. However, weak seasonality in the second half of the year prevents us from being too optimistic on the company and keeps us on the sidelines at the current level.”

FreightCar America (NASDAQ:RAIL) was upgraded by analysts at Stephens from an equal weight rating to an overweight rating. The firm currently has $24.00 price target on the stock, up from their previous price target of $18.00.

ShoreTel (NASDAQ:SHOR) was upgraded by analysts at Stephens from an equal weight rating to an overweight rating. The firm currently has $8.00 target price on the stock, up from their previous target price of $6.00.

Standard Life Plc (LON:SL.) was upgraded by analysts at Berenberg Bank to a hold rating. Berenberg Bank currently has GBX 333 ($5.29) target price on the stock.

SM Energy (NYSE:SM) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. The firm currently has $89.00 price target on the stock. Zacks’ analyst wrote, “Buoyed by strong second quarterly numbers, we are upgrading our recommendation on SM Energy Company to Outperform from Neutral. Our bullishness stems from the emerging core portfolio of the company which we believe would act as a catalyst for visible organic growth over the next several years. The company ended the first half of 2013 with strong numbers, higher production, steady downspacing in the Eagle Ford, and an impressive reserves profile. SM Energy’s diverse asset mix, promising organic production growth outlook and ample liquidity bode well for its future growth. Going forward it’s holdings in the Eagle Ford, Bakken, Niobrara, Haynesville and Granite Wash provide multiple years of drilling inventory.”

Sohu.Com (NASDAQ:SOHU) was upgraded by analysts at Goldman Sachs Group Inc. from a neutral rating to a conviction-buy rating.

Solium Capital (TSE:SUM) was upgraded by analysts at Pi Financial from a neutral rating to a buy rating. Pi Financial currently has C$6.25 price target on the stock.

Valero Energy Corp. (NYSE:VLO) was upgraded by analysts at Zacks from an underperform rating to a neutral rating. The firm currently has $36.00 price target on the stock. Zacks’ analyst wrote, “We are upgrading our recommendation on the largest North American refiner Valero Energy Corporation to Neutral from Underperform. We remain upbeat on Valero for the remainder of 2013 and foresee attractive opportunities that will position it uniquely among refiners to grow earnings and cash flow per share going forward. Additionally, Valero’s string of growth projects and operational improvement will drive free cash flow generation in 2013. However, Valero’s second quarter earnings and revenues fell on an annual basis, due mainly to lower refining margins in each of the company’s regions and higher refining operating expenses. We remain on the sidelines considering the risks that include natural disasters, unplanned plant disruptions and alterations in environmental regulations.”

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