Masimo (MASI) (HURN) (INN) (NDAQ) (PWRD) Upgraded

Masimo Corporation (NASDAQ: MASI), Huron Consulting Group (NASDAQ: HURN), Summit Hotel Properties, Inc. (NYSE: INN), NASDAQ OMX Group (NASDAQ: NDAQ) and Perfect World Co Ltd (NASDAQ: PWRD) upgraded by analysts.

Huron Consulting Group (HURN) was upgraded by Janney Montgomery Scott from a “Neutral” rating to a “Buy” rating.

Summit Hotel Properties, Inc. (INN) was upgraded by Keybanc from a “Hold” rating to a “Buy” rating. They have a price target of $9.00 on the company.

Masimo Corporation (MASI) was upgraded by Lazard Capital from a “Neutral” rating to a “Buy” rating.

NASDAQ OMX Group (NDAQ) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating. They have a price target of $28.00 on the company.

Perfect World Co. Ltd (PWRD) was upgraded by Credit Suisse (NYSE:CS) from a “Neutral” rating to an “Outperform” rating.

Chanos Long on (FMCN) (C) (NYX) (NDAQ) (RAX)

Jim Chanos has built his reputation on his short sales, but that has changed some, according to the latest filing of Kynikos Associates LP, which via its 13F form shows the company has taken long positions in a number of holdings, including Citigroup (NYSE:C) NYSE Euronext (NYSE:NYX), NASDAQ OMX (NASDAQ:NDAQ), Focus Media Holding Ltd (NASDAQ:FMCN) and Rackspace Hosting (NYSE:RAX).

This may be the first time Chanos's company has entered into long positions, suggesting a major shift in strategy and thinking.

It will bear watching over the months ahead to see if this is a long-term shift for the shorting legend.

There are numerous theories as to why Chanos has started going long, one of which is new investors may be pressing him to become more investment-neutral than in the past.

It'll be interesting to see if he offers up an explanation.

Nasdaq OMX Group (NASDAQ:NDAQ) EPS Lowered on Variable Volumes

UBS (NYSE:UBS) lowered their EPS estimates on Nasdaq OMX Group Inc. (NASDAQ:NDAQ), citing variable volumes and pricing pressures.

UBS said, "Following a review of December/4Q10 transaction metrics, we are lowering our 4Q10 EPS estimate to $0.49 from $0.52 based on variability of volumes relative to our estimates and lighter expectations for pricing in certain businesses. Relative to our forecast, the volume downside comes from US cash (-17%) and EU cash (-2%). US derivatives (+9%) and OMX derivatives (+13%) provided decent offsets...We are also introducing our quarterly volume forecast for 2011, which better reflects current run rates and a more conservative outlook. Our 2011 EPS estimate remains unchanged at $2.45."

UBS maintains a "Neutral" rating on Nasdaq OMX Group Inc., which closed at $23.77, up $0.31, or 1.32 percent. UBS raised their price target on them from $23 to $24.

Nasdaq OMX (NASDAQ:NDAQ) Will Benefit From Weak Dollar Says Goldman (NYSE:GS)

The weakness of the U.S. dollar is considered one of the more important factors in the performance of exchange stock in 2011, and in the case of Nasdaq OMX Group (NASDAQ:NDAQ) it is considered a positive element, according to Goldman Sachs (NYSE:GS).

Goldman said, "we expect continued USD depreciation vs. major European currencies to benefit 4Q10 earnings for exchanges with greater international exposure."

They generate about 30 percent of their revenue internationally.

Determined by its historic multiple, Goldman also sees Nasdaq OMX Group as extremely attractive in comparison to its peers.

Goldman maintains a "Buy" rating on Nasdaq OMX Group, which closed Monday at $23.94, up $0.12, or 0.50 percent. They raised their price target on them from $24 to $28.