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The following is a list of nine companies which have received two or more analyst upgrades in the past one month.

Ticker Company Name Market Cap No. of analyst upgrades in last one month
(NASDAQ:ADSK) Autodesk Inc 7883 2
(NASDAQ:CSCO) Cisco Systems Inc 99145 4
(NASDAQ:FFIV) F5 Network Inc 8645 2
(NYSE:JNPR) Juniper Networks Inc 11956 2
(NYSE:NOK) Nokia Corp 24115 2
(NASDAQ:QSII) Quality Systems Inc 2221 4
(RIMM) Research In Motion Limited 9775 2
(NYSE:GIB) CGI Group Inc 4336 3
(NASDAQ:CYOU) Changyou.com Limited 1339 2

I believe Cisco (CSCO) and Nokia (NOK) have a good chance to outperform going forward. However, I don’t find anything about Research in Motion (RIMM) encouraging. Analysts may have upgraded Research in Motion due to its valuations, but its fundamentals are still not going in the right direction. Hence, I will not read too much into RIMM’s upgrade.

Cisco Systems, Inc: Cisco designs, manufactures and sells Internet protocol-based networking and other products related to the communications and information technology industry and provide services associated with these products and their use. Recently the company reported strong Q1 results and provided above consensus Q2 guidance.

Cisco’s continues to show excellent sales execution, order book improvement (product orders up 13%, orders across key theatres up +12%) and, gross margin stability (~62%). Its UCS, collaboration, video and security are showing meaningful growth helping it have a book to bill ratio of ~1.0x even in this tough macro environment. Going forward, I expect Cisco to continue posting strong result helped by product cycle momentum in 10GE datacentre, LTE and video. At 9.2x forward earning, Cisco appears to be an attractive investment opportuinity.

Nokia: Nokia is another stock, which is a good buy after the recent launch of its WP7 series of phones. Nokia unveiled its first two Windows Phone [WP] smart devices, the Lumia ($588) and 710 ($378) at the recent Nokia World Event. In addition it also launched four premium S40 Mobile Phones ranging from $84-$161, two of which have comparable hardware/ User Experience to mid-tier smartphones.

I find the products very compelling and believe they can see good consumer traction. This launch is likely the first step in Nokia’s turnaround, and I believe the company would start seeing the positive trends from here onwards. With consensus sell side expecting flat year-over-year revenue and earnings in the next year, I don’t believe the market is pricing in any big positives from Nokia. I believe it is a good opportunity to initiate a long position in the company before the broader market starts pricing in the upside potential.

Research in Motion: RIMM’s stock price has corrected 68% YTD and it is now trading near its book value. Continued market share losses are a serious concern for the company. I see a further downside in RIMM’s share price unless there are any signs of market share stabilization. I also don’t see any chance of RIMM’s acquisition. The three major players, which will likely dominate the complete smartphone ecosystem going forward, are Apple (AAPL), the Nokia-Microsoft (MSFT) combination and the Google (GOOG)-Motorola (MMI) combination. It will be very difficult for any other player to stand the competition and hence I doubt if any one will be interested in RIMM’s business/assets.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 9 Tech Stocks With Multiple Analyst Upgrades In The Past Month