Each businessday, TheStreet.com Ratings updates its ratings on the stocks it covers. The proprietary ratings model projects a stock's total return potential over a 12-month period, including both price appreciation and dividends. Buy, hold or sell ratings designate how the Ratings group expects these stocks to perform against a general benchmark of the equities market and interest rates.While the ratings model is quantitative, it uses both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and company earnings forecasts. Objective elements include volatility of past operating revenue, financial strength and company cash flows. Fujifilm Holdings ( FUJI) sells color films, digital cameras, photofinishing equipment and color paper. It has been upgraded to buy from hold. The company's revenue grew by 16.5% in the second quarter of its fiscal 2008 compared with the same period last year, and its debt-to-equity ratio of 0.18 is currently below the industry average. This suggests that there has been very successful management of debt levels. After a year of stock price fluctuations, Fujifilm's stock price has gone up only by 1.34% in the last 12 months, with weak earnings growth likely the most significant factor in this flat result. However, unless broad bear market conditions prevail, TheStreet.com Ratings see more upside potential for this stock. Fujifilm had been rated a hold since July 2007.