NEW YORK ( TheStreet) -- It's been more than a week since the commencement of the earnings season and we have already seen a flurry of stock upgrades from analysts. Alcoa ( AA), who kicked-off the earnings season on July 12, was assigned an outperform rating by BMO Capital Markets and Credit Suisse ( CS), with a price target of $15 and $16, respectively.

The company reported earnings of 13 cents per share during the second quarter, topping analysts' estimates of 12 cents per share.

On July 14, Indian IT firm, iGate ( IGTE) reported earnings of 20 cents per share during the second quarter, beating analysts' estimates of 17 cents per share. On July 15, Roth Capital Partners assigned a buy rating to the stock with a price target of $18. The stock touched a 52-week high of $17.49 on July 20.

On July 21, UBS assigned a buy rating to Steel Dynamics ( STLD) after the company reported earnings of 22 cents per share. Moreover, Peabody Energy ( BTU) was upgraded to a buy at Deutsche Bank with a price target of $57.5, implying an upside of 34% over current levels.

China search engine Baidu ( BIDU) reported its second-quarter results after market close Wednesday. The company's earnings more than doubled to 35 cents per share, topping analysts' estimates of 31 cents per share. The stock was featured as one of our picks for the earnings season in our July 19 report.

Looking forward to the third quarter, the company expects revenue to range between $324.4 million and $333.3 million, more than analysts' forecasts of $321.6 million. Baidu was upgraded to buy at Goldman Sachs ( GS), with a price target of $90.

Freeport-McMoRan Copper & Gold ( FCX) reported its second-quarter results Wednesday. The company reported earnings of $1.40 per share, topping analysts' estimates of $1.28 per share. On July 22, Citi upgraded the stock to a buy with a price target of $92.

On Thursday, Nucor ( NUE) reported earnings of 29 cents per share, exceeding analysts' estimates of 26 cents per share. The stock was upgraded to a buy at Deutsche Bank, with a price target of $50 on July 21.
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