Analyst upgrades: 09/27/06

Posted Sep 27th 2006 11:49AM by Melly Alazraki
Filed under: Analyst upgrades and downgrades

MOST NOTEWORTHY:

Morgan Stanley upgraded The Gap (NYSE: GPS) to Overweight from Underweight with a $23 target. The firm cited an improvement in apparel offerings and traction in merchandising and marketing initiatives.
The Oil Refining sector was upgraded by the Banc of America this morning, citing the recent sell-off:
- Valero Energy (NYSE: VLO) and Tesoro Petroleum (NYSE: TSO) were upgraded to Buy from Neutral
- Frontier Oil (NYSE: FTO) was upgraded to Neutral from Sell

OTHER UPGRADES:

UBS upgraded Reynolds American (NYSE: RAI) on valuation
Foundry Networks (NASDAQ: FDRY) was upgraded to Outperform from Neutral based on their strong fundamentals in the second half of 2006.

Research provided by TheFlyOnTheWall.com (subscription required).

Tags: gps, oil refining, OilRefining, the gap, TheGap

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