Analyst upgrades 10-23-06: Garmin and E*Trade upgraded

MOST NOTEWORTHY: Garmin Ltd (GRMN) and E*Trade Financial (ET) top today's upgrade list.

• Garmin Ltd. (NASDAQ:GRMN) was upgraded to Buy from Neutral by Merrill Lynch on the belief the company will maintain their dominant position in the robust personal navigation devices market through 2008.
• E*Trade Financial Corp. (NYSE:ET) was upgraded at Goldman Sachs to Buy from Neutral. The firm believes shares are oversold following Banc of America's (BAC) announcement of free online trades, as they do not think it will pose a serious competitive threat.

OTHER UPGRADES:

• Pacific Sunwear of California, Inc. (NASDAQ:PSUN) was upgraded to Buy from Neutral at Bank of America, citing the potential turnaround of the company under the new CEO.
• Matrix USA upgraded SanDisk Corp. (NASDAQ:SNDK) to Hold from Sell on valuation.
• Deutsche Bank is positive on Dow Jones & Company, Inc. (NYSE:DJ) Factiva acquisition and believes 2007 will be a good year, upgrading the company to Buy from Neutral.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).