MOST NOTEWORTHY: Notable companies that were upgraded today included Taiwan Semiconductor (TSM) and the Nasdaq Stock Market (NDAQ).

• Following an inventory correction from 3Q06 to 1Q07, Bear Stearns upgraded Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) to Outperform from Peer Perform, citing expectations of the semiconductor cycle to accelerate in the second-half of 2007.
• The Nasdaq Stock Market Inc. (NASDAQ:NDAQ)was added to Friedman Billing's Top Pick list, citing an attractive valuation following Friday's sell-off in addition to the company's strategic position.

OTHER UPGRADES:

• Credit Suisse upgraded Vodaphone (NYSE:VOD) to Outperform from Neutral; the firm believes Vodaphone's European mobile division should top expectations in the second quarter.
• Rodman & Renshaw upgraded shares of Gilead Sciences Inc. (NASDAQ:GILD) to Outperform from Market Perform, as they believe the company is poised to benefit from the recent CDC recommendation for routine HIV-testing in all individuals in the U.S. between the ages of 13-64 with a voluntary opt-out policy.
• A.G. Edwards upgraded Altera Corp. (NASDAQ:ALTR) to Buy from Hold following the resolution of the company's stock option issues. Pacific Crest upgraded Altera to Outperform from Sector Perform. They believe Altera is tracking inline with the midpoint of its guidance and that seasonal growth will return in the first quarter.

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