Analyst upgrades 3-07-07: Google, Kellogg & Brinker Int'l upgraded today

Posted Mar 7th 2007 11:03AM by Kevin Shult
Filed under: Before the Bell, Analyst Upgrades and Downgrades, Good news, Google (GOOG), Brinker Intl (EAT), Kellogg Co (K), Clear Channel Commun (CCU), Office Depot (ODP), Deere and Co (DE)

MOST NOTEWORTHY: Google Inc (GOOG), Office Depot Inc (ODP), Brinker International (EAT) and Kellogg Company (K) were some of today's more notable upgrades:

UBS upgraded Google Inc (NASDAQ: GOOG) to Buy from Neutral with a $560 target on valuation.

Deutsche Bank upgraded shares of Office Depot (NYSE: ODP) to Buy from Hold on valuation, following the recent sell-off.

Brinker International Inc (NYSE: EAT) was upgraded to Neutral from Sell at Goldman Sachs, based on the company's ongoing restructuring efforts.

Kellogg Company (NYSE: K) was also upgraded at Goldman Sachs, to Buy from Neutral, and was added to its America's Buy List.

OTHER UPGRADES:

Lehman upgraded Joy Global Inc (NASDAQ: JOYG) to Overweight from Equal-Weight as they believe the recent sell-off has created a buying opportunity.

Bank of America upgraded Clear Channel Communications Inc (NYSE: CCU) to Buy from Neutral with a $42 target to reflect their belief that activist shareholders will push for value creation rather than a sale to private equity.

Wachovia upgraded McCormick & Schmick's Seafood Restaurant (NASDAQ: MSSR) to Outperform from Market Perform.

BB&T upgraded Universal Truckload Services Inc (NASDAQ: UACL) to Buy from Hold on valuation.

Lehman upgraded Deere & Company (NYSE: DE) to Overweight from Equal-Weight, with a $135 target. Lehman has increased confidence around the durability of higher agricultural commodity prices as well as the company's ability to turn elevated end market demand into stronger margins, earnings, and free cash flow.

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

Tags: analyst, brinker, ccu, clear channel, ClearChannel, de, deere, eat, goog, joy global, joyg, JoyGlobal, kellogg, mcCormick, mssr, odp, office depot, OfficeDepot, rating, theflyonthewall.com, uacl, universal, upgrades