MOST NOTEWORTHY: IBM Corp (IBM), the U.S. refining sector, Valero Energy Corp (VLO), Medimmune, Inc (MEDI), Caterpillar Inc (CAT) and Nasdaq Stock Market Inc (NDAQ) were today's more noteworthy upgrades:
- Lehman Bros upgraded IBM Corp (NYSE: IBM) to Overweight from Equal Weight.
- Goldman upgraded the U.S. refining sector as the firm believes tight refining capacity and continued above-average refining profits will persist through 2009.Goldman raised their rating on Valero Energy (NYSE: VLO) to Buy from Neutral, adding the stock to the Americas Buy List, with an $82 target.
- Morgan Stanley upgraded Caterpillar Inc (NYSE: CAT) to Equal Weight from Underweight following the company's Q1 report.
- Goldman upgraded shares of Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Buy from Neutral citing reduced concerns regarding pricing pressure and expects further market share gains. The firm recommends a pair trade of Long Nasdaq & Short NYSE Euronext (NYX), which was downgraded to Sell from Neutral...
OTHER UPGRADES:
- Cowen upgraded shares of Brightpoint, Inc (NASDAQ: CELL) to Outperform from Neutral citing second-half catalysts that include T-Mobile ramping and an improved Nokia Corp (NOK) portfolio.
- Citigroup upgraded PG&E Corp (NYSE: PCG) to Buy from Hold with a $55 target.
- Morgan Keegan raised shares of Guess? Inc (NYSE: GES) to Outperform given the extremely positive channel checks over the past quarter.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). 
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