Analyst upgrades 9-7-07: PTEN, NBR, X, COO and CTTAY

MOST NOTEWORTHY: Patterson-UTI Energy, Nabors Industries, US Steel Group, Cooper Companies and Continental AG were today's noteworthy upgrades:

Bernstein upgraded Patterson-UTI Energy Inc (NASDAQ: PTEN) and Nabors Industries Limited (NYSE: NBR) to Outperform from Market Perform citing valuations and secular growth trends.
Citigroup upgraded US Steel Corporation (NYSE: X) to Buy from Hold and raised their target to $118 to reflect operating catalysts and their expectations for domestic steel markets to improve in Q4 and 2008.
Cooper Companies Inc (NYSE: COO) was also upgraded to Buy from Hold at Citigroup despite the lowered guidance as they believe the company's products are improving and earnings upside is possible.
WestLB upgraded Continental AG (OTC: CTTAY) to Buy from Hold after the tire marker announced plans to reorganize its company structure into six divisions following the purchase of Siemens AG's (NYSE: SI) VDO automotive unit.

OTHER UPGRADES:

Tempur Pedic International (NYSE: TPX) was upped to Sector Outperformer from Sector Performer at CIBC World Markets.
Friedman Billings upgraded shares of Stone Energy Corporation (NYSE: SGY) to Outperform from Market Perform.
Deutsche Bank upgraded shares of Occidental Petroleum Corporation (NYSE: OXY) to Buy from Hold.
Fifth Third Bancorp (NASDAQ: FITB) was raised to Market Perform from Underperform at Bernstein.

Tags: analyst, continental, coo, cooper, cttay, fifth third, FifthThird, firm, fitb, nabors, nbr, occidental, oxy, patterson, pten, sgy, si, siemens, stone energy, StoneEnergy, tempur pedic, TempurPedic, tpx, upgrade, us steel, UsSteel, x

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