Analyst upgrades 9-10-07: U.S. food industry, MYL, AGP and ISLE

MOST NOTEWORTHY: The U.S. food industry, Mylan Labs, Amerigroup and Isle of Capri were today's noteworthy upgrades:

BMO Capital upgraded the U.S. food industry sector to Outperform from Market Perform to reflect the group's defensive nature, the recent valuation contraction, and predictable earnings growth. General Mills (NYSE: GIS) is the firm's top pick in packaged food, and they raised Kellogg Company's (NYSE: K) target to $59 and Kraft Foods' (NYSE: KFT) to $36.
Credit Suisse upgraded Mylan Laboratories (NYSE: MYL) to Outperform Underperform, as the firm believes investors are "too negative" on the Merck transaction. The firm said the company is well-positioned long-term to be a leader in the global generics industry.
Credit Suisse also upgraded shares of Amerigroup Corporation (NYSE: AGP) to Outperform from Underperform, as they believe the company is poised for better than expected margin improvement in 2007 and 2008.
Isle of Capri Casinos Inc's (NASDAQ: ISLE) rating was upped to Buy from Hold at Morgan Joseph, citing indications of progress in the company's turnaround.

OTHER UPGRADES:

Epic Bancorp (NASDAQ: EPIK) was upgraded to Buy from Hold at Sandler.
Aruba Networks Inc (NASDAQ: ARUN) was upgraded to Outperform from Sector Perform at Pacific Crest.
Lazard upgraded shares of Amylin Pharmaceuticals (NASDAQ: AMLN) to Buy from Hold.
BMO Capital upped shares of Goodrich Petroleum (NYSE: GDP) to Outperform from Market Perform.