Analyst upgrades: KND, FVE, EXBD, DECK and DFS

MOST NOTEWORTHY: Kindred Healthcare, Five Star Quality, Corporate Executive Board, Deckers Outdoor and Discover were today's noteworthy upgrades:

Jefferies upgraded shares of Kindred Healthcare Inc (NYSE: KND) to Buy from Hold on valuation as they believe the risk/reward is attractive given good near-term earnings visibility and reasonable prospects for legislation to remove a significant reimbursement overhang.
The firm also upgraded Five Star Quality Inc (AMEX: FVE) to Buy from Hold following a meeting with management, to reflect the company's improving occupancy and better cost controls.
Deutsche Bank upgraded shares of The Corporate Executive Board Company (NASDAQ: EXBD) to Buy from Hold as they believe the company is positioned for strong growth in 2008.
Nollenberger upgraded shares of Deckers Outdoor Corporation (NASDAQ: DECK) to Buy from Neutral, as they believe the UGG brand will continue to outperform expectations both domestically and internationally.
Discover Financial Services LLC (NYSE: DFS) was upgraded to Buy from Neutral at Calyon on valuation.

OTHER UPGRADES:

HSBC raised Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) to Overweight from Neutral.
Banc of America upgraded Hess Corporation (NYSE: HES) to Buy from Neutral.
Wal-Mart Stores Inc (NYSE: WMT) was upgraded to Neutral from Sell at Merrill Lynch.
Deutsche Bank upped General Mills Inc (NYSE: GIS) to Buy from Hold.

Tags: Corporate Executive Board, CorporateExecutiveBoard, DECK, Deckers Outdoor, DeckersOutdoor, DFS, Discover, EXBD, Five Star Quality, FiveStarQuality, FVE, General Mills, GeneralMills, GIS, HES, Hess Corp, HessCorp, Kindred Healthcare, KindredHealthcare, KND, Taiwan Semi, TaiwanSemi, upgrades, Wal-Mart, WMT

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