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.