Analyst upgrades: Legg Mason, Panacos Pharma, PepsiAmericas

MOST NOTEWORTHY: Legg Mason, Panacos Pharma and PepsiAmericas were today's noteworthy upgrades:

Wachovia upgraded Legg Mason (NYSE: LM) to Market Perform from Underperform citing valuation, new CEO change, and reduced Citigroup (NYSE: C) ownership.
Bear upgraded Panacos Pharma (NASDAQ: PANC) to Outperform from Peer Perform citing renewed confidence in Bevirimat, an HIV inhibitor, following analysis of Phase IIb data. The firm expects a partnership for Bevirmat to be the next catalyst.
Deutsche Bank raised PepsiAmericas (NYSE: PAS) to Buy from Hold shares on valuation, as they believe the recent weakness is overdone.

OTHER UPGRADES:

Fannie Mae (NYSE: FNM) was raised to Equal Weight from Underweight at Morgan Stanley.
Friedman Billings added Great Atlantic & Pacific Tea (NYSE: GAP) to its FBR Top Picks List.
Jabil Circuit (NYSE: JBL) was upgraded to Neutral from Sell at Merrill Lynch.

Tags: analyst, C, fannie mae, FannieMae, fnm, JBL, legg mason, LeggMason, lm, panacos, panc, pas, pepsiamericas, upgrade

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