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MOST NOTEWORTHY: Northrop Grumman, Phase Forward and Celestica were today's noteworthy upgrades:
- Cowen upgraded Northrop Grumman (NYSE: NOC) to Outperform from Neutral following the Q1 report based on accelerating growth. Shares were also upgraded at JP Morgan to Overweight from Neutral.
- Friedman Billings upgraded Phase Forward (NASDAQ: PFWD) to Outperform from Market Perform following the solid Q1 report and views guidance as beatable.
- CIBC raised Celestica (NYSE: CLS) to Sector Outperformer from Sector Performer following Q1 results, citing end markets that look stable.
OTHER UPGRADES:
- JP Morgan upgraded the Consumer Discretionary Sector to Overweight from Underweight.
- Wendy's (NYSE: WEN) was raised to Neutral from Sell at Goldman.
- Progenics Pharmaceuticals (NASDAQ: PGNX) was upgraded at Citigroup to Hold from Sell.
- Merrill Lynch raised Wal-Mart (NYSE: WMT) to Buy from Neutral.
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