Analyst upgrades: CRM, FMD and SSP

MOST NOTEWORTHY: Salesforce.com, First Marblehead and The E.W. Scripps Co were today's noteworthy upgrades:

Jefferies upgraded shares of Salesforce.com (NYSE:CRM) to Buy from Hold following the company's Q1 results and recommends accumulating shares on any weakness from concerns around a slowdown in bookings. They believe that while bookings growth slowed in Q1, CRM's growth remains stellar and its market opportunity remains large.
Friedman Billings upgraded First Marblehead (NYSE:FMD) to Market Perform from Underperform. The firm believes most of the bad news is reflected in shares and that there are early indications of "thawing" within the private student loan ABS market.
Lehman upgraded the E.W. Scripps Co (NYSE:SSP) to Overweight from Underweight and expects the upcoming July 1st split of Scripps Networks Interactive from Scripps will give the company strategic opportunity by separating high growth cable from traditional newspapers and broadcasting.

OTHER UPGRADES:

ING upgraded Royal Dutch Shell (NYSE:RDS.A) to Buy from Hold and StatoilHydro (NYSE:STO) to Hold from Sell.
Cost Plus (NASDAQ:CPWM) was raised to Market Perform from Underperform at JMP Securities.
Wachovia upgraded Level 3 (NASDAQ:LVLT) to Market Perform from Underperform.