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MOST NOTEWORTHY: Genzyme, Dean Foods and Key Energy Services were today's noteworthy upgrades:
- Citigroup upgraded shares of Genzyme (NASDAQ: GENZ) to Buy from Hold as it sees EPS upside in 2008 and 2009 from the company's three upcoming product launches and improving operating margins. Citigroup raised its target to $91 from $80.
- JP Morgan upgraded Dean Foods (NYSE: DF) to Overweight from Neutral citing valuation and expectations for dairy costs to decline.
- Banc of America upgraded shares of Key Energy Services (NYSE: KEG) to Buy from Neutral to reflect the company's increasing pricing power and projected margin expansion for well services and growth opportunities in the shale plays. The firm raised its target price to $22 from $18.
OTHER UPGRADES:
- Domtar (NYSE: UFS) was raised to Outperform from Sector Perform at RBC Capital.
- Gladstone (NASDAQ: GOOD) was upgraded to Outperform from Neutral at Baird.
- JP Morgan upgraded Macy's (NYSE: M) to Neutral from Underweight.
- Goldman upgraded Rexam (OTC: REXMY) to Buy from Neutral.
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