Analyst Upgrades

• Molycorp (MCP) to overweight from neutral at JPMorgan.
• Humana (HUM), HealthSpring (HS) and UnitedHealth (UNH) to buy from neutral at UBS.
• Williams Cos. (WMB) to conviction buy from neutral and UBS (UBS) to buy from neutral at Goldman.
• China Kanghui (KH) to overweight from neutral at Piper Jaffray.
• Arthur J. Gallagher (AJG) to buy from hold at Citigroup.
• Armstrong World (AWI) to buy from hold at BB&T.
• Time Warner (TWX) to buy from hold at Benchmark Co.
• Calpine (CPN) to overweight from equal weight at Barclays.
• 3M Company (MMM) to neutral from underperform and Kirby (KEX) to buy from underperform at BofA/Merrill.

MOST NOTEWORTHY:

• Motorola Inc (NYSE: MOT) was the sole notable initiation today. Shares of the cellphone giant were resumed at Goldman Sachs with a Neutral rating and $18 target.

• Penn Virginia GP Holdings L.P.(NYSE: PVG) was initiated by AG Edwards with a Buy and RBC Capital Markets with an Outperform.

• Stifel initiated Armstrong World Indus (NYSE: AWI) with a Buy rating; the firm expects a sale of the 65.5% control block of stock owned by the Asbestos Trust to a strategic buyer or private equity firm. The firm believes the company can be valued in the $55-$60 range in a buyout.