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MOST NOTEWORTHY: P.F. Chang's, ViroPharma and CSX Corp were today's noteworthy upgrades:
- Jefferies upgraded shares of P.F. Chang's (NASDAQ: PFCB) to Buy from Hold to reflect the company's capital preservation focus, which they believe will drive a best-in-class free cash flow yield in 2009. Despite upgrading shares, Jefferies lowered their target price to $28 from $31.
- Thomas Weisel raised ViroPharma (NASDAQ: VPHM) to Overweight from Market Weight on valuation as they believe the sell-off on the Lev Pharmaceuticals (LEVP) acquisition is unwarranted. The firm raised their target price to $15 from $10.
- Merrill upgraded CSX Corp. (NYSE: CSX) to Buy from Neutral based on valuation and improved results.
OTHER UPGRADES:
- Borg-Warner (NYSE: BWA) was upgraded to Outperform from Neutral at Baird.
- Credit Suiise raised Walgreen (NYSE: WAG) to Outperform from Neutral.
- SunTrust upgraded Arena Resources (NYSE: ARD), Bill Barrett (NYSE: BBG) and Concho Resources (NYSE: CXO) to Buy from Neutral.
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