Analyst upgrades:- JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
- Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
- Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
- ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
- China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

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