MOST NOTEWORTHY:

• CIBC upgraded shares of SanDisk Corp (NASDAQ: SNDK) to Sector Outperformer from Sector Performer with a $50 target. The firm finds the risk/reward compelling due to a rebounding NAND outlook for Q4 and 2008 and the probability of Hynix signing a watershed licensing deal.

• Matrix USA upgraded Cabela's Inc (NYSE: CAB) Inc to Hold from Sell as retail operations have improved, providing a boost to fundamental trends.

• JP Morgan upgraded shares of Knightsbridge Tankers (NASDAQ: VLCCF) Ltd to Neutral from Underweight based on valuation and increased time-charter contract coverage.

• Merrill Lynch upgraded Gilead Sciences, Inc (NASDAQ: GILD) to Buy from Neutral to reflect improved prospects for long-term growth of the company's HIV-franchise.

• UBS resumed coverage of Express Scripts, Inc (NASDAQ: ESRX) with a Buy rating, up from its previous Neutral rating.

• Deutsche Bank upgraded Valspar Corp (NYSE: VAL) with a Buy from Hold and $34 target.

• HSBC upgraded Dow Chemical Co (NYSE: DOW) to Overweight from Neutral as the firm believes a joint venture with Reliance could trigger a valuation re-rating with a higher multiple, offsetting any EPS dilution.

• Caris upgraded Seagate Technology (NYSE: STX) to Above Average from Average as the firm believes Seagate has too many structural advantages over the competition.

• Buckingham upgraded TJX Cos (NYSE: TJX) to Strong Buy from Accumulate with a $33 target.

• Lehman Brothers upgraded Volkswagen ADS (OTC: VLKAY) to Equal-Weight from Underweight.

Analyst upgrades 3-20-07: Gilead Sciences & Express Scripts upgraded today originally appeared on BloggingStocks on Tue, 20 Mar 2007 10:51:00 EST. Please see our terms for use of feeds.