Analyst Upgrades

• Piper Jaffray upgraded Salesforce.com (CRM) to overweight from neutral, citing valuation following the recent sell-off and strong business trends. The firm has a $115 price target for shares.
• Keefe Bruyette upgraded M&T Bank (MTB) to market perform from underperform on valuation after AIB sold its stake in the company. The firm has a $72 price target for shares.
• Jefferies upgraded OGE Energy (OGE) to buy from hold following the announcement that ArcLight will purchase 9.9% of OGE's interest in Enogex for $183M and believes this deal highlights the hidden value associated with Enogex. The firm raised its price target to $51.50 from $43.
• Thomas & Betts (TNB) was upgraded to outperform from perform at Oppenheimer.
• Bayer (BAYRY) was upgraded to buy from neutral at UBS.
• Texas Roadhouse (TXRH) was upgraded to outperform from neutral at Baird.

Analyst Upgrades

• CLSA upgraded Capital One (COF) to outperform from underperform based on valuation and an acceleration in loan growth. The firm raised its price target to $43 from $40.
• KeyBanc upgraded Brush Engineered (BW) to buy from hold based on increased confidence in profit momentum in Specialty Engineered Alloys, valuation and value-added revenue unit growth. The firm has a $30 target on the stock.
• Stifel Nicolaus upgraded Heico (HEI) to buy from hold with a $42 target, citing the better-than-expected Q3 results.
• Greenbrier (GBX) was upgraded to buy from hold at BB&T.
• Paychex (PAYX) was upgraded to hold from sell at Deutsche Bank.
• A. Schulman (SHLM) was upgraded to buy from neutral at Longbow.

Analyst Upgrades

• Oppenheimer upgraded Abercrombie & Fitch (ANF) to outperform from perform as it finds the risk/reward on shares attractive and believes the company's Q4 results and easing comparisons could serve as positive catalysts. The firm set a $46 price target on shares.
• Bernstein upgraded 3M Company (MMM) to outperform from market perform based on expectations the company will continue to beat and raise guidance and that the organic growth rate will continue to improve. The firm raised its target to $99 from $90.
• Roth Capital expects Nvidia (NVDA) to benefit from its new GPU platform Fermi in Q1, resulting in a PC business recovery. Additionally, the firm, which upgraded shares to buy from hold and has a $21 target, expects Nvidia to offset Intel (INTC) declines by selling low-end GPUs compatible with Intel's Pinetrail and Westmere platforms.
• Syngenta (SYT) was upgraded to buy from hold at Collins Stewart.
• Cameron (CAM) was raised to overweight from neutral at HSBC.
• Sigma-Aldrich (SIAL) was lifted to outperform from neutral at Baird.

MOST NOTEWORTHY: Alcoa, Publicis Groupe and Fresenius were today's noteworthy downgrades:

• JP Morgan downgraded shares of Alcoa (NYSE: AA) to Neutral from Overweight as they do not believe the company is a takeover target. The firm thinks investors could be disappointed with the new CEO's strategic direction as well as near-term earnings.
  
• Societe Generale cut Publicis (OTC: PUBGY) to Sell from Buy on valuation following the recent rally and macroeconomic concerns.
  
• UBS downgraded Fresenius (NYSE: FMS) to Neutral from Buy citing valuation, but added shares to its Short-Term Buy list citing potential upward EPS revisions when the company reports on July 3.

OTHER DOWNGRADES:

• Annaly Capital (NYSE: NLY) and Microchip (NASDAQ: MCHP) were lowered to Neutral from Overweight at JP Morgan.
  
• Soleil downgraded Steris (NYSE: STE) to Sell from Hold.
  
• Goldman added National Grid (NYSE: NGG) and Marshall & Ilsley (NYSE: MI) to its Conviction Sell List and removed Las Vegas Sands (NYSE: LVS) from the Conviction Buy List.