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Analyst upgrades: FLR, FWRD and MDR

MOST NOTEWORTHY: Fluor, Forward Air and McDermott were today's noteworthy upgrades:

Citigroup upgraded shares of Fluor (NYSE: FLR) to Buy from Hold to reflect the company's strong performance and backlog in Q4 and raised their target to $190.50 from $158.
Baird upgraded Forward Air (NASDAQ: FWRD) to Outperform from Neutral citing near-term growth initiatives that are gaining traction.
Citigroup also upgraded shares of McDermott (NYSE: MDR) to Buy from Hold to reflect the company's strong Q4 performance and rising commodity prices.

OTHER UPGRADES:

RBC Capital upgraded Digital Realty (NYSE: DLR) and ProLogis (NYSE: PLD) to Top Pick from Outperform.
Credit Suisse raised China Unicom (NYSE: CHU) to Outperform from Neutral.
Tyson Foods (NYSE: TSN) and Oracle (NASDAQ: ORCL) were upgraded to Buy from Neutral at Merrill Lynch.

MOST NOTEWORTHY: Best Buy (BBY) and Oracle (ORCL) were today's most notable downgrades:

William Blair downgraded Best Buy Co. Inc. (NYSE:BBY) to Market Perform from Outperform, expecting a slowing down in growth from advanced TV, a difficult competitive environment and cyclicality of consumer electronics spending in 2007;
First Albany downgraded Oracle Corp. (NASDAQ:ORCL) to Neutral from Buy, citing valuation and a likely slowing down in growth within two-to-three quarters.

OTHER DOWNGRADES:

Baird downgraded Forward Air Corp. (NASDAQ:FWRD) to Neutral from Outperform, citing weak near-term truck freight trends and economic uncertainty.
EnCana Corp (NYSE:ECA) was downgraded to Sell from Hold at Citigroup to reflect the disappointing 2007 guidance with 1% overall production growth, as well as cost run-up and concerns of portfolio quality.
Following poor second-quarter earnings and light third-quarter guidance, Baird downgraded Tektronix Inc. (NYSE:TEK) to Neutral from Outperform and a $33 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).