Analyst Upgrades

• UBS said Martin Marietta's (MLM) Q2 showed evidence of leverage to a recovery and the firm views risk/reward in shares as attractive. Shares were upgraded to buy from neutral, but its price target was lowered to $96 from $101.
• Soleil upgraded Regis (RGS) to buy from hold after the company said it is exploring strategic options. The firm raised its target for shares to $26 from $14.
• Wunderlich upgraded Sirius XM Radio (SIRI) to buy from hold with a $1.50 price target following the company's Q2 results. The firm believes Sirius' product continues to resonate with healthier higher-end consumers and notes that CEO Mel Karmazin said a resolution could be reached with Howard Stern by the Q3 conference call.
• Magellan Midstream (MMP) was upgraded to outperform from sector perform at RBC Capital.
• Savient (SVNT) was upgraded to neutral from underperform at BofA/Merrill.
• EMS Tech (ELMG) was upgraded to buy from hold at Needham.

Analyst upgrades:

• FBR Capital upgraded M&T Bank (NYSE: MTB) to Market Perform from Underperform following the Q3 results to reflect the company's improved earnings outlook and better credit trends. The firm has a $70 price target on shares.
• Kaufman Bros. upgraded Autodesk (NASDAQ: ADSK) to Buy from Hold as it believes a bottom has been reached in the manufacturing and construction industries. The firm raised its target on shares to $30 from $26.
• Goldman upgraded Caterpillar (NYSE: CAT) to Neutral from Sell and raised its target to $64 from $48 citing improved cost controls and construction outlook.
• Pentair (NYSE: PNR) was upgraded to Buy from Hold at KeyBanc.
• Lexmark (NYSE: LXK) was upgraded to Neutral from Underweight at JPMorgan.
• Stryker (NYSE: SYK) was upgraded to Neutral from Underperform at BofA/Merrill.

MOST NOTEWORTHY UPGRADES:

• Brean Murray upgraded Consolidated Water (NASDAQ: CWCO) to Buy from Hold, based on valuation.

• Magellan Midstream Partners (NYSE: MMP) was downgraded to Neutral from Buy by Goldman Sachs.
• Goldman also downgraded TransCanada (NYSE: TRP) to Neutral from Buy.