Analyst Upgrades

• Abercrombie & Fitch (ANF) to positive from neutral at Susquehanna.
• tw telecom (TWTC) to outperform from neutral at Cowen.
• Agree Realty (ADC) to buy from neutral at Janney Capital.
• Millicom (MICC) to buy from neutral at Nomura.
• BioMed Realty (BMR) to outperform from market perform at FBR Capital.
• Realty Income (O) to buy from neutral at BofA/Merrill.

Investors searching the stock universe for a defensive play in today's uncertain, sluggish market may want to consider MWI Veterinary Supply Inc. (NASDAQ: MWIV).

MWI Veterinary is looking at sales gains of its flea/tick product, as a result of fewer distributors in this pet care segment. Behind regular physicals and vaccinations, flea & tick control medication is the most common service received at veterinary clinics, with about 40% of U.S. dogs receiving treatment.

Another positive: MWIV's footprint is large -- it serves more than 15,000 veterinary clinics.

Also significant is MWIV's sector: pet care. Historically, pet care as a sector has held its own during sluggish economic conditions. The sector exhibits defensive qualities because pet care, like the purchase of clothes, soap, shampoo and cereal, is an area Americans historically don't cut back during tougher economic conditions.

MWIV currently trades around $36. The Reuters 2007 and 2008 EPS consensus estimates are $1.39 and $1.62.