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Analyst upgrades: UBS, CRZBY, TRMA, OPMR and MCCC

MOST NOTEWORTHY: UBS AG, Commerzbank , Trico Marine Services, Optimal Group and Mediacom were today's noteworthy upgrades:

JP Morgan upgraded shares of UBS AG (NYSE: UBS) to Overweight from Neutral on valuation, as they believe the risk/reward is now attractive.
Commerzbank AG (OTC: CRZBY) was upgraded to Equal Weight from Underweight at Morgan Stanley, as they believe the company has eliminated much of the uncertainty on asset quality.
Jefferies upgraded shares of Trico Marine Services Inc (NASDAQ: TRMA) to Buy from Hold and raised their target to $46 from $40 to reflect the growth potential brought on by the company's purchase of Active Subsea ASA.
B. Riley raised its rating on Optimal Group Inc (NASDAQ: OPMR) to Buy from Neutral to reflect the company's proven management team, acquisition of WowWee and strong balance sheet.
Citigroup upgraded shares of Mediacom Communications Corporation (NASDAQ: MCCC) to Buy from Hold on valuation following the recent pullback, as they now think the stock is oversold. Citigroup thinks Mediacom will generate free cash in 2008 and they like the pace of buybacks.

OTHER UPGRADES:

Citigroup upgraded shares of The Allstate Corporation (NYSE: ALL) to Buy from Hold.
UBS upgraded UnitedHealth Group Incorporated (NYSE: UNH) and Northrop Grumman Corporation (NYSE: NOC) to Buy from Neutral.
Wachovia raised Performance Food Group Company (NASDAQ: PFGC) to Outperform from Market Perform.

MOST NOTEWORTHY: The semiconductor sector, Quest Diagnostics (NYSE: DGX) and Federal National Mortgage Association (NYSE: FNM) were today's noteworthy upgrades:

Bernstein upgraded the semiconductor sector to Overweight form Market Weight on expectations that utilization will rise starting in Q2. The firm upgraded ASML Holding NV (NASDAQ: ASML) to Outperform from Market Perform and Infineon Technologies (NYSE: IFX) to Market Perform from Underperform.
UBS upgraded Quest Diagnostics to Buy from Neutral, citing Laboratory Corporation Of America Holdings' (NYSE: LH) contract renewal with Cigna HealthCare, which should ease concerns regarding deteriorating pricing.
Fannie Mae was upgraded to Outperform from Market Perform at Friedman Billings, citing improving fundamentals, better business mix and the possibility the company reports current financials in the next 12-18 months.

OTHER UPGRADES:

Mediacom Communications Corporation (NASDAQ: MCCC) was upgraded to Neutral at Pali Capital, as the firm does not see a major catalyst to drive down shares.
Soleil upgraded shares of ICU Medical Inc (NASDAQ: ICUI) to Buy from Hold.
DynCorp International Inc (NYSE: DCP) was upgraded to Outperformer from Sector Performer at CIBC World Markets.
CIBC also upgraded shares of Radware Limited (NASDAQ: RDWR) to Outperformer from Sector Performer.