MOST NOTEWORTHY: ConocoPhillips, Ashland and Wynn Resorts were today's noteworthy upgrades:
- Goldman upgraded ConocoPhillips (NYSE: COP) to Buy from Neutral, as they see the stock as inexpensive but views the upgrade "as much about avoiding near-term earnings risk with our pure-play refiners."
- Jefferies upgraded shares of Ashland (NYSE: ASH) to Buy from Hold on valuation as they find the risk/reward "intriguing" at current levels.
- Bear upgraded Wynn Resorts (NASDAQ: WYNN) to Outperform from Peer Perform citing valuation and Macau operating momentum.
OTHER UPGRADES:
- Photon Dynamics (NASDAQ: PHTN) was raised to overweight from Equal Weight at Lehman.
- PepsiAmericas (NYSE: PAS) was upgraded to Neutral from Underweight at HSBC.
- JP Morgan upgraded Nordic American Tanker (NYSE: NAT) to Neutral from Underweight.
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