Cheese, corn, beer -- that's what most of us think when we hear the name Wisconsin. But the three Wisconsin-based companies that made Fortune's 2007 list of 100 fastest growing companies -- Ladish Inc. (NASDAQ: LDSH), Joy Global Inc. (NASDAQ: JOYG), and Regal Beloit Corp. (NYSE: RBC) -- are manufacturers that have nothing to do directly with cheese, corn, or beer.

Wisconsin does lead the nation in cheese production. Heck, two of those three items -- cheese, corn, and beer -- even appear on the Wisconsin design state quarter. Despite Wisconsin's reputation as an agricultural state, though, agriculture isn't the largest part of the state economy. Tourism is also an important industry in Wisconsin, with such destinations as the Wisconsin Dells, Circus World and the House on the Rock, but that's not the leading sector either. Manufacturing makes up the largest part of the Wisconsin economy, as the companies on Fortune's list indicate.

At number 21 on the list of the fastest growing companies was aerospace components maker Ladish, which is headquartered in Cudahy, Wisconsin. Ladish's three-year annual revenue growth rate was 28% and its five-year earnings per share growth was 104%. Back in July, Ladish reported a strong second quarter, beating expectations, and a solid outlook for rest of the year. Then, in August, the company announced that it would expand its operations in Poland. Analysts surveyed by Thomson Financial consider Ladish a buy. The share price reached a 52-week high of $60.00 on Tuesday. It was trading in the mid $20s a year ago.

MOST NOTEWORTHY: GlaxoSmithKline plc (NYSE: GSK), Express Scripts, Inc (ESRX), SanDisk Corp (SNDK), Halliburton Co (HAL) and Texas Instruments (TXN) were some of today's noteworthy upgrades.

• Deutsche Bank upgraded GlaxoSmithKline plc (NYSE: GSK) to Buy from Hold.

• Express Scripts Inc (NASDAQ: ESRX) was upgraded to Strong Buy from Buy with a $113 target at First Albany, following the stronger-than-expected first quarter results.

• SanDisk Corp (NASDAQ: SNDK) was upgraded to Buy from Hold at Citigroup.

• Halliburton Co (NASDAQ: HAL) was added to AG Edwards Focus Portfolio. The firm believes Halliburton trades at a great discount to its largest peer, Schlumberger Ltd (SLB), despite an improved earnings outlook and progress on several issues.

• Texas Instruments (NASDAQ: TXN) was upgraded to Buy from Hold at Gabelli to reflect strong first quarter results and valuation. Piper Jaffray upgraded shares of Texas Instruments to Outperform from Market Perform...
  

OTHER UPGRADES:

• Keefe Bruyette upgraded shares of BancFirst Corp (NASDAQ: BANF) to Market Perform from Underperform following its first quarter report.

• Raymond James raised Cardinal Health, Inc (NYSE: CAH) to Outperform from Market Perform.

• Matrix USA raised H.B. Fuller Co (NYSE: FUL) to Hold from Sell based on the company's sales growth.

• Baird raised Snap-on Inc (NYSE: SNA) rating to Outperform from Neutral with a $55 target.

• Bear Stearns upgraded shares of Cummins Inc (NYSE: CMI) to Peer Perform from Underperform.

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