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Analyst upgrades 9-7-07: PTEN, NBR, X, COO and CTTAY

MOST NOTEWORTHY: Patterson-UTI Energy, Nabors Industries, US Steel Group, Cooper Companies and Continental AG were today's noteworthy upgrades:

Bernstein upgraded Patterson-UTI Energy Inc (NASDAQ: PTEN) and Nabors Industries Limited (NYSE: NBR) to Outperform from Market Perform citing valuations and secular growth trends.
Citigroup upgraded US Steel Corporation (NYSE: X) to Buy from Hold and raised their target to $118 to reflect operating catalysts and their expectations for domestic steel markets to improve in Q4 and 2008.
Cooper Companies Inc (NYSE: COO) was also upgraded to Buy from Hold at Citigroup despite the lowered guidance as they believe the company's products are improving and earnings upside is possible.
WestLB upgraded Continental AG (OTC: CTTAY) to Buy from Hold after the tire marker announced plans to reorganize its company structure into six divisions following the purchase of Siemens AG's (NYSE: SI) VDO automotive unit.

OTHER UPGRADES:

Tempur Pedic International (NYSE: TPX) was upped to Sector Outperformer from Sector Performer at CIBC World Markets.
Friedman Billings upgraded shares of Stone Energy Corporation (NYSE: SGY) to Outperform from Market Perform.
Deutsche Bank upgraded shares of Occidental Petroleum Corporation (NYSE: OXY) to Buy from Hold.
Fifth Third Bancorp (NASDAQ: FITB) was raised to Market Perform from Underperform at Bernstein.

MOST NOTEWORTHY: CV Therapeutics, Inc (CVTX) and Stone Energy Corp (SGY) topped today's modest-sized list of downgrades:

Citigroup cut CV Therapeutics Inc (NASDAQ: CVTX) to Sell from Hold with a $6 target due to the diminished market potential for Ranexa and its high operating expenses. First Albany downgraded shares to Neutral from Strong Sell to reflect the lack of catalysts.

Matrix USA cut Stone Energy Corp (NYSE: SGY) to Strong Sell from Hold, believing significant cost increases are driving negative fundamental trends.

OTHER DOWNGRADES:

Deutsche Telecom AG (NYSE: DT) was downgraded to Peer Perform from Outperform at Bear Stearns as the firm believes evidence of a turnaround needs to be seen before shares move higher.

Thomas Weisel cut Brady Corporation (NYSE: BRC) to Market Weight from Overweight to reflect lower confidence in management's ability to deploy capital effectively.