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MOST NOTEWORTHY: Cortex Pharma, Royal Bank of Scotland and Trex were today's noteworthy upgrades:
- Rodman & Renshaw upgraded Cortex Pharma (AMEX:COR) to Market Perform from Underperform citing the company's progress towards renewing its pipeline and notes that results from two proof-of-concept studies assessing acute administration of COR's lead AMPAKINE molecule are expected in the coming months.
- Citigroup upgraded shares of Royal Bank of Scotland (NYSE:RBS) to Buy from Hold on valuation following the recent weakness, as they believe the sell-off has been excessive.
- Suntrust raised Trex (NYSE:TWP) to Buy from Neutral based on management's turnaround efforts, expectations for increased market share in composite decking, and valuation, among other reasons.
OTHER UPGRADES:
- Friedman Billings upgraded Hot Topic (NASDAQ:HOTT) to Outperform from Market Perform.
- Lehman raised UAL Corp (NASDAQ:UAUA) and Northwest Airlines (NWA) to Overweight from Equal Weight.
- Goldman added Eli Lilly (NYSE:LLY) to its Conviction Buy List.
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