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VVC posts

Analyst upgrades, downgrades and initiations: BKC, GPS, JCP, MMM, RF, UBS ...

Analyst upgrades:

UBS upgraded Wendy's/Arby's (NYSE: WEN) to Buy from Neutral and raised its target to $5.50 from $4.90 based on improving sales momentum at Wendy's and potential improvements at Arby's.
Goldman upgraded 3M (NYSE: MMM) to Buy from Neutral and raised its target to $85 from $78. The firm cites 3M's short-cycle exposure and relative valuation for the upgrade.
Thomas Weisel upgraded JCPenney (NYSE: JCP) to Market Weight from Underweight citing comfort in the company's intermediate-term recovery potential.
UBS AG (NYSE: UBS) was upgraded to Buy from Hold at ING Group.
Gap (NYSE: GPS) was upgraded to Overweight from Equal Weight at Barclays.
Alliance Healthcare (NYSE: AIQ) was upgraded to Outperform from Market Perform at Wells Fargo.

MOST NOTEWORTHY: WellCare Health, Beacon Power, Tuesday Morning, West Pharmaceutical Services and Vectren were today's noteworthy upgrades:

Jefferies upgraded shares of WellCare Health (NYSE: WCG) to Buy from Hold, as they believe the investigation could most likely result in fines as opposed to the loss of contracts with the company's government customers.
Merriman raised its rating on Beacon Power (NASDAQ: BCON) to Buy from Neutral, as they believe the company is well-positioned for significant penetration of the growing frequency regulation markets.
Piper upgraded shares of Tuesday Morning (NASDAQ: TUES) to Outperform from Market Perform as they believe the company's sales and margins trends are stabilizing.
UBS upgraded West Pharmaceutical Services (NYSE: WST) to Buy from Neutral on valuation.
Citigroup upgraded shares of Vectren (NYSE: VVC) to Buy from Hold, as they believe 2008 will be an inflection point with the share issuance and rate relief aiding earnings.