Analyst Upgrades

• Deutsche Bank upgraded Murphy Oil (MUR) to buy from hold following the company's analyst day. In addition, the firm raised its target for shares to $70 from $59.
• SunTrust upgraded Petroleum Development (PETD) to buy from neutral based on higher price realizations. The firm has a $31 target on the stock.
• Sterne Agee upgraded P.F. Chang's (PFCB) to buy from neutral, citing valuation and SSS momentum. The firm has a $54 target on the stock.
• Royal Bank of Scotland (RBS) was upgraded to neutral from underperform at Credit Suisse.
• PepsiCo (PEP) was upgraded to conviction buy from buy at Goldman.
• Baytex Energy Trust (BTE) was upgraded to buy from speculative buy at Canaccord.
• Disney (DIS) was upgraded to hold from sell at Citigroup.

Analyst upgrades:

• Stephens upgraded Emergency Medical Services (NYSE: EMS) to Overweight from Equal Weight on valuation as they believe shares are undervalued at current levels. The firm has a $42 target on the stock.
  
• Deutsche Bank upgraded Deutsche Telekom (NYSE: DT) to Buy from Hold ahead of the company's earnings report as they expect the results to provide confidence in the dividend.
  
• Baird upgraded CoPart (NASDAQ: CPRT) to Outperform from Neutral due to the defensive nature of the salvage auction market, strong balance sheet, and potential growth beyond salvage and outside the U.S.
• First Financial (NASDAQ: FFBC) was raised to Market Perform from Underperform at Keefe Bruyette.
  
• GPC Biotech (NASDAQ: GPCB) was upgraded at Piper Jaffray to Neutral from Sell.
  
• Smith & Nephew (NYSE: SNN) was upgraded to Buy from Hold at Citigroup.

MOST NOTEWORTHY: Seagate Technology (STX), SAP AG (SAP), Western Digital (WDC), BAE Systems (BAESY) and Manpower (MAN) are today's noteworthy upgrades:

• Hambrecht upgraded shares of Seagate Tech (NYSE: STX) on improving demand and second half of 2007 prospects. Bear Stearns upgraded shares to Outperform from Peer Perform based on stabilizing industry conditions.

• ING upgraded shares of SAP AG (NYSE: SAP) to Buy from Hold shares to reflect the migration within the company's large installed base and growing opportunities in the small business market.

• Hambrecht upgraded Western Digital (NYSE: WDC) to Buy from Hold on improving demand for 2H07 growth prospects.

• HSBC raised BAE Systems (OTC: BAESY) off the ground, upgrading shares to Neutral from Underweight.

• Banc of America upgraded Manpower (NYSE: MAN) to Buy from Neutral to reflect the change in French payroll tax subsidies, which they view as a positive change to the company's ongoing margin structure.

OTHER UPGRADES:

• First Albany upgraded ATMI Inc (NASDAQ: ATMI) to Buy from Hold.

• The Medicines Co (NASDAQ: MDCO) was raised to Sector Perform from Underperform at RBC Capital.

• Sonic Solutions (NASDAQ: SNIC) was upgraded to Buy from Hold at Kaufman.

• ThinkEquity upgraded Interwoven (NASDAQ: IWOV) to Accumulate from Source of Funds.

• BB&T upgraded Omnicell (NASDAQ: OMCL) to buy from Hold.

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