MOST NOTEWORTHY: RF Micro Devices, Inc (RFMD), Bristol-Myers Squibb Co (BMY), Colgate-Palmolive Co (CL), EarthLink. Inc (ELNK) and Hutchinson Technology Inc (HTCH) were today's more noteworthy upgrades:
- CIBC upgraded shares of RF Micro Devices Inc (NASDAQ: RFMD) to Sector Outperformer from Sector Performer as the firm expects the company to benefit from improving late CY07 trends.
- Deutsche Bank upgraded shares of Bristol-Myers Squibb Co (NYSE: BMY) as the firm believes strong Q1 results suggest sustained earnings recovery may be ahead.
- AG Edwards believes Colgate's (NYSE: CL) cost cutting efforts have been paying off, creating a greater "position of strength" for the company, upgrading shares of to Buy from Hold.
- Cowen raised EarthLink Inc (NASDAQ: ELNK) to Neutral from Underperform, believing downside was limited given core business cash flow.
- Hutchinson Technology Inc (NASDAQ: HTCH) was upgraded to Hold from Sell at W.R. Hambrecht, believing their thesis has played out and that further risks to estimates are priced into shares at current levels...
OTHER UPGRADES:
- Ciena Corp (NASDAQ: CIEN) was upgraded to Overweight from Market Weight at Thomas Wiesel, citing accelerated strength growth specific opportunities and improving sector fundamentals.
- Banc of America raised shares of M&T Bank Corp (NYSE: MTB) to Neutral from Sell.
- Longbow Research upgraded shares of Cummins Inc (NYSE: CMI) to Neutral from Sell.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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