Analyst upgrades:
- Jefferies upgraded SAP (NYSE: SAP) to Buy from Hold on expectations license declines will trough in Q2 and margins will expand going forward due to cost control and price increases. The firm has a $46 price target on shares.
- BofA/Merrill upgraded STMicroelectronics (NYSE: STM) to Buy from Underperform on expectations the company will benefit from improving industry fundamentals in 2010.
- Citigroup upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the firm's positive copper outlook, as well as valuation following the recent pullback in shares. The firm has a $58 price target on the stock.
- Phototronics (NASDAQ: PLAB) was upgraded to Buy from Neutral at UBS.
- Anglo American (NASDAQ: AAUK) was raised to Hold from Sell at RBS.
- Peabody Energy (NASDAQ: BTU) was upgraded to Buy from Neutral at Goldman.
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