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Analyst upgrades: VQ, NFX and RF

MOST NOTEWORTHY: Venoco, Newfield Exploration and Regions Financial were today's noteworthy upgrades:

Jefferies upgraded shares of Venoco (NYSE:VQ) to Buy from Hold on increased confidence in the company's 5%-10% 2008 production growth target.
Newfield Exploration (NYSE:NFX) was upgraded to Outperform from Market Perform at Friedman Billings. The firm said there has been significant progress in the economics of NFX's Woodford play.
Citigroup upgraded Regions Financial (NYSE:RF) to Hold from Sell on valuation, as they their concerns are now priced into shares.

OTHER UPGRADES:

MOST NOTEWORTHY: Sunoco, Primedia, WPP Group, Publicis and Newfield Exploration were today's noteworthy downgrades:

Sunco Inc (NYSE: SUN) was downgraded to Neutral from Buy at Banc of America, as the firm believes Sunoco's valuation discount is justified since its net margin/barrel is almost $2.50 below its closest peer due to inferior assets.
Deutsche Bank downgraded shares of Primedia Inc (NYSE: PRM) to Hold from Buy on valuation.
Citigroup downgraded shares of WPP Group (NASDAQ: WPPGY) to Hold from Buy and shares of Publicis Groupe (NYSE: PUB) to Sell from Hold to reflect their more cautious view of the advertising sector.
Goldman sees better catalysts at other E&Ps and downgraded Newfield Exploration Company (NYSE: NFX) to Neutral from Buy.

OTHER DOWNGRADES:

Jefferies downgraded Macrovision Corporation (NASDAQ: MVSN) to Hold from Buy.
Merrill Lynch downgraded American Eagle Outfitters (NYSE: AEO) to Sell from Neutral.
Citigroup downgraded Bachoco (NYSE: IBA) to Hold from Buy.
Wimm-Bill-Dan Foods (NYSE: WBD) was downgraded to Sell from Buy at UBS.

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