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Analyst upgrades: Legg Mason, Panacos Pharma, PepsiAmericas

MOST NOTEWORTHY: Legg Mason, Panacos Pharma and PepsiAmericas were today's noteworthy upgrades:

Wachovia upgraded Legg Mason (NYSE: LM) to Market Perform from Underperform citing valuation, new CEO change, and reduced Citigroup (NYSE: C) ownership.
Bear upgraded Panacos Pharma (NASDAQ: PANC) to Outperform from Peer Perform citing renewed confidence in Bevirimat, an HIV inhibitor, following analysis of Phase IIb data. The firm expects a partnership for Bevirmat to be the next catalyst.
Deutsche Bank raised PepsiAmericas (NYSE: PAS) to Buy from Hold shares on valuation, as they believe the recent weakness is overdone.

OTHER UPGRADES:

Fannie Mae (NYSE: FNM) was raised to Equal Weight from Underweight at Morgan Stanley.
Friedman Billings added Great Atlantic & Pacific Tea (NYSE: GAP) to its FBR Top Picks List.
Jabil Circuit (NYSE: JBL) was upgraded to Neutral from Sell at Merrill Lynch.

MOST NOTEWORTHY: Kohl's (NYSE:KSS) and Juniper Networks (NASDAQ:JNPR) were today's most notable downgrades:

Kohl's was downgraded to Neutral from Outperform at Robert W Baird due to difficult comps, less benefit from key 2006 drivers and warmer weather.
Juniper Networks was downgraded to Sector Performer from Sector Outperformer at CIBC World Markets as there is limited share upside due to competition from the Redback Networks (NASDAQ:RBAK) /Ericsson (NASDAQ:ERIC) combination and a reduced possibility of an acquisition premium.

OTHER DOWNGRADES:

Panacos Pharmaceuticals (NASDAQ:PANC) was downgraded at Bear Stearns, Think Equities, RBC Capital Markets, Leerink Swann and Caris & Co. after the company released disappointing Phase II Bevirmat data.

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