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MOST NOTEWORTHY: NYMEX, Imperial Chemical, Qualcomm and Infineon were today's noteworthy upgrades:
- Citigroup upgraded shares of NYMEX (NYSE: NMX) to Buy from Hold following the recent share weakness, as they believe record high oil will bring a period of extended energy volatility. Citigroup also believes NMX is the most likely takeover candidate among U.S. exchanges.
- JP Morgan raised its rating on Imperial Chemical (OTC: ICIYY) to Neutral from Overweight, as they believe the deal with Akzo Nobel (OTC: AKZOY) will go through and is positive for shareholders.
- JP Morgan also raised Qualcomm (NASDAQ: QCOM) to Overweight from Neutral to reflect the strong outlook for the QCT chip business as well as Qualcomm's product pipeline.
- Merrill Lynch upgraded shares of Infineon (NYSE: IFX) to Buy from Neutral on valuation, as they believe the current share price factors in no value for the company's 77.5% stake in Qimonda (NYSE: QI).
OTHER UPGRADES:
- Citigroup upgraded the bank sector to Overweight from Market Weight.
- UBS upgraded Caterpillar (NYSE: CAT) to Neutral from Sell.
- Credit Suisse upgraded VASCO Data Security (NASDAQ: VDSI) to Outperform from Market Perform.
- Best Buy (NYSE: BBY) was raised to Outperform from Market Perform at Wachovia.
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