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Analyst upgrades 7-06-07: BP, RDS.A and RJF

MOST NOTEWORTHY: Royal Dutch Shell (RDS.A, RSD.B) and Overseas Shipholding Group (OSG) were today's noteworthy upgrades:

Deutsche Bank upgraded shares of Royal Dutch Shell (NYSE: RDS.A, RDS.B) to Buy from Hold to reflect improved earnings momentum from higher oil prices and strong refining margins.

JP Morgan raised Overseas Shipholding (NYSE: OSG) to Overweight from Neutral following meetings with management to reflect uncovered value in vessels the company leases from other shipping lines...

OTHER UPGRADES:

Wachovia upgraded shares of Raymond James Financial (NYSE: RJF) to Outperform from Market Perform.

Union Drilling Inc (NASDAQ: UDRL) was raised to Peer Perform from Underperform at Bear Stearns.

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

MOST NOTEWORTHY: Four specialty retailers initiated at FTN Midwest were today's most noteworthy moves in the market:

FTN Midwest initiated shares of Ethan Allen Interiors Inc (NYSE: ETH), Pier 1 Imports (NYSE: PIR) and Bed Bath & Beyond Inc (NASDAQ: BBBY) with Neutral ratings and Williams-Sonoma Inc (NYSE: WSM) with a Buy rating.

OTHER INITIATIONS:

BMO Capital started Bronco Drilling Co (NASDAQ: BRNC), Pioneer Drilling Co (AMEX: PDC) and Union Drilling, IncNASDAQ: UDRL) with Outperform ratings.

CIBC started Chemtura Corp (NYSE: CEM) with a Sector Underperformer rating and $11 target on valuation.

C.E. Unterberg started Altus Pharmaceuticals Inc (NASDAQ: ALTU) with a Buy rating and $12 target, believing the company's efforts to develop the first juvenile formulation of a pancreatic enzyme will be a key growth driver.

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