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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: Petrohawk Energy Corp (HAWK), Time Warner Cable Inc (TWC) and GameStop Corp (GME) were today's notable initiations:

Jefferies initiated Petrohawk Energy Corp (NASDAQ: HAWK) with a Buy rating and $14.50 target, as the firm believes Petrohawk has the right assets to pursue the "acquire-exploit-self" strategy well.

Bear Stearns started Time Warner Cable (NYSE: TWC) with a Peer Perform rating.

GameStop Corp (NYSE: GME) was initiated with a Buy rating and $67 target at Nollenberger.

OTHER INITIATIONS:

Credit Suisse started CarMax, Inc (NYSE: KMX) with a Neutral rating and $55 target.

Jefferies considers Ultra Petroleum Corp (AMEX: UPL) the most dominant company in the Pinedale Anticline, the nation's second largest natural gas field and they expect 2007 to be a pivotal year. The firm initiated Ultra Petroleum with a Buy rating and $64 target.

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