Analyst upgrades: NOC, PFWD and CLS

Filed under: Analyst reports, Analyst upgrades and downgrades, Wal-Mart (WMT), Wendy's Intl (WEN), Northrop Grumman (NOC)

MOST NOTEWORTHY:

• Cowen upgraded Northrop Grumman (NYSE: NOC) to Outperform from Neutral following the Q1 report based on accelerating growth. Shares were also upgraded at JP Morgan to Overweight from Neutral.
  


• Friedman Billings upgraded Phase Forward (NASDAQ: PFWD) to Outperform from Market Perform following the solid Q1 report and views guidance as beatable.
  


• CIBC raised Celestica (NYSE: CLS) to Sector Outperformer from Sector Performer following Q1 results, citing end markets that look stable.

• JP Morgan upgraded the Consumer Discretionary Sector to Overweight from Underweight.
  


• Wendy's (NYSE: WEN) was raised to Neutral from Sell at Goldman.
  


• Progenics Pharmaceuticals (NASDAQ: PGNX) was upgraded at Citigroup to Hold from Sell.
  


• Merrill Lynch raised Wal-Mart (NYSE: WMT) to Buy from Neutral.

<map name="google_ad_map_145-1177575"><area href="http://imageads.googleadservices.com/pagead/imgclick/145-1177575?pos=0" shape="rect" coords="1,2,367,28" /><area href="http://services.google.com/feedback/abg" shape="rect" coords="384,10,453,23" /></map>