Analyst upgrades: Steel Dynamics, Nucor, Nokia, Wachovia

Filed under: Analyst reports, Analyst upgrades and downgrades, Nokia Corp. (NOK), Wachovia Corp (WB), Nucor Corp (NUE)

MOST NOTEWORTHY:

• UBS upgraded Steel Dynamics (NASDAQ: STLD) and Nucor (NYSE: NUE) to Buy from Neutral and added them to their Short-Term Buy list citing oversold valuations and the belief that both will beat Q2 Street estimates and guide higher.


• Dresdner Kleinwort upgraded shares of Nokia (NYSE: NOK) to Buy from Add as they believe the company's second half of the year looks strong due to new product launches.
  


• Merrill Lynch upgraded Wachovia (NYSE: WB) to Neutral from Underperform on valuation as they believe credit headwinds are priced into the stock at current levels. Merrill also thinks WB would make a "good fit" for JP Morgan (JPM) and puts a realistic acquisition value on the company of $16-$20 per share.

• Verisign (NASDAQ: VRSN) was upgraded at Baird to Outperform from Neutral.
  


• Lehman upgraded Penn Virginia (NYSE: PVG) to Overweight from Equal Weight.
  


• Piper raised SGX Pharmaceuticals (NASDAQ: SGXP) to Neutral from Sell.

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