Analysts' Upgrades, Downgrades: MMM

Change In Ratings

Fulton Financial(FULT Quote) upgraded at KBW to market perform from underperform with $9 price target. While the company is expected to produce relatively weak second quarter results because of credit costs and margin pressure, much of this news is already locked into current valuation.

Marsh and McLennan(MMC Quote)upgraded at Citigroup to buy from hold at a $33 price target. The company has been upgraded due to margin expansion, positive macro-trends and new management. Also, there is the potential MMC will surprise the Street with a formal restructuring program, M&A or large share repurchase, enhanced EPS and cash flow and potential asset sales.

Bankrate(RATE Quote) upgraded at RBC to outperform rating from sector perform. However, the price target lowered to $36 from $53 and the fiscal 2008 revenue cut to $188.3 million from $203 million.

Safe Bulkers(SB Quote) rated new Outperform at Credit Suisse based on yield and built-in growth. Credit Suisse set a $25 target price.

Teva Pharma(TEVA Quote) added to Goldman's Conviction Buy List following Monday's 9% pullback on disappointing Copaxone results. Note the importance of Azilect to the near-term value, as well as the 5-year valuation low. Goldman set a price target at $56.

Valley National Bancorp(VLY Quote) upgraded at KBW to market perform from underperform and set a $14 price target. The company is now approaching their 12 month price target. In addition, valuation metrics are now more reasonable.

Western Digital(WDC Quote) upgraded at Merrill Lynch to buy from neutral at a $42 price objective. Fiscal 2009 EPS estimates were raised to $4.40 from $4.10. Improvements in internal efforts give confidence that earnings growth will continue in 2009 despite their challenging environment.