Wells Fargo: Analysts' Upgrades, Downgrades

Palm(PALM) was upgraded to Buy, MKM Partners said. $20 price target. See a better carrier outlook and strong channel checks.

Verifone(PAY) was upgraded from Market Perform to Outperform, Raymond James said. $18 price target. Company should see higher growth in North America. PAY price target improved by a dollar to $18, Barclays said. 2010 EPS estimate increased to $1.10. Reiterate Overweight rating.

Rating on Qwest(Q) was raised from Neutral to Buy, UBS said. $5.50 price target. Valuation call, as stable cash flow will allow the company to de-lever.

Coverage of Wendy's/Arby's(WEN) was started with an Outperform rating, Oppenheimer said. $5.50 price target. Company is in the early stages of a turnaround.

Wells Fargo(WFC) was upgraded to Buy, Deutsche Bank said. $36 price target. Company likely had a good fourth quarter and is positioned well to gain market share. WFC estimates were increased through 2011, FBR Capital Markets said. TARP repayment is a step in the right direction. Underperform rating and new $21 price target.

Coverage of Zions Bancorporation(ZION) was started with a Sell rating, UBS said. $10 price target. Company faces relatively higher securities losses.

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