Lehman, J.P. Morgan Chase Upgrade Compaq

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Lehman Brothers

and

J.P. Morgan Chase

have upgraded

Compaq

(CPQ)

to a buy rating from market perform after the company reported earnings last night,

lowering sales guidance but not earnings guidance in the process. Lehman is buying this outlook, lowering its own revenue guidance but not earnings guidance in its downgrade. J.P. Morgan upped the company to a buy from long-term buy.