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Credit Suisse First Boston analyst Scott Morrison upgraded the steel sector today, saying the group "is set to have a strong cyclical rally over the next year as pricing and volumes in the U.S. industry recover from extremely depressed levels." He upgraded three companies to buy from hold: AK Steel (AKS) , Nucor (NUE) and Worthington Industries (WOR) .

Upgrades

BB&T

(BBT)

: UP to intermediate-term accumulate from intermediate-term neutral at

Merrill Lynch

.

Commerce Bancorp

(CBH)

: UP to intermediate-term accumulate from intermediate-term neutral at Merrill Lynch.

Triton Energy

(OIL)

: UP to intermediate-term buy from accumulate at Merrill Lynch.

Downgrades

Radio Shack

(RSH)

: DOWN to market performer from market outperformer at

Goldman Sachs

.

Tellabs

(TLB)

: DOWN to long-term attractive from buy at

Robertson Stephens

.

Initiations

Encore Acquisition

(EAC)

: NEW recommended at Goldman Sachs.