RATINGS CHANGES

Bank of America (BAC) - Get Report was upgraded to buy at Societe Generale. $31.50 price target. The company should see higher net interest income in the next several quarters, Societe said. 

Fluor (FLR) - Get Report was upgraded to buy from hold at Deutsche Bank. $63 price target. The company is leveraged to a recovery in oil and gas bookings, Deutsche said. 

Merck (MRK) - Get Report was upgraded to overweight from equal-weight at Morgan Stanley. $71 price target. Expect that immuno-oncology can accelerate growth, Morgan said. 

Merck was upgraded to overweight from neutral at Piper Jaffray. $72 price target. Expect conditional approval for Keytruda by May, Piper said. 

Morgan Stanley (MS) - Get Report was upgraded to buy at Societe Generale. $60 price target. The company should benefit from a steeper yield curve in the next several quarters, Soc Gen said. 

Northrop Grumman (NOC) - Get Report was downgraded to hold from buy at Jefferies. The valuation is less attractive, based on a $243 price target, Jefferies said. 

Polaris (PII) - Get Report was upgraded to outperform from market perform at BMO Capital. $100 price target. The company is seeing several improvements in the off-road vehicle business, BMO said. 

Phillips 66 (PSX) - Get Report was downgraded to hold at TheStreet Ratings. You can view the full analysis from the report here: PSX.

Southwest Gas (SWX) - Get Report was downgraded to underperform at Jefferies. The valuation is less attractive, based on a $65 price target, Jefferies said. 

Valero (VLO) - Get Report was downgraded to hold from buy at Jefferies. The valuation is less attractive, based on a $67 price target. 

Vectren (VVC) was upgraded to overweight at Keybanc. $62 price target. The growth outlook is improving, as well as demand for pipelines, Keybanc said. 

U.S. Steel (X) - Get Report was downgraded to market weight from overweight at Credit Suisse. $30 price target. The industry will likely experience rising supply in the coming quarters, Credit Suisse said. 

This article was written by a staff member of TheStreet.