Greenhill upgraded at UBS: UBS upgraded GHL to Neutral from Reduce given their 33% sell off over the past few months. Maintained $52 price target. WW Grainger downgraded at Baird: GWW was downgraded from Outperform to Neutral, Robert Baird said. $72 price target. Estimates also cut, to reflect the company new margins. Earnings quality is also on the decline. ITT upgraded at Merrill: Rating on ITT was boosted from Neutral to Buy, Merrill Lynch said. $55 price target. Stock is trading at a 10% discount to its peers, though the company's business portfolio should hold up well during a consumer downturn. Noble Energy upgraded at CSFB: CSFB said it is upgrading NBL to Neutral from Underperform citing improved free cash flow. Raised target price to $46 from $41. National Semi downgraded at FBR: Friedman, Billings, Ramsey said it is downgrading NSM to Market Perform from Outperform due to weaker than expected demand in the handset segment. Price target lowered to $22 from $32. Palm upgraded at Bear Stearns: Bear Stearns said it is upgrading PALM to Peer Perform from Underperform based on valuation. Sees potential catalysts ahead but challenges remain. Says fair value range is between $14 and $15 a share. Sina upgraded at Weisel: SINA was upgraded from Peer Perform to Outperform, Thomas Weisel said. Company continues to be the top name in branded Chinese advertising. Increased competition from China Mobile has already been reflected in the stock. Texas Instruments downgraded at FBR: FBR downgraded TXN to Market Perform from Outperform noting signs of handset component weakness seen in early June continue to expand. Lowered price target to $27 from $40. UST upgraded at UBS: UBS upgraded UST to Buy from Neutral since they expect a substantial cost saving initiative. Price target was raised to $56 from $42 and 2006 estimates were raised to $3.13 from $3.11 and 2007 estimates were raised to $3.44 from $3.24.