Burlington Northern Santa Fe ( BNI) was upgraded at JP Morgan to Overweight from Neutral. Analyst believes BNI growth story will be driven by pricing and productivity gains, and less so on volume growth. JPM notes that falling fuel prices provide meaningful EPS support for BNI, which is not fully covered by surcharge due to legacy contracts. JPM believes a more appropriate valuation should be 13x 2009 EPS vs. current 11.8x forward P/E. Costco ( COST) was upgraded at Goldman Sachs to Buy from Neutral based on valuation after recent selloff. Believe warehouse model offers advantages in current challenging economic environment. Note potential for solid sales store sales numbers compared to peers. Price target raised to $72 from $68. Salesforce.com ( CRM) was initiated with an Equal-weight rating at Morgan Stanley. Stock trades at a 30% premium to its peers, and its facing difficult fourth quarter comps. CSX ( CSX) was upgraded at JPM to Overweight from Neutral. JPM believes recent sharp pullback and high earnings visability create a buying opportunity. JPM believes CSX's pricing and productivity strengths will be key EPS drivers, despite weak volumes for the next 2 years. According to JPM, CSX is currently trading at a 10.6x forward P/E vs. average historical forward range of 11x-15x. Merrill Lynch ( MER) was downgraded at Citi to a Hold to reflect pending Bank of America ( BAC) acquisition of Merrill. Citi belives that MER/BAC will close and price target is set at $31.25 based on BAC's current price of $36.37 X conversion ratio of 0.8595. Risk rating raised to High inline with Citi's investment rating of BAC.