Apache ( APA) upgraded at Credit Suisse to Outperform from Neutral based on valuation and company's position to consolidate distressed assets. Maintained $72 target price.

Coca-Cola Enterprises ( CCE) upgraded at Goldman Sachs to Buy from Neutral based on valuation and limited downside risk to earnings. Concerns over U.S. soft drink fundamentals have weighed on sector since late 2007, leaving room for upside on positive change in sentiment. Price target at $13.

Compass Minerals ( CMP) upgraded at Oppenheimer to Outperform. $61 price target. Stock remains attractively valued, even without the takeover potential.

Edison International ( EIX) upgraded at Merrill/BofA to Buy. $32 price target. Company has strong growth, and offers a better way to play California than PCG.

Goodrich ( GR) upgraded at Goldman Sachs to Buy from Neutral based on favorable aftermarket exposure. Expect growth in free cash flow and multiple expansion as earnings trough in 2010. Price target raised to $42 from $30.

J.P. Morgan ( JPM) rated new Outperform at Credit Suisse following positive meeting with management. Sets $45 target price.

King Pharmaceuticals ( KG) upgraded at Wachovia from Market Perform to Outperform. Pipeline of abuse-deterrent opioids should help drive growth.

Legg Mason ( LM) downgraded at Merrill/BofA to Underperform from Neutral as stock has exceeded price target of $11. LM has rallied 26% in the last week, and ML still sees significant challenges in terms of performance and net flows, and perhaps distribution. ML is forecasting large outflows of close to $38bn in the March quarter - better than the devastating December quarter when Legg lost $77bn, but still equivalent to an annualized loss rate of 22%.

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