Anadarko ( APC) upgraded at Merrill/BofA from Neutral to Buy. $57 price target. Stock has digested the recent equity offering, and the company will benefit from higher oil prices. BJ's Wholesale Club ( BJ) downgraded at Goldman to sell from neutral and price target reduced to $33 from $39. Goldman expects BJ to be a relative underperformer within coverage given 1) slowing core SSS against challenging comparisons, 2) decelerating EPS growth and 3) a 2H2009 shift in earnings momentum towards discretionary retailers, likely leaving defensive names like BJ as a source of funds. Downgrade attributed to sector-relative idea with no structural issues. CenturyLink ( CTL) upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $35 from $28. 2009 EPS estimates lowered to $3.16 from $3.20. Dick's Sporting Goods ( DKS) upgraded at Goldman from Neutral to Buy. $20 price target. Stock has sold off with its peers, but remains a premium player in retail. Hess ( HES) upgraded at Barclays. Rating raised to Overweight from Equal Weight. Maintains $75 price target. Increases 2009 EPS estimates to $0.50 from -$0.15. Keycorp ( KEY) upgraded at Keefe, Bruyette & Woods from Market Perform to Outperform. $8 price target. Stock is one of the more inexpensive banks, and the company now has a capital buffer. Kohl's ( KSS) upgraded at Goldman Sachs to a buy from neutral and price target increased to $50 from $44. As an aspirational/desperational winner and Mervyn's consolidation beneficiary, KSS should continue to outperform, averaging SSS declines of (2.7%) since Jan. vs. its department store peers' declines of (8.8%). Assuming 2-yr trends across revenue and GM hold firm, there is upside to estimates and, as such, are raising 2009/2010 EPS estimates to $2.76 and $3.02 from $2.63 and $2.83. Against these revisions, KSS trades at a compelling 14.1X 2010 EPS, below the 2/5 year averages of 14.3X/17.3X, respectively, providing a compelling entry point for shares.