AFL was upgraded to Overweight, Morgan Stanley said. Valuation call, as the industry can start to deliver sales growth and ROE expansion in 2010.

CBE was upgraded from Underperform to Market Perform, Friedman, Billings Ramsey said. Company is restructuring, has leverage to grid spending and seeing high international growth.

HES was upgraded from Equal-weight to Overweight, Morgan Stanley said. $75 price target. Valuation call, based on the company's leverage to oil and potential exploration catalysts in the second half of 2010.

LINTA was upgraded from Hold to Buy, Citigroup said. $13.25 price target. Company is still growing EBITDA, even though the consumer environment is challenging.

MLM was upgraded from Neutral to Buy, UBS said. $102 price target. See more federal road spending in 2010, leading to volume and margin growth.

STP was upgraded from Sell to Hold, Soleil Securities said. $13.50 price target. Company is seeing higher shipments and benefiting from the weaker dollar.

VMC was upgraded from Neutral to Buy, UBS said. Stock has pulled back, though the company should benefit from federal road spending in 2010. $57 price target.

Shares of CLF now seen reaching $51, according to Citigroup. Spot iron ore prices in China suggest that contract prices could be up 40%. Buy rating.