Notable Upgrades/Downgrades/New Coverage 07/25

NOTABLE UPGRADES:
Goldman Sachs upgrades Illinois Tool Works (NYSE: ITW) from In-Line to Outperform, with a $51 price target.

Merrill Lynch upgrades Merck (NYSE: MRK) from Neutral to Buy.

Bear Stearns upgrades Ebay (Nasdaq: EBAY) from Peer Perform to Outperform with a $33 price target.

NOTABLE DOWNGRADES:
Merrill Lynch downgrades UPS (NYSE: UPS) from Buy to Sell

Jefferies downgrades Quest Diagnostics (NYSE: DGX) from Buy to Hold with a $65 price target.

Merrill Lynch downgrades Schering-Plough (NYSE: SGP) from Buy to Neutral

NOTABLE NEW COVERAGE:
Brean Murray initiates coverage on Maidenform Brands (NYSE: MFB) with a Strong Buy rating and $17 price target.

Oppenheimer initiates coverage on CalAmp (Nasdaq: CAMP) with a Buy and $10 price target.

JPMorgan initiates coverage on Golf Galaxy, Inc. (Nasdaq: GGXY) with an Underweight rating.

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