Some noteworthy upgrades and downgrades this morning:
Deutsche Bank upgraded GM (NYSE:GM), Robert Baird upgraded UPS (NYSE:UPS), and CIBC and Bank of America both downgraded US Steel (NYSE:X). As shown below, Deutsche Bank is not afraid to make a recommendation on GM. Since June 2004, they have issued 60 calls on the stock. However, today is the first time they have rated it a Buy.
Both CIBC and Bank of America have had Buy recommendations on US Steel throughout its recent six-month price run-up. Their downgrades come at a time when the stock is extremely overbought.