UPGRADES:
JP Morgan upgrades Office Depot (NYSE: ODP) from Neutral to Overweight. Click here for more color on the upgrade.

Goldman Sachs upgrades J. Crew Group, Inc. (NYSE: JCG) from Sell to Neutral and took the stock off its Conviction Sell List. The stock was also upgraded to Hold at Brean Murray.

JP Morgan upgrades News Corp (Nasdaq: NWSA) from Neutral to Overweight with a $12 price target.

Keefe, Bruyette & Woods upgrades Morgan Stanley (NYSE: MS) to Outperform. Price target $35. Click here for the full report.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
UBS downgrades Level 3 Communications