The Globe and Mail reports in its Friday, Sept. 9, edition that CIBC World Markets analyst Robert Catellier upgraded Spectra Energy ($43.98), citing the benefits of its proposed merger with Enbridge (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that Mr. Catellier, moving his rating to "sector outperformer" from "sector performer," says the deal is favourable for Spectra shareholders "given the premium valuation offering, potential upside, accelerated dividend growth profile, and risk mitigation through geographic and asset diversification." He moved his target to $55 from $36. Analysts on average target the shares at $39. Elsewhere, Goldman Sachs analyst Theodore Durbin downgraded the stock to "neutral" from "buy" and raised his target to $42 from $39. Raymond James analyst Darren Horowitz lowered his rating to "outperform" from "strong buy" with a target of $44, up from $40.