Janco today upgraded Level 3 (LVLT) to "market perform" from "sell" and indicated it did not what to be short the stock going into earnings, according to Briefing.com. The firm put a price target on LVLT of $5.

Funny coincidence. Goldman Sachs repeated its rating of "neutral" on Monday and also set a price target of $5.

The ratings have extra drama because the stock is up, trading at $6.69 a day before quarterly results are released. If both brokers are right, the shares is going to have a pretty rapid 25% drop.

As a reminder, Level 3 was Cramer’s TOP Speculative Pick for 2007 back in January.  So whatever happens, you know he’ll be out covering it in depth.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.