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MOST NOTEWORTHY: Smith International, Cerner and Coach were today's noteworthy upgrades:
- JP Morgan upgraded Smith International (NYSE: SII) to Overweight from Neutral citing better risk/reward vs. group, and upside to estimates from Latin America drilling and its deepwater rig fleet. Note that Oppenheimer downgraded shares of SII based on valuation.
- Jefferies believes Cerner Corp. (NASDAQ: CERN) in-line results and solid domestic bookings could alleviate the pressure on shares. Shares were raised to Buy from Hold.
- Shares of Coach Inc. (NYSE: COH) were raised to Buy from Hold at Citigroup, citing sales stabilization and compelling valuation.
OTHER UPGRADES:
- Medco Health (NYSE: MHS) was upgraded at Oppenheimer to Outperform from Perform.
- ThinkPanmure raised VMware Inc. (NYSE: VMW) to Buy from Accumulate.
- SunTrust Banks (NYSE: STI) was upgraded to Market Perform from Underperform at Keefe Bruyette.
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