Analyst upgrades:- Citigroup upgraded Sunoco Logistics (NYSE: SXL) to Buy from Hold on valuation and raised its target on shares to $60 from $56.50. The firm sees better value in Sunoco Logistics than Enbridge Energy Partners (NYSE: EEP), which it downgraded to Hold.
- BofA/Merrill believes Raytheon (NYSE: RTN) offers the most potential upside in the larget cap defense sector. The firm upgraded shares to Buy from Neutral and has a $62 target on the stock.
- Roth Capital upgraded Nvidia (NASDAQ: NVDA) to Buy from Hold based on seasonality, multiple product cycles, and valuation. Roth's target remains $15.
- Oracle (NASDAQ: ORCL) was upgraded to Buy from Hold at Societe Generale.
- EnerNOC (NASDAQ: ENOC) was upgraded to Outperform from Neutral at RW Baird.
- American Express (NYSE: AXP) was upgraded to Neutral from Underweight at JP Morgan.
Analyst downgrades:
- Citigroup downgraded Enbridge Energy (NYSE: EEP) to Hold from Buy on valuation, seeing better value in Sunoco Logistics (NYSE: SXL), which it upgraded to Buy. Citi's target price on Enbridge Energy remains $40.
- Goldman downgraded Scientific Games (NASDAQ: SGMS) to Neutral from Buy and lowered its target to $17 from $22 due to the Italian lottery contract overhang and lower EPS.
- UBS downgraded Medarex (NASDAQ: MEDX) to Neutral from Buy based on valuation. Despite the downgrade, the firm raised its target on shares to $8.75 from $8.25.
- Motorola (NYSE: MOT) was downgraded to Neutral from Buy at Goldman.
- Philip Morris (NYSE: PM) was downgraded at Nomura to Neutral from Buy.
- ASML Holding (NASDAQ: ASML) was downgraded to Neutral from Overweight at Piper Jaffray.
- Janney Montgomery initiated Essex Property Trust (NYSE: ESS) with a Neutral rating and $65 target based on valuation.
- Auriga is concerned about Cisco's (NASDAQ: CSCO) long-term growth potential due to an increasingly competitive environment and the inability of customers to monetize traffic growth. Shares were initiated with a Hold rating and $21 target.
- RBC Capital initiated Qualcomm (NASDAQ: QCOM) with an Outperform rating and $55 target. The firm believes Qualcomm is well positioned to gain additional 3G and 4G wireless market share, and recommends buying the stock on weakness.
- CarMax (NYSE: NYSE: KMX) was initiated with a Buy rating and $19.50 target at Rochdale.
- Darden (NYSE: DRI) was initiated with a Neutral rating and $37 target at Credit Suisse.
- Cerner (NASDAQ: CERN) was initiated with an Outperform rating at William Blair.
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