Analyst upgrades:
- Jefferies upgraded Autodesk (NASDAQ: ADSK) to Buy from Hold after the firm's channel checks indicated the company's business is stabilizing. Jefferies raised its target on shares to $27 from $20.
- Citigroup upgraded Veeco (NASDAQ: VECO) to Buy from Hold on expectations LED order momentum will continue and cost discipline will help margin leverage. Citi raised its target on shares to $24 from $8.
- Deutsche Bank upgraded Domtar (NYSE: UFS) to Buy from Hold on expectations earnings will improve meaningfully over the next year. The firm keeps a $24 price target on the stock.
- Varian (NASDAQ: VARI) was upgraded to Equal Weight from Underweight at Barclays.
- Air Products (NYSE: APD) was upgraded to Overweight from Neutral at JPMorgan.
- U.S. Steel (NYSE: X) was upgraded to Buy from Neutral at Goldman.
Analyst downgrades:
- FBR Capital downgraded Deutsche Bank (NYSE: DB) to Market Perform from Outperform following the Q2 results as the firm sees limited upside for the remainder of the year.
- Baird downgraded Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform citing the suspension of MPC from participating in federal programs and its impact on revenues. The firm has a $23 target on the stock.
- Citigroup downgraded Lennar (NYSE: LEN) to Hold from Buy on valuation following the recent rally and maintains a $12 price target on the stock.
- MetLife (NYSE: MET) was downgraded to Neutral from Buy at BofA/Merrill.
- Credit Suisse (NYSE: CS) was downgraded to Underperform from Market Perform at FBR Capital.
- Perrigo (NASDAQ: PRGO) was downgraded to Neutral from Outperform at Credit Suisse.
Analyst initiations:
- Merriman initiated Celgene (NASDAQ: CELG) with a Buy rating. The firm believes recent data from Revlimid pivotal trials should drive investor interest in Celgene and set a $60-$66 target on the stock.
- Merriman also initiated Poniard Pharm (NASDAQ: PARD) with a Buy rating. The firm is positive on Poniard given its wholly-owned, late-stage asset picoplatin and set a $14-$16 target range on the stock.
- Morgan Joseph thinks that Amgen's (NASDAQ: AMGN) recent announcement of positive results from its FREEDOM trial shows that the company is capable of generating blockbuster drugs. The firm thinks the company has a strong pipeline and assumed coverage with a Buy rating and $77 target.
- TreeHouse Foods (NYSE: THS) was initiated with a Hold rating at KeyBanc.
- Scripps Networks (NYSE: SNI) was initiated with a Buy rating and $38 target at Deutsche Bank.
- Limelight Networks (NASDAQ: LLNW) was initiated with a Market Perform rating at JMP Securities.
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