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Analyst upgrades:
- Citigroup upgraded Advanced Micro (NYSE: AMD) to Buy from Hold and raised its target to $5.50 from $4.25 citing valuation and expectations for the company's competitive position and gross margins to improve.
- Barclays upgraded American Express (NYSE: AXP) to Overweight from Equal Weight citing long-term earnings growth as the company benefits from declining charge-offs and credit costs. The firm has a $38 target on the stock.
- JPMorgan upgraded Arch Coal (NYSE: ACI) to Overweight from Neutral and raised its target to $22 from $19 citing the FTC approval for the acquisition of Jacobs Ranch mine and valuation.
- Bebe Stores (NASDAQ: BEBE) was upgraded to Overweight from Equal Weight at Stephens.
- Cheesecake Factory (NASDAQ: CAKE) was upgraded to Neutral from Underweight at Piper Jaffray.
- Ashland (NYSE: ASH) was upgraded to Buy from Hold at KeyBanc.
Analyst downgrades:
- Deutsche Bank downgraded Nokia (NYSE: NOK) to Hold from Buy citing expectations for increased Q4 competitive pressures in smartphones. The firm notes that the seasonally important Q4 will see an increase of 15-20 competitor models and that Nokia's refresh will be inadequate for any share gains.
- Citigroup downgraded Natural Resource Partners (NYSE: NRP) to Sell from Hold citing concerns the company will cut the distribution payout. The firm cut its target to $16.50 from $22.
- Thomas Weisel downgraded Stryker (NYSE: SYK) to Market Weight from Overweight citing relative valuation and slowing growth from its MedSurg division. Note the firm upgraded Zimmer (NYSE: ZMH) to Overweight from Market Weight.
- Toll Brothers (NYSE: TOL) was downgraded to Hold from Buy at Citigroup.
- PNC Financial (NYSE: PNC) was downgraded to Market Perform from Outperform at Bernstein.
- Cree (NASDAQ: CREE) was downgraded to Hold from Buy at Kaufman Bros.
Analyst initiations:
- Merriman initiated WPCS International (NASDAQ: WPCS) with a Buy rating. The firm thinks the company's top and bottom line performance is poised to improve due to its exposure to the government and health care sectors.
- CareFusion (NYSE: CFN) was initiated with a Neutral rating at Credit Suisse.
- U-Store It Trust (NYSE: YSI) was reinstated with a Neutral rating and $6.40 target at BofA/Merrill.
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