Analyst upgrades:
- JPMorgan upgraded Barrick Gold (NYSE: ABX) and Goldcorp (NYSE: GG) to Overweight from Neutral following its gold valuation analysis. The firm set a $54 price target on Barrick shares and a $47 price target on Goldcorp shares.
- Thomas Weisel upgraded EMC Corp. (NYSE: EMC) to Overweight from Market Weight and raised its target to $24 from $15, citing the company's improving end market demand, competitive position, and valuation.
- Barclays upgraded AMR Corp. (NYSE: AMR) to Overweight from Equal Weight, citing the company's improved liquidity position and what they believe to be the beginning of a multi-year profit cycle for the sector. Despite the upgrade, the firm lowered its target to $14 from $20.
- Harley-Davidson (NYSE: HOG) was upgraded to Outperform from Market Perform at Wells Fargo.
- Toshiba (OTC: TOSBF) was upgraded to Overweight from Neutral at JPMorgan.
- Sanofi-Aventis (NYSE: SNY) was upgraded to Neutral from Sell at UBS.
Analyst downgrades:
- JPMorgan downgraded AGCO Corp. (NYSE: AGCO) to Underweight from Neutral on concerns the downturn in the European agriculture equipment industry will continue. The firm has a $27 price target on shares.
- Soleil downgraded Valero Energy (NYSE: VLO) to Sell from Buy on concerns refining margins could remain weak, climate law changes could hurt earnings, and write-offs could be announced due to impairments. The firm lowered its target on shares to $17 from $25.
- Thomas Weisel downgraded Itron (NASDAQ: ITRI) to Underweight from Market Weight based on rich valuation.
- JetBlue (NASDAQ: JBLU) was downgraded to Equal Weight from Overweight at Barclays.
- SXC Health Solutions (NASDAQ: SXCI) was downgraded to Hold from Buy at ThinkEquity.
- Penn Virginia (NYSE: PVA) was downgraded to Neutral from Buy at SunTrust.
Analyst initiations:
- Deutsche Bank believes a cyclical recovery is largely priced into Sonoco Products (NYSE: SON) shares. The firm started shares with a Hold rating and $31 target.
- Merriman assumed General Steel (NASDAQ: GSI) with a Buy rating and believes the current valuation in shares likely limits downside risk.
- Capstone said Lululemon (NASDAQ: LULU) has plenty of room for growth and notes that competition is "scarce." The firm initiated shares with a Buy rating and $28 target.
- Deutsche Telekom (NYSE: DT) was initiated with a Buy rating at ING Group.
- Tractor Supply (NASDAQ: TSCO) was initiated with an Underweight rating and $44 target at JPMorgan.
- First Merit (NASDAQ: FMER) was initiated with an Outperform rating at Raymond James.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
