Analyst upgrades:
- Pali Capital upgraded Lazard (LAZ) to buy from neutral, citing a healthy restructuring environment, improving M&A and strength in the asset management segment. The firm has a $46 target on shares.
- Baird upgraded Scansource (SCSC) to outperform from neutral, citing strength in the channel business and growth drivers from improved telephony and security. The firm has a $30 target on shares.
- Citigroup upgraded Liberty Interactive (LINTA) to buy from hold, citing the company's QVC unit's return to growth. The firm raised its target on shares to $13.25 from $12.
- Hess Corp (HES) was upgraded to overweight from equal weight at Morgan Stanley.
- Vulcan Materials (VMC) was upgraded to buy from neutral at UBS.
- Dillard's (DDS) was upgraded to buy from hold at Deutsche Bank.
Analyst downgrades:
- Auriga downgraded F5 Networks (FFIV) to hold from buy on valuation, as it views shares as fairly valued following the recent rally. The firm keeps a $48 price target on the stock.
- JPMorgan downgraded Fred's (FRED) to underweight from neutral. The firm sees significant risk to the company's earnings due to competition and top line underperformance, and it set an $8 price target on shares.
- Dominion Resources (D) was downgraded to sell from hold at Citigroup on valution. The firm has a $32 target on the stock.
- Peabody Energy (BTU) was downgraded to buy from conviction buy at Goldman.
- Principal Financial (PFG) was downgraded to equal weight at Morgan Stanley.
- Fiat (FIATY) was downgraded to neutral from buy at UBS.
Analyst initiations:
- BMO Capital initiated Intel (INTC), Marvell Tech (MRVL) and Broadcom (BRCM) with outperform ratings and Analog Devices (ADI) and Altera (ALTR) with market perform ratings.
- AGCO Corp. (AGCO) was initiated with an equal weight rating and $32 target at Barclays.
- Exco Resources (XCO) was initiated with a buy rating and $22 target at Wunderlich.
- Lan Airlines (LFL) was initiated with an overweight rating and $19 target at JPMorgan.
- Brinker (EAT) was initiated with a buy rating and $17 target at Jefferies.
- Dollar General (DG) was assumed at Pali Capital with a neutral rating.
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