- JPMorgan upgraded Norfolk Southern (NSC) to overweight from neutral, citing the company's leverage to coal and position relative to peers. The firm has a $68 price target for shares.
- Benchmark upgraded Royal Dutch Shell (RDS.A) to hold from sell based on a more favorable earnings outlook and reduced dividend risk.
- UBS upgraded Costco (COST) to buy from neutral based on valuation. The firm raised its price target to $63 from $62.
- Visa (V) was upgraded to gonviction buy from buy at Goldman.
- KLA-Tencor (KLAC) was upgraded to outperform from neutral at Credit Suisse.
- Texas Instruments (TXN) was upgraded to outperform from perform at Oppenheimer.
- Oppenheimer downgraded Intel (INTC), Conexant (CNXT), Atheros (ATHR), Marvell Tech (MRVL) and Monolithic Power (MPWR) to perform from outperform and Advanced Micro (AMD) to underperform from perform.
- JPMorgan downgraded Canadian National (CNI) to neutral from overweight with a $68 price target. Note the firm upgraded Norfolk Southern (NSC) this morning to overweight from neutral.
- JPMorgan also downgraded Myriad Genetics (MYGN) to neutral from overweight after assuming coverage of the stock. The firm lowered its target for shares to $18 from $28.
- Jefferies downgraded Best Buy (BBY) to hold from buy and lowered its price target to $36 from $50, based on continued softness in consumer electronic sales.
- Expedia (EXPE) was downgraded to buy from conviction buy at Goldman.
- Portugal Telecom (PT) was downgraded to underperform from market perform at Bernstein.
- Jefferies initiated Stericycle (SRCL) with a buy rating and $80 price target.
- Sterne Agee started Baldor Electric (BEZ) with a neutral rating and $38 target.
- William Blair assumed Edwards Lifesciences (EW) with an outperform rating.
- Chindex (CHDX) was initiated with a market perform rating at JMP Securities.
- Tyson Foods (TSN) was initiated with a neutral rating at Cowen.
- Advanced Semiconductor (ASX) was initiated with a buy rating at Citigroup.