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Analyst Upgrades
- UBS said Martin Marietta's (MLM) Q2 showed evidence of leverage to a recovery and the firm views risk/reward in shares as attractive. Shares were upgraded to buy from neutral, but its price target was lowered to $96 from $101.
- Soleil upgraded Regis (RGS) to buy from hold after the company said it is exploring strategic options. The firm raised its target for shares to $26 from $14.
- Wunderlich upgraded Sirius XM Radio (SIRI) to buy from hold with a $1.50 price target following the company's Q2 results. The firm believes Sirius' product continues to resonate with healthier higher-end consumers and notes that CEO Mel Karmazin said a resolution could be reached with Howard Stern by the Q3 conference call.
- Magellan Midstream (MMP) was upgraded to outperform from sector perform at RBC Capital.
- Savient (SVNT) was upgraded to neutral from underperform at BofA/Merrill.
- EMS Tech (ELMG) was upgraded to buy from hold at Needham.
Analyst Downgrades
- JPMorgan downgraded Rayonier (RYN) to underweight from neutral due to valuation. The firm has a $48 price target for shares.
- Janney Montgomery downgraded National Retail Properties (NNN) to neutral from buy following the company's Q2 results due to valuation. The firm has a $25 price target for shares.
- Piper Jaffray downgraded Optimer Pharm (OPTR) to neutral from overweight following the company's Q2 results on concerns that Fidaxomicin use will be limited to CDI treatment failures. The firm lowered its target for shares to $10 from $17.
- PG&E (PCG) was downgraded to sector perform from outperform at RBC Capital.
- Martin Marietta (MLM) was downgraded to neutral from buy at Goldman.
- Jack in the Box (JACK) was downgraded to neutral from buy at SunTrust.
Analyst Initiations
- Citigroup started Range Resources (RRC) with a hold rating and $42 price target.
- Barclays initiated Babcock & Wilcox (BWC) with an equal weight rating and $27 target.
- Wells Fargo initiated Citi Trends (CTRN) with a market perform rating.
- Intercontinental Exchange (ICE) coverage was resumed with an overweight rating and $129 target at JPMorgan.
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