Analyst Calls: APC, DE, HSFT, MYL, PG, RST, TSLA, VECO, WFMI ...

Analyst Downgrades

• Canaccord downgraded Veeco (VECO) to hold from buy, citing valuation given the current capacity build. The firm cut its price target to $39 from $58.
• William Blair downgraded Rosetta Stone (RST) to market perform from outperform following the company's weaker-than-expected Q2 results.
• KeyBanc downgraded Willbros (WG) to hold from buy. The firm believes there is continued risk to guidance and from the TransCanada arbitration.
• Anadarko (APC) was downgraded to market perform from outperform at FBR Capital.
• MetroPCS (PCS) was downgraded to market perform from outperform at Bernstein.
• PharMerica (PMC) was downgraded to market perform from outperform at JMP Securities.

Analyst Initiations

• Deustche Bank initiated Tesla Motors (TSLA) with a hold rating and $17 target. Shares were also initiated at Morgan Stanley with an equal weight rating and at JPMorgan with an overweight rating and $25 target.
• Canaccord initiated Acuity Brands (AYI) with a hold rating and $41 target.
• Goldman started Hormel Foods (HRL) with a neutral rating and $45 target.
• HiSoft Technology (HSFT) was initiated with a buy rating at UBS and at Deutsche Bank and with an outperfom rating at Cowen.