Analyst Calls: AAPL, BLK, BTU, CL, MOT, MSFT, PCG, RIMM, SVR, SWIR ...

Analyst Downgrades

• Janney Montgomery downgraded Microsoft (MSFT) to neutral from buy, citing the company's inability to leverage its desktop franchise into mobile. The firm has a $28 price target for shares.
• Goldman downgraded Blackrock (BLK) to neutral from conviction buy, citing relative valuation and longer-term fee pressure in ETFs. The firm has a $180 price target on the stock.
• Deutsche Bank downgraded Peabody Energy (BTU) to hold from buy, citing valuation and cost pressure concerns. The firm dropped its target for shares to $55 from $57.
• Colgate (CL) was downgraded to underweight from equal weight at Barclays.
• Ceragon Networks (CRNT) was downgraded to hold from buy at Jefferies.
• ICON plc (ICLR) was downgraded to neutral from outperform at Baird.

Analyst Initiations

• Jefferies started Apple (AAPL) with a buy rating and $365 price target. The firm also initiated Research In Motion (RIMM) and Motorola (MOT) with hold ratings and price targets of $55 and $9.50, respectively.
• Wells Fargo assumed Primerica (PRI) with a market perform rating and $21 to $25 valuation range.
• RBC Capital initiated Paccar (PCAR) with a sector perform rating and $51 price target.
• National Grid (NGG) was initiated with an overweight rating and $46 target at Barclays.
• Autodesk (ADSK) was initiated with a buy rating and $38 target at Canaccord.
• Ingersoll-Rand (IR) was initiated with an outperform rating and $44 target at Credit Suisse.