- SunTrust upgraded American Express (AXP) to buy from neutral with a $47 price target based on valuation.
- Argus upgraded Verizon (VZ) to buy from hold, with a $39 price target, citing valuation and the company's aggressive 4G LTE network upgrade. However, Bernstein downgraded the stock.
- BMO Capital upgraded Canadian Pacific (CP) to outperform from market perform, citing the company's cost reduction efforts, and raised its target for shares to $74 from $67.
- Agrium (AGU) was upgraded to sector outperformer from sector performer at CIBC.
- Novatel Wireless (NVTL) was upgraded to hold from sell at Canaccord.
- Essex Property Trust (ESS) was upgraded to neutral from sell at Goldman.
- BMO Capital downgraded Wynn Resorts (WYNN) to market perform, citing valuation, and lowered its price target to $106 from $114.
- Piper Jaffray downgraded DaVita (DVA) to underweight with a $64 price target, citing an excessive valuation.
- Bernstein downgraded Verizon (VZ) to underperform based on valuation and potential dividend coverage problems and has a $25 price target for shares.
- Alexza Pharma (ALXA) was downgraded to sector perform from outperform at RBC Capital following the FDA's Complete Response Letter for Staccato Loxapine, which the firm believes calls into question the timelines for approval. RBC dropped its target for shares to $1.50 from $5.00.
- Kulicke & Soffa (KLIC) was downgraded to hold from buy at Jefferies.
- CNOOC (CEO) was downgraded to neutral from overweight at HSBC.
- Citigroup initiated for-profit education sector stocks, including Apollo Group (APOL) with a hold and $58 price target, Career Education (CECO) with a hold and $24 price target, and Corinthian Colleges (COCO) with a hold and $7 target (Note: Corinthian's COO Matt Ouimet announced his resignation Tuesday morning). The firm also started Capella Education (CPLA) with a buy rating and $101 price target, DeVry (DV) with a buy and $65 price target, and ITT Educational (ESI) with a hold and $80 price target.
- Jefferies initiated Mohawk (MHK) with a buy rating and $60 price target.
- UBS initiated Washington Post (WPO) with a buy rating and $475 price target.
- Dun & Bradstreet (DNB) was initiated with a hold and $82 price target at Benchmark.