09:00 am First Solar target raised to $81 at Argus: . Argus raises their FSLR tgt to $81 from $70 as co appears to be ahead of schedule with its "technology roadmap." In firm's view, the technology roadmap has benefited from FSLR's collaboration with GE, which was announced in 2Q13. Firm also notes that mgmt has raised its guidance for average thin-film efficiency to 19.5% by 2017, up from its previous forecast of 17.2%, and well above the current industry average near 15%. Firm views FSLR as best-positioned company in the solar industry.
08:57 am Netflix upgraded to Outperform at Pacific Crest; tgt $500: . Pacific Crest upgrades NFLX to Outperform from Sector Perform and sets target price at $500. Global expansion appears likely to accelerate, while pricing, margins and adjacent opportunities remain significant potential upside drivers. They see the potential for further expansion of domestic profitability, dramatic growth in international profits, and increasing potential for adjacent opportunities.
08:56 am Bank of America upgraded to Outperform at Oppenheimer; tgt $19: . Oppenheimer upgraded BAC to Outperform from Perform and sets target price at $19. With the recent settlements with Gibbs&Brunn, the FHFA and others, firm now has confidence that the future costs will be finite and manageable. At the same time firm feels BAC still remains cheap at 116% of tangible book value and ~9.8x firm's 2015 EPS estimate. Moreover, firm's 2015 EPS estimate still includes $0.22 of LAS and litigation costs, and thus it sees "built in" growth for 2016.
08:56 am SolarCity upgraded to Outperform at Robert W. Baird: . Robert W. Baird upgrades SCTY to Outperform from Neutral; maintain $75 tgt. Co's pullback of approximately 35% since Feb. 27 provides an excellent buying opportunity on the stock most levered to the U.S. rooftop market, which will likely undergo a boom over the next several years. Co's cost reductions and scale continue to strengthen its position in the market. Additionally, innovative financing products, such as solar ABS', provide relatively low-cost capital for SCTY to capitalize on the expansive U.S. greenfield opportunity.
08:55 am Alcoa upgraded to Sector Perform at RBC Capital Mkts; tgt raised to $15: . RBC Capital Mkts upgrades AA to Sector Perform from Underperform and raises their tgt to $15 from $12. Performance in the Alumina business and GRP has been stronger than they anticipated. While they clearly underestimated the upside potential for the shares over the past six months and see lower downside risk than before, at this juncture they believe much of the business improvement and near-term growth is reflected in the share price.