AGCO was downgraded to neutral at UBS. Sharp corn prices declines will impact shares in the growing season (June - August), UBS said.
Yamana Gold was upgraded at Cowen Securities to buy from hold. Production should significantly ramp in 2013, with new projects coming online.
Cracker Barrel was downgraded at Miller Tabak to hold from buy. Valuation call, as Brinker International appears more attractive at current levels, Miller Tabak said.
Chesapeake Energy was downgraded at Sterne Agee to underperform from neutral. $20 price target. Current hedges dampen exposure to resurgent natural gas prices, Sterne Agee said.
Deere was downgraded at UBS to neutral. Corn prices are expected to decline sharply, and given the close correlation between DE shares and corn prices, this will drive significant underperformance, UBS said.
Electronic Arts was downgraded at Needham to hold from buy. Company continues to struggle and still needs to find a new CEO, Needham said.
eBay was upgraded to buy from hold at Cantor Fitzgerald. Stock is attractive, following a 13% pullback, Cantor Fitzgerald said.
International Paper was initiated with a hold rating at Keybanc. Stock is already pricing in expected industry price increases, Keybanc said.
Juniper Networks was downgraded at Goldman Sachs to sell from neutral. The company will see market share negatively affected by competition, Goldman said. Earnings estimates are reduced through 2015 and the price target goes to $17.
Kohl's was downgraded at Morgan Stanley to underweight. The macro environment poses a threat to consensus estimates and valuation is at a premium, Morgan Stanley said. Estimates were reduced and price target is $42.
Lululemon was downgraded at Sterne Agee to neutral from buy. Quality control problem in Asia where Luon pants are produced, Sterne Agee said.
NextEra Energy was upgraded at KeyBanc to buy from hold. $80 price target. Solid story trades at meaningful discount, KeyBanc said.
OGE Energy was downgraded at Argus Research to hold from buy. Valuation call, as the stock is up 35% over the past year, Argus said.
PDC Energy was downgraded at Stifel Nicolaus to hold from buy. Company cut its production data, Stifel said. Stock also cut from the Select List.
Patterson was upgraded at UBS to buy from neutral. As a North American pure-play, the company will benefit most from increasing demand in the region, UBS said. Price target is $43.
Sarepta was initiated with a buy rating at Deutsche Bank. $45 price target. Muscular dystrophy can drive growth over the next several quarters, Deutsche said.
Stifel Nicolaus was downgraded to hold at TheStreet Ratings.
Unum Group was downgraded at Bank of America/Merrill Lynch to neutral from buy. $29 price target. Best-performing life insurer year to date, BofA/Merrill said.
STOCK COMMENTS/EPS CHANGES
Citigroup price target was raised at Deutsche Bank. Shares are now seen reaching $53. Company can continue to exceed sales expectations and move to $6 a share of earnings in 2015, Citi said. Buy rating.
lululemon athletica price target and estimates were reduced at UBS. Earnings estimates were cut after the company had to recall its Luon pants due to quality issues, said UBS. New price target is $77.
Nike estimates were reduced at UBS due to foreign exchange rates. The company reports earnings on Thursday.
Norfolk Southern price target and estimates were increased at Cowen. Intermodal and crude oil are driving better-than-expected traffic and operational metrics, Cowen said. Price target is $85.
Onyx Pharmaceuticals price target and estimates were increased after a front-line Kyprolis survey showed robust uptake, said Jefferies. Price target is now $104.
Proactive Life price target was increased at UBS to $39. Solid BVPS growth will drive stock upside, UBS said.
Toronto-Dominion Bank was downgraded to hold at TheStreet Ratings.
Vertex Pharmaceuticals price target and estimates were increased at J.P. Morgan. Changes made after speaking with physicians about the cystic fibrosis trial that is set to launch, said J.P. Morgan. Price target is now $86.
Valeant estimates were increased at UBS. Aggressive M&A is expected after meeting with management, UBS said.
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