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9:02 am Ceva upgraded to Buy from Neutral at Chardan Capital Markets; tgt raised to $21

Chardan Capital Markets upgrades CEVA to Buy from Neutral and raises their tgt to $21 from $15 noting in China, between Xiomi and the white box manufacturers, prices of 4G handsets have been dropping and it is widely expected that by 2H:15, 4G handsets will be in the $60 - $75 range which firm believes is the sweet spot for mass consumer adoption. Firm has seen co benefit from this trend in the past when handsets in China transitioned from 2G to 3G and they believe they could see a repeat when Chinese consumers shift from 3G to 4G handsets. In the meantime, strong sales of Samsung's (SSNLF) Galaxy S6 has already set the stage for co to have a strong Q3:15.

9:01 am Conn's upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgrades CONN to Outperform from Perform and sets target price at $39 reflects a ST, speculative call on shares and is predicated on firm's view that the market is currently underpricing the potential for co to successfully divest its loan portfolio. Fundamental risks remain for co. That said, firm expects that investors would look more favorably upon potentially enhanced EPS and cash flow prospects of a co business model unencumbered by an at-times volatile in-house sub-prime lending division.

9:01 am Ares Capital downgraded to Hold from Buy at BB&T Capital Mkts

BB&T Capital Mkts downgrades ARCC to Hold from Buy given an uncertain outlook for the Senior Secured Loan Program (SSLP), which comprises almost one-quarter of co's total portfolio and roughly one-third of its investment income. In April, General Electric (GE) announced its intention to sell GE Capital, thus announcing the end of the SSLP program as we know it. Given the abundance of capital in the market and co's best-in-class reputation, firm is confident that one or more new partners will likely emerge. They also believe co will look for other ways to offset any adverse impact to results, such as rotating to 2nd-lien from 1st-lien loans, increasing balance sheet leverage and reducing funding costs. However, they believe this could entail a period of transition that may constrain growth in the NT.

9:01 am Qualys upgraded to Outperform from Neutral at Robert W. Baird; tgt $50

Robert W. Baird upgrades QLYS to Outperform from Neutral and sets target price at $50 on today's expected sell-off. Co saw a slight deceleration in its core VM business (79%) during 1Q15, which caused mgmt to reduce their prior 2015 revenue growth guidance yr-yr from 26% to 24%. The stock was off sharply in after-hour trading. Ironically, during 2Q15 co shipped three new products, including two that are natural cross-sells into the large VM/PC installed base, and further enhance long-term growth prospects.

9:01 am PTC Therapeutics downgraded to Neutral from Buy at ROTH Capital; tgt lowered to $63

ROTH Capital downgrades PTCT to Neutral from Buy and lowers their tgt to $63 from $75 noting co reported 82 patients on commercial Translarna, modestly ahead of firm's 75 patient ests. Additionally, mgmt has switched Translarna revenue recognition to as-shipped basis, which drove a topline beat. However, in conjunction with partner Roche (RHHBY), co has temporarily suspended dosing in the SMA-MOONFISH study due to some recently discovered off-target safety signals in monkeys. Given the uncertainty on the SMA program we are removing it from current valuation and moving to the sidelines.

9:00 am TripAdvisor downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $91

RBC Capital Mkts downgrades TRIP to Sector Perform from Outperform and sets target price at $91 noting four key factors: 1. Portfolio preference forPCLN & EXPE; 2. Heightened risk with co's rev concentration; 3. Greater concern over co's Display Advertising segment; and 4. Valuation that is reasonable, but not as compelling as at beginning of year.

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