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8:52 am Yelp downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgrades YELP to Perform from Outperform after co guided FY15 below expectations, and removing our $60 target. The revised outlook reflects difficulty around hiring new salespeople, sales productivity, and the discontinuation of brand advertising, caused by competition from programmatic ad platforms. As a result, firm is lowering '15/'16 revs by 5%/6%, and EBITDA by 27%/20%. While they believe in the underlying value of co reviews to consumers, until co can prove S&M leverage in reported results, firm thinks investors will forecast 20% terminal margins, down from 40%, previously.

8:52 am FireEye upgraded to Outperform at Oppenheimer

Oppenheimer upgrades FEYE to Outperform from Perform and sets target price at $58 driven by the following factors: 1) Positive 2Q checks suggesting results could come ahead of mid-point rev. guidance. 2) With more measured opex controls and a shifting business model (toward SaaS), firm sees LT operating leverage in the model. 3) With a constant 90% renewal rate, we believe FEYE's 2019 $2B billing target, which serves as the basis for improved profitability, is highly feasible. While their ests remain intact,firm sees room for upside earnings revision and use CHKP's results reaction from last week as an analogy to co's potential price reaction driven by a sentiment change.

8:52 am Amazon upgraded to Buy from Hold at Stifel

Stifel upgrades AMZN to Buy from Hold and sets target price at $700 noting they missed the turn in the cycle this time but believe the runway is long from here. Co's most recent quarterly results were the third consecutive display of more disciplined and focused operating results and the first that showed improvements in growth across each of its business. In the quarter, FX-neutral growth accelerated to 27% driven by 26% NA retail growth, 22% Int'l retail growth, and 81% AWS growth. Further, margin inflected and came in at the highest level for a 2Q since 2010, driven by surging profits at AWS.Firm would buy shares on any pullbacks and they apologize for their brief departure from the LT view on this unique and solid franchise.

8:51 am Citrix Systems upgraded to Outperform at Robert W. Baird

Robert W. Baird upgrades CTXS to Outperform from Neutral and raises their tgt to $80 from $75 noting a 'just your run of the mill ho-hum' quarter in which: 1) activist shareholder Elliot Management (owns 7.5%) was granted board representation (in return entered into a one-year standstill agreement), 2) Chairman of Board abdicated his position; 3) the CEO announces his intention to retire; 4) board formed a new Operations Committee to review OpEx and Capital structure; and 5) investment bankers were retained to explore sale of SaaS business.

8:51 am Sirius XM Radio upgraded to Buy at Wunderlich; tgt raised to $4.60

Wunderlich upgrades SIRI to Buy from Hold and raises their tgt to $4.60 from $4 noting CEO James Meyer says "stay tuned" for full demonstration of SiriusXM 17 at the January 2016 Consumer Electronics Show. He indicated that the next generation consumer service, which marries two-way IP connectivity with satellite broadcasting, is resonating well with automakers. SiriusXM 17, along with improved apps, are vital to SIRI's marketing posture relative to newer technology company aspirants in the car who may be more formidable LT competitors than music-only streaming services such as Spotify.

8:51 am Radware downgraded to Sector Perform at RBC Capital Mkts; tgt lowered to $20

RBC Capital Mkts downgrades RDWR to Sector Perform from Outperform and lowers their tgt to $20 from $29 noting they are moving to a neutral stance on concerns execution challenges in Asia may linger for 2-3 qtrs., while U.S. service provider spending sales cycles may be lengthening. Incremental opex investments may be needed to ramp growth in security offerings, which may reset OMs lower; firm is lowering the hurdle for CY16. Positives for LT minded investors include Cisco DDoS OEM deal, ramp in subscription offerings.

8:50 am Supervalu upgraded to Outperform at Telsey Advisory Group; tgt $12

Telsey Advisory Group upgrades SVU to Outperform from Market Perform and sets target price at $12 noting co plans to spin off its Save-A-Lot business into an independent, publicly traded entity, while continuing to operate the Retail Food and Independent businesses. This should simplify operations, provide greater mgmt focus and alignment of interests and incentives, focus capital allocation, and create value for shareholders.Looking out beyond the Save-A-Lot spin-off, firm can see co further simplifying operations by separating its Retail Food and Independent businesses.

8:50 am MiMedx Group downgraded to Buy at Needham; tgt $15

Needham downgrades MDXG to Buy from Strong Buy and sets target price at $15 and given more difficult comps for the remainder of the year, firm's belief that upside to consensus may be more limited, and valuation. They note that they still expect co to maintain growth above its small-cap growth peers and believe that its leadership position in the amniotic tissue market makes it an attractive asset.

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