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Briefing.com

9:03 am Live Nation upgraded to Buy at Stifel; tgt $31

Stifel upgrades LYV to Buy from Hold and sets target price at $31 noting driving their rating change is largely an increasingly positive view on Ticketmaster from both a primary and secondary ticketing perspective as we see its competitive moat as improving. Firm views recent Concerts festivals acquisitions as favorable, particularly from the sponsorship angle, and view FCF growth as exceeding EBITDA growth over the next few years.

9:03 am Knowles downgraded to Hold from Buy at Craig Hallum; tgt lowered to $16

Craig Hallum downgrades KN to Hold from Buy and lowers their tgt to $16 from $23 noting given the dilutive nature of this acquisition, and significant uncertainty surrounding the trajectory of ADNC's revenue growth both this year and next, firm believes this acquisition adds significant risk to both co and the stock. Mgmt is optimistic about its ability to leverage ADNC's IP and software engineering expertise to develop next generation smart MEMS mics for both the smartphone market and emerging markets including wearables and IoT. Firm is concerned the timeline and likelihood for meaningful revenue growth as a result of this acquisition will take longer than mgmt expects and they don't expect many rewards from product integration synergies until 2017.

9:03 am Cypress Semi upgraded to Strong Buy from Buy at Needham

Needham upgrades CY to Strong Buy from Buy and sets target price at $20 noting now that CODE is fully integrated into the model and we have better visibility into the earnings power, firm upgrades. Given the sell-off in the shares, plus the dividend yield, firm sees favorable risk/reward with 50%+ upside potential at current levels.

9:02 am Genesis Energy, L.P. downgraded to Neutral from Outperform on valuation at Robert W. Baird

Robert W. Baird downgrades GEL to Neutral from Outperform and raises their tgt to $52 from $51 noting units have rallied an impressive 12% since the April 6 secondary on the back of a 14% gain for crude. Firm remains convinced of the solid LT story at co and look for 17% y/y EBITDA growth, but see units approaching full value at these levels. Firm also remains skeptical of the recent crude rally on expectations for better-than-expected supply resiliency over the balance of the year, which we believe would be a headwind for co should it eventuate.

9:02 am Mosaic upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $55

RBC Capital Mkts upgrades MOS to Outperform from Sector Perform and raises their tgt to $55 from $51 as they believe the powerful combination of a company-driven transformation, strong cash flow, attractive valuation, and steady market fundamentals have turned co into a compelling story. Firm forecasts 4% FCF yield in 2015/16, up to 8%+ starting in 2017, all while completing expansion and improvement projects. Firm also sees valuation as attractive relative to historical given LT FCF and earnings outlook.

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