NEW YORK (TheStreet) -- CHANGE IN RATINGS
Alcoa was downgraded to hold at TheStreet Ratings.
Adobe was upgraded at Bank of America/Merrill Lynch to buy from neutral. $57 price target. Subscription transition is accelerating, BofA/Merrill said.
Arthur J. Gallagher was downgraded at William Blair to market perform. Industry reversal in pricing will likely flatten, William Blair said.
Ball was upgraded at Robert Baird to outperform from neutral. $50 price target. Stock has lagged, but the current risk/reward is favorable, Robert Baird said.
Blackberry was downgraded at Bernstein Research to underperform from market perform. $10 price target. Shipments will likely fall short of expectations next quarter and the stock is up 135% since the lows, Bernstein Research said.
Brown & Brown was downgraded at William Blair to market perform. Industry organic growth will likely peak in 2013, William Blair said.
Cliffs Natural was downgraded at Bank of America/Merrill Lynch to underperform from neutral. $16 price target. Company is leveraged to lower met coal prices, BofA/Merrill said.
Hyatt Hotels was downgraded to hold at TheStreet Ratings.
ING was initiated with a buy rating at UBS and a $12.67 price target. The company will become a fully restructured, well-funded bank in 24 months, UBS said.
Coca-Cola was initiated with an outperform rating at Credit Suisse. $48 price target. Asia and the U.S. can drive upside to 2013 and 2014 expectations, Credit Suisse said.
News Corp. downgraded at BTIG to neutral from buy. Valuation call, based on a $30 price target, BTIG said.
PepsiCo was initiated with a neutral rating at Credit Suisse. Valuation call, based on an $87 price target, Credit Suisse said.
Rayonier was upgraded at DA Davidson to buy from neutral. Pullback has created a buying opportunity, DA Davidson said. $63 price target.
Sonoco was downgraded at Robert Baird to neutral from outperform. Valuation call, based on a $37 price target, Robert Baird said.
Superior Energy was initiated with an outperform rating at Cowen. $34 price target. Company can execute on its international growth strategy, Cowen said.
Tetra Tech was downgraded at Brean Capital to hold from buy. Company will likely need several quarters to retain profitability, Brean Capital said.
United Natural was upgraded at Piper Jaffray to overweight from neutral. $64 price target. Company offers high-quality, accelerating sales growth.
STOCK COMMENTS/EPS CHANGES
Adobe Systems estimates were raised at UBS. Net new Creative Cloud subscribers were increased, said UBS.
American Eagle Outfitters was downgraded at Citigroup to neutral. Increased competition and traffic share losses, said Citigroup. Price target is reduced to $21.
American International price target was boosted at Deutsche Bank to $56. Recent meetings with management make it seem more likely the company can achieve combined ratio targets, Deutsche Bank said. Buy rating.
Chicago Bridge & Iron price target, estimates raised at Lazard Capital Markets. CBI earnings estimates were increased due to less concern over their large nuclear EPC job, said Lazard Capital. Price target increased to $75.
Cabot price target, estimates were raised at Keybanc. Estimates were increased due to the recent NHUMO acquisition as well as the improving global rubber black demand, said Keybanc. Price target was increased to $50.
Factset estimates were reduced at UBS. Earnings estimates were reduced to reflect slightly lower revenue offset by a lower tax rate, said UBS.
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