Top Stocks Upgrades/Downgrades June 13, 2013

By Vanessa Han. T3Live Jun 13, 2013, 9:27 AM  

UPGRADES

Celgene (NASDAQ:CELG) upgraded to Buy from Hold at Argus – Target $140

Gilead (NASDAQ:GILD) upgraded to Buy from Hold at Argus – Target $62

Ross Stores (NASDAQ:ROST) upgraded to Buy from Neutral at Sterne Agee – Target $75

DOWNGRADES

Smithfield Foods (NYSE:SFD) downgraded to Neutral from Buy at Davenport

Waste Management (NYSE:WM) downgraded to Neutral from Buy at Goldman – Target $42

NEW COVERAGE

TripAdvisor (NASDAQ:TRIP) initiated with a Buy at Wunderlich – Target $75.

FMC Corporation (OTCBB:FMCC) initiated with an Outperform at Macquarie – Target $63

American Express (NYSE:AXP) initiated with a Perform at Oppenheimer

Capital One (NYSE:COF) coverage assumed with an Outperform at Oppenheimer – Target $69

BlackBerry (NASDAQ:BBRY) upgraded to Buy from Sell at Societe Generale – Target $17

HEADLINE

Safeway (NYSE:SWY) rallied 21% before the open after the supermarket said it has agreed to sell its Canadian unit for $5.7B to Empire’s Sobeys subsidiary. Safeway will spend most of the proceeds from the sale on share buybacks, but will also use $2B to repay debt.

A Clearwire (NASDAQ:CLWR) special committee endorsed the takeover offer from Dish’s (DISH), which values the stock at $4.40 per share. The committee unanimously opposes Sprint’s (S) $3.40 per share proposal.

Beauty products company Coty (NYSE:COTY) is slated to start trading on the NYSE today after the company raised $1B in the IPO by selling 57.1M shares at $17.50 each. The IPO price was priced at the mid-point of the proposed range of $16.50-18.50.

Amid a sharp sell-off following news that its CEO Christine Day will retire, revelations emerged that Lululemon (NASDAQ:LULU) Chairman Dennis Wilson sold $49.5M worth of the company’s stock on Friday as part of a prearranged 10b5-1 plan on Friday. LULU dropped another 17% on Tuesday and is challenging a long-term uptrend.

3-D printing stocks could get a boost from news that Amazon (NASDAQ:AMZN) has launched a portion of its website decidcated to selling 3-D printers. The company lists 3-D printers and accessories in a move that could help the fast-growing industry captivate a larger audience.

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