UPGRAGES
Ruckus Wireless (NYSE:RKUS) upgraded to Buy from Hold with price target of $16.
Smithfield Foods (NYSE:SFD) downgraded to Market Perform from Outperform at BMO Capital – BMO Capital downgraded Smithfield following the acquisition by Shuanghui International for $34 per share
Clearwire (NASDAQ:CLWR) upgraded to Market Perform from Underperform at Raymond James
Fusion-io (NYSE:FIO) upgraded to Outperform from Neutral at Credit Suisse – Credit Suisse upgraded Fuision-io based on its favorable position as storage shifts to “hyperscale environments,” expectations for the Flash market to accelerate, and improving revenue diversification. Price target is $20.
SunPower (NASDAQ:SPWR) upgraded to Neutral from Sell at Goldman – Price target is $18.
Facebook (NASDAQ:FB) upgraded to Buy from Hold at Jefferies – Jefferies upgraded Facebook citing an improved risk/reward profile following the recent pullback in shares. Jefferies says the expected July launch of video ads could be Facebook’s next billion-dollar business and upped its price target for shares to $32 from $31. Note shares of Facebook were also upgraded this morning at BMO Capital
First Solar (NASDAQ:FSLR) upgraded to Buy from Neutral at Goldman – Goldman upgraded First Solar based on valuation, free cash flow, and low expectations. Price target is $64
DOWNGRADES
BlackRock (NYSE:BLK) downgraded to Neutral from Positive at Susquehanna – Susquehanna downgraded BlackRock based on relative valuation, a reduction in QE, less attractive yield, and struggles with active equity. Price target raised to $300 from $296
Dean Foods (NYSE:DF) downgraded to Market Perform from Outperform at BMO Capital – BMO Capital downgraded Dean Foods due to valuation. Price target is $11
Textron (NYSE:TXT) downgraded to Neutral from Buy at Goldman
NEW COVERAGE
Verizon (NYSE:VZ) initiated with an Outperform at BMO Capital – Target $55.
CenturyLink (NYSE:CTL) initiated with an Outperform at BMO Capital – Target $42.
Sprint (NYSE:S) initiated with an Outperform at BMO Capital – Target $9
AT&T (NYSE:T) initiated with a Market Perform at BMO Capital – Target $34
Bristol-Myers (NYSE:BMY) initiated with a Buy at SunTrust – Target $55.
Pfizer (NYSE:PFE) initiated with a Reduce at SunTrust – SunTrust cites Pfizer’s long-term growth outlook and mix shift to lower value generics for its Reduce rating
Eli Lilly (NYSE:LLY) initiated with a Buy at SunTrust – Target $63.
Merck (NYSE:MRK) initiated with a Neutral at SunTrust – Target $47.
Allergan (NYSE:AGN) coverage resumed with a Buy at SunTrust – Target $115
HEADLINES
Dish (NASDAQ:DISH) has increased its offer for Clearwire (NASDAQ:CLWR) to $4.40 a share, easily trumping Sprint’s (S) revised $3.40 bid. The proposal values Clearwire at about $6.3B and comes before its minority shareholders vote on Sprint’s offer on Friday. The bid raises the question as to what Dish is up to, given that it’s also trying to acquire Sprint. Clearwire’s shares were +21.55% premarket.
GE Capital CEO Michael Neal is reportedly expected to step down this summer after eight years in the job as parent company GE (NYSE:GE) looks to pare back the unit. Candidates to replace Neal include GE Capital COO William Cary and Mark Begor, the head of the unit’s real-estate division.
Costco’s (NASDAQ:COST) FQ3 net profit climbed 19% to $459M as EPS of $1.04 beat consensus, but while revenue grew 8% to $23.55B, the figure missed expectations. Comparable sales increased 5%, but were limited by changes in gasoline prices and forex rates.
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