Top Stocks Upgrades/Downgrades June 3, 2013

UPGRADES

MetLife (NYSE:MET) upgraded to Buy from Hold at Deutsche Bank – Deutsche Bank upgraded MetLife saying the company is well positioned in any interest rate environment. The firm raised its price target for shares to $51 from $46.

Google (NASDAQ:GOOG) target raised to $1030 at Cantor Fitzgerald on enhanced campaigns and strength in display

Best Buy (NYSE:BBY) upgraded to Buy from Neutral at SunTrust – SunTrust upgraded Best Buy to Buy and named it a new Top Pick. The analyst has increased confidence in Best Buy’s turnaround plan and believes operational changes are occurring at a fast rate. The firm said near-term catalysts include P/E expansion, positive comps in 2H 2013, the Samsung shop rollout, another new vendor shop alliance, and passage of the Marketplace Fairness Act. Price target is $35.

Cobalt International Energy (NYSE:CIE) upgraded to Strong Buy from Buy at ISI Group

Lam Research (NASDAQ:LRCX) target raised to $60 at Needham

DOWNGRADES

Koppers Holdings (NYSE:KOP) downgraded to Hold from Buy at Jefferies – Jefferies downgraded Koppers Holdings on concerns a strong earnings cycle will not occur until 2015. The firm lowered its price target for shares to $45 from $47.

F5 Networks (NASDAQ:FFIV) downgraded to Equal Weight from Overweight at Morgan Stanley – As previously reported, Morgan Stanley downgraded F5 Networks to Equal Weight from Overweight. The firm downgraded shares due to valuation, a saturated ADC market, and less exposure to virtual ADCs, AWS, and mobility.

Copa Holdings (NYSE:CPA) initiated with a Buy at Goldman – Target $168

LinkedIn (NYSE:LNKD) initiated with an Outperform at Credit Suisse – Target $220

Blackstone Mortgage Trust (NYSE:BXMT) initiated with an Outperform at Keefe Bruyette – Target $31

HEADLINES

Bayer (BAYZF.PK) and Onyx Pharmaceuticals (NASDAQ:ONXX) were among several pharmaceutical companies to report encouraging results from cancer-drug testing at the annual meeting of the American Society of Clinical Oncology.

A New York court is due to start a hearing today about whether it should approve Bank of America’s (NYSE:BAC) $8.5B agreement to settle claims with investors over soured mortgage bonds. The deal faces opposition from AIG (AIG), which wants BofA to pay it $10.5B in damages. Approval of the agreement would enable the bank to take a major step in cleaning up the mess it inherited when it bought Countrywide.

Apple (NASDAQ:AAPL) is due to go to court today over allegations that it conspired with five publishers to raise e-book prices. Apple is facing the suit alone after the publishers involved settled with the Justice Department. Meanwhile, Apple reportedly signed a licensing deal with Warner Music over the weekend as it looks to launch a music-streaming service at its developers conference next week.

Satellite operator DirecTV (NASDAQ:DTV) and two other unidentified suitors have reportedly bid over $1B each to acquire Hulu.

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