Top Stocks Upgrades/Downgrades June 4, 2013

By Vanessa Han, T3Live Jun 4, 2013, 9:06 AM 

UPGRADES

CME Group (NASDAQ:CME) upgraded to Outperform from Market Perform at Wells Fargo – Target was raised to $80-90

DOWNGRADES

PVH Corp.(NYSE:PVH) downgraded to Outperform from Top Pick at RBC Capital.

Canadian Pacific (NYSE:CP) downgraded to Underperform from Sector Perform at RBC Capital.

Ulta Salon (NASDAQ:ULTA) downgraded to Neutral from Buy at Goldman with a new price target of $98.

NEW COVERAGE

Athenahealth (NASDAQ:ATHN) coverage resumed with a Neutral at Goldman with price target of $94.

Cathay Pacific (OTCMKTS:CPCAY) initiated with an Underperform at Jefferies

SeaWorld (NYSE:SEAS) initiated with an Outperform at Wells Fargo with price target $40-42.

HEADLINES

Tesla Motors (NASDAQ:TSLA) lost a legal battle with auto dealers in Texas over its direct-sales business model that would allow it to sell cars directly to consumers. The bill, which would have provided an exception to current dealership rules, didn’t even make it the floor of the Texas House or Senate for a vote.

Dollar General’s (NYSE:DG) Q1 net profit went up 3.3% to $220M, pretty much in line with expectations for the discount store. EPS came in at $0.71 and revenue climbed 8.5% to $4.23B.

Four years after the controversial auto bailout, General Motors (GM) is finally returning to the S&P 500, where it will replace Heinz (NYSE:HNZ).

American International Group (NYSE:AIG) will replace Baker Hughes (NYSE:BHI) in the S&P 100.

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