Top Stocks Upgrades/Downgrades June 6, 2013

UPGRADES

Tenet Healthcare (NYSE:THC) upgraded to Buy from Hold at Deutsche Bank – New target – $55

DOWNGRADES

Barnes & Noble (NYSE:BKS) downgraded to Neutral from Buy at Janney Capital

NEW COVERAGE

Freeport McMoRan (NYSE:FCX) coverage resumed with a Buy at Jefferies – Target $44

ExOne (NASDAQ:XONE) initiated with a Buy at Canaccord – Target $55

Nordstrom (NYSE:JWN) initiated with a Buy at Sterne Agee – Target $70

Kohl’s (NYSE:KSS) initiated with a Neutral at Sterne Agee – Target $56

Dollar General (NYSE:DG) initiated with a Neutral at Sterne Agee – Target $58

Saks (NYSE:SKS) initiated with a Neutral at Sterne Agee – Target $13

Family Dollar (NYSE:FDO) initiated with a Neutral at Sterne Agee – Target $62

Whole Foods (NASDAQ:WFM) initiated with a Buy at Sterne Agee – Target $61

Macy’s (NYSE:M) initiated with a Buy at Sterne Agee – Target $60

HEADLINES

Pepsi (NYSE:PEP) CEO Indra Nooyi responded to speculation about the company’s potential interest in SodaStream (NASDAQ:SODA) today, saying it was the “first time” she had heard about talks. SODA shares had spiked as much as 30% after the reports initially surfaced, but are up only about 7% at 8am ET.

Procter & Gamble (NYSE:PG) announced today that it’s separating its Global Business Units into four industry sectors as part of plan to improve business performance. In an effort to improve productivity, the company is pushing to strengthen developed market businesses, maintain developing market momentum, and build a strong innovation pipeline.

The Wall Street Journal is reporting that Amazon (NASDAQ:AMZN) exec Russell Grandinetti has testified in Apple’s (NASDAQ:AAPL) e-book trial. His testimony is expected to state that AAPL delivered an ultimatum to publishers: abandon your pricing structure or we will withold books. Amazon was forced to relinquish its control of its pricing structure after contentious negotiations with AAPL and went to the model that the Justice Department believes Apple forced upon the e-book industry.

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