Top Stocks Upgrades/Downgrades June 7, 2013

UPGRADES

Broadcom (NASDAQ:BRCM) upgraded at Macquarie with price target of $40.80

Lululemon (NASDAQ:LULU) upgraded to Underperform from Sell at CLSA – Target $85

United Continental (NYSE:UAL) upgraded to Neutral from Sell at Goldman – Target $36

Vale (NYSE:VALE) upgraded to Outperform from Underperform at Bernstein

Yum! Brands (NYSE:YUM) upgraded to Buy from Neutral at UBS – Target $80

DOWNGRADES

Sprint (NYSE:S) downgraded to Neutral from Buy at Nomura

VMware (NYSE:VMW) downgraded to Hold from Buy at Drexel Hamilton

JPMorgan (NYSE:JPM) downgraded at Macquarie

Intel (NASDAQ:INTC) downgraded to Underweight from Neutral at Piper Jaffray – Target $20

MercadoLibre (NASDAQ:MELI) downgraded to Neutral from Overweight at JPMorgan – Target $120

NEW COVERAGE

Bank of America (NYSE:BAC) initiated with an Underperform at Macquarie – Target $12

Citigroup (NYSE:C) initiated with an Outperform at Macquarie – Target $62

Goldman Sachs (NYSE:GS) coverage resumed with a Neutral at Macquarie

Morgan Stanley (NYSE:MS) initiated with an Outperform at Macquarie – Target $30

HEADLINES

Wal-Mart (NYSE:WMT) has its annual investors meeting today, where it is expected to face heat from the Calpers and the New York City pension funds. Investors are especially concerned about the Mexico bribery scandal, and they will get to vote on disciplinary action. Major changes to the family-owned company are unlikely, however.

UBS (NYSE:UBS) has been put on notice that it is under formal investigation for trying to help clients evade taxes with specific investments. The formal notice means that there are “serious or consistent evidence” that could implicate a suspect in a crime

TiVo’s shares (NASDAQ:TIVO) shares initially rose another 2.55% after-hours following news the company has reached a patent settlement with Motorola Mobility (NASDAQ:GOOG) over digital-video recording technology, but as more details have emerged TIVO has sold off sharply and is currently down around 18%. Details of the deal weren’t initially provided. The trial was due to start next week.