UPGRADES
Pinnacle West (NYSE:PNW) upgraded to Buy from Neutral at UBS. Price target $62
Disney (NYSE:DIS) upgraded to Outperform from Neutral at Macquarie. Price target $75
DOWNGRADES
lululemon (NASDAQ:LULU) downgraded to Neutral from Buy at Sterne Agee
Moody’s (NYSE:MCO) downgraded to Hold from Buy at Benchmark Co. Price target raised from $60 to $71
NEW COVERAGE
Tableau Software (NYSE:DATA) initiated with a Buy at UBS. Price target $65
HEADLINES
Lululemon (NASDAQ:LULU) dropped 13.2% after last night’s earnings report, which also included the disclosure that CEO Christine Day is stepping down. The news overshadowed what were sold Q1 results that beat expectations. EPS, revenues and guidance were all basically in-line.
Dole Food (NYSE:DOLE) CEO David Murdock has tendered an offer to buy-out the company. The offer is for a price of $12 a share, which represents a 17.6% premium to yesterday’s close of $10.20. The offer values the company at $913.29M.
LDK Solar (NYSE:LDK), after a big day for solar stocks yesterday, reported Q1 earnings this morning. Revenues fell 47.9% year/year to $104.3M, but topped expectations of $97.2M. The company reported a loss $1.21 per share, which fell short of estimates of a $0.98 loss per share, underscoring the challenges still facing the resurgent solar industry. The stock is down around 10% pre-market.
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