Top Pre-Market Stock Upgrades/Downgrades May 16, 2013

UPGRADES

• Google (NASDAQ:GOOG) upgraded at RW Baird – GOOG price target raised to $1,025 from $830 at RW Baird RW Baird raised its price target for Google shares to $1,025 following the company’s I/O conference and keeps an Outperform rating on the name. Baird thinks Chrome continues to gain momentum and that yesterday’s event highlighted Google’s technology advantages. Shares of Google closed yesterday up $28.79 to $915.89, and are indicated up another $5.66 in pre-market trading
• Vipshop (NYSE:VIPS) upgraded at Oppenheimer – Price target raised to $35 from $30 at Oppenheimer. Oppenheimer increased its price target on Vipshop after the company delivered beat and raise results. The firm maintains an Outperform rating.
• Youku Tudou (NYSE:YOKU) upgraded to Hold from Sell at Maxim – Maxim upgraded Youku Tudou to Hold citing improving growth following the company’s Q1 results.
• Palo Alto (NYSE:PANW) upgraded at Morgan Stanley – As previously reported, Morgan Stanley upgraded Palo Alto to Overweight from Equal Weight. The analyst said Palo Alto is benefiting from security spending for Next Gen Firewalls and can sustain 35%+ revenue growth. Price target is $65.
• Ford (NYSE:F) upgraded to Buy from Hold at Craig-Hallum – Craig-Hallum upgraded Ford following checks that indicate European production has bottomed, which removes an overhang. The firm believes investors will focus on strong North American results and an improved balance sheet. Price target raised to $18 from $15.
• Constellation Brands (NYSE:STZ) upgraded to Strong Buy from Buy at ISI Group – ISI Group upgraded Constellation Brands to reflect strong normalized earnings power. Price target is $60. Note that Stifel also upgraded shares this morning.
• SunPower (NASDAQ:SPWR) upgraded at Cowen – As previously reported, Cowen upgraded SunPower to Outperform from Neutral. The firm upgraded shares following the analyst day citing above Street guidance, strong technology pipeline, and visibility.
• Yelp (NYSE:YELP)  initiated with an Outperform at Cowen
• eBay (NASDAQ:EBAY) initiated with a Buy at Lazard Capital, Target $65.
• Amazon.com (NASDAQ:AMZN) initiated with a Buy at Lazard Capital, Target $310.

DOWNGRADES

• Chesapeake (NYSE:CHK) downgraded to Neutral from Overweight at JPMorgan – JPMorgan downgraded Chesapeake citing valuation and a lack of catalysts.
• Advanced Micro Devices (NYSE:AMD) downgraded to Sell from Neutral at Goldman – Goldman downgraded AMD due to high expectations and continued disappointing results in the PC segment. Price target is $2.50.
• Stratasys (NASDAQ:SSYS) downgraded to Underperform from Market Perform at William Blair – William Blair downgraded both 3D Systems (NYSE:DDD) and Stratasys to Underperform citing valuations and unreasonable growth expectations.
• SodaStream (NASDAQ:SODA) downgraded to Hold from Buy at Deutsche Bank – Deutsche Bank downgraded SodaStream citing valuation and raised its price target for shares to $68 from $56.

HEADLINES

Cisco (NASDAQ:CSCO) jumped 8.5% to $23.02 in heavy trading volume after Cisco reported adjusted third-fiscal-quarter earnings of 51 cents a share on revenue of $12.22 billion. The firm was forecast to post earnings of 49 cents a share on revenue of $12.18 billion, according to analysts surveyed by FactSet.

Tesla Motor Inc. (NASDAQ:TSLA) shares continued on an upward trajectory, rising 5.2% to $89.23 on heavy volume, after a regulatory filing said that Chief Executive and Co-Founder Elon Musk was buying $100 million of the electric-car maker’s stock in a secondary offering and the company is paying back a Department of Energy loan ahead of schedule. Shares gained 1.9% to close at $84.84; they’re up 57% this month.

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