Top Pre-Market Stocks Upgrades/Downgrades May 21, 2013

UPGRADES

• BlackRock (NYSE:BLK) upgraded to Outperform from Neutral at Macquarie -Price target raised to $315 from $253
• IntercontinentalExchange (NYSE:ICE) upgraded to Outperform from Neutral at Macquarie – Price target raised to $207 from $153

DOWNGRADES

• First Republic Bank (NYSE:FRC) downgraded to Hold from Buy at Jefferies – Jefferies downgraded First Republic Bank with a $40 price target
• Life Technologies (NASDAQ:LIFE) downgraded to Underperform from Outperform at CLSA – CLSA downgraded Life Technologies citing the takeout bid by Thermo Fisher. Price target is $76
• WellCare (NYSE:WCG) downgraded to Neutral from Buy at Goldman – Goldman downgraded Wellcare due to Medicare Advantage exposure and valuation. Price target is $60
• CME Group (NASDAQ:CME) downgraded to Neutral from Outperform at Macquarie – Price target lowered to $60 from $69
• VF Corp. (NYSE:VFC) downgraded to Market Perform from Outperform at Wells Fargo – Wells Fargo downgraded VF Corp. citing valuation and limited upside potential to consensus estimates. The firm keeps a $182-$194 price target range for shares

NEW COVERAGE

• Taylor Morrison (NYSE:TMHC) initiated with an Outperform at FBR Capital – Target $31
• Sony (NYSE:SNE) initiated with a Buy at Jefferies – Jefferies is positive on Sony’s positions in insurance and content and believes the company needs to exit most electronic markets. The firm started shares with a Buy rating
• Aetna (NYSE:AET) reinstated with a Buy at Goldman – Target $68

HEADLINES

J.P. Morgan (NYSE:JPM) will hold its shareholder meeting in Tampa, Florida at 10 a.m. All eyes on this event as investors will decide whether they will vote for the Jamie Dimon to retain his dual role.

Apple’s (NASDAQ:AAPL) CEO Tim Cook will appear before the Senate at 9.30 a.m to face some questions after a 40-page case study on Apple’s overseas tax strategies submitted by the Senate’s Permanent Subcommittee on Monday.

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