NEW YORK (TheStreet) -- CHANGE IN RATINGS
Alcoa (AA) was downgraded to hold at TheStreet Ratings.
Adobe (ADBE) was upgraded at Bank of America/Merrill Lynch to buy from neutral. $57 price target. Subscription transition is accelerating, BofA/Merrill said.
Arthur J. Gallagher (AJG) was downgraded at William Blair to market perform. Industry reversal in pricing will likely flatten, William Blair said.Ball (BLL) was upgraded at Robert Baird to outperform from neutral. $50 price target. Stock has lagged, but the current risk/reward is favorable, Robert Baird said. Blackberry (BBRY) was downgraded at Bernstein Research to underperform from market perform. $10 price target. Shipments will likely fall short of expectations next quarter and the stock is up 135% since the lows, Bernstein Research said. Brown & Brown (BRO) was downgraded at William Blair to market perform. Industry organic growth will likely peak in 2013, William Blair said. Cliffs Natural (CLF) was downgraded at Bank of America/Merrill Lynch to underperform from neutral. $16 price target. Company is leveraged to lower met coal prices, BofA/Merrill said. (H) was downgraded to hold at TheStreet Ratings. ING (ING) was initiated with a buy rating at UBS and a $12.67 price target. The company will become a fully restructured, well-funded bank in 24 months, UBS said. Coca-Cola (KO) was initiated with an outperform rating at Credit Suisse. $48 price target. Asia and the U.S. can drive upside to 2013 and 2014 expectations, Credit Suisse said. News Corp. (NWSA) downgraded at BTIG to neutral from buy. Valuation call, based on a $30 price target, BTIG said. PepsiCo (PEP) was initiated with a neutral rating at Credit Suisse. Valuation call, based on an $87 price target, Credit Suisse said. (RYN) was upgraded at DA Davidson to buy from neutral. Pullback has created a buying opportunity, DA Davidson said. $63 price target. Sonoco (SON) was downgraded at Robert Baird to neutral from outperform. Valuation call, based on a $37 price target, Robert Baird said. Superior Energy (SPN) was initiated with an outperform rating at Cowen. $34 price target. Company can execute on its international growth strategy, Cowen said.
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