Analysts' Upgrades, Downgrades

Savvis downgraded at Goldman Sachs to neutral from buy based on continuing capital intensity and longer sales cycle. Note that customers have been reluctant to move beyond basic collocation. Price target cut to $18 from $28.

Under ArmourUA downgraded at Citi to hold from buy. Sees further margin pressure from higher markdowns and potential earnings risk as guidance remains back half-loaded. Lowered target to $38 from $65.

ValeroVLO downgraded at Credit Suisse to neutral from outperform. Cites U.S. gasoline market remaining difficult and prospects for a recovery in margins are fading. Lowered target price to $45 from $58.

MEMC Electronic MaterialsWFR downgraded at JPMorgan to neutral from overweight based on high expectations and aggressive capacity expansion in coming quarters. See company-specific risk tied to potential production issues and low inventories. Also note ASP erosion, indicating less favorable supply environment.

VCA AntechWOOF taken off Focus List at JPMorgan based on price action. Stock did not reach $46 target in specified time period needed to remain on list. Investment thesis remains unchanged, as WOOF still offers low-risk, high-growth profile. See potential for stronger lab growth rates and margin expansion. Maintained overweight rating.

Stock Comments/EPS Changes

AGCOAG price target raised at Goldman to $71 from $67 based on stronger volume trends in EAME and Asia and higher incrementals in South America. Note that management's guidance appears conservative. Maintained neutral rating.

MastercardMA target increased at Goldman raised to $300 from $270. First-quarter results easily beat estimates, highlighted by stronger pricing power and GDV growth. See international volumes and currency benefits offsetting modestly weakening U.S. consumer results. Maintained neutral rating.

U.S SteelX estimates raised at Goldman to $15.90 from $14.80, based on higher selling prices in domestic flat rolled and tubular operations. Price target raised to $173 from $150 and maintained buy rating.