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GlaxoSmithKline: Upgrades, Downgrades

Stocks in this article: GSK HON NOK


Barnes & Noble (BKS) downgraded at BofA/Merrill to Underperform from Neutral on uncertainty surrounding the company's digital initiatives and a deteriorating balance sheet. Price target reduced to $13 from $15.

Danaher (DHR) rated new Buy at Citigroup. $47 price target. Recent acquisitions boost the company's growth profile.

Emerson Electric (EMR) rated new Hold at Citigroup. $53 price target. Company appears to have overpaid for a recent acquisition and is at risk if growth in China slows down.

General Electric (GE) rated new Buy at Citigroup. $19 price target. Company should be able to rescue its earnings growth.

GlaxoSmithKline (GSK) downgraded at Jefferies from Buy to Hold. Risk is increasing that Avandia could be removed from the market.

Honeywell (HON) rated new Hold at Citigroup. $45 price target. Company continues to face headwinds in aerospace and commercial construction.

3M (MMM) rated new Hold at Citigroup. Valuation call, based on a $90 price target.

Micron Technology (MU) downgraded at Goldman from Buy to Neutral. $7.85 price target. Tablet demand is weighing heavily on the PC market. Estimates also lowered.

Maxim Integrated (MXIM) downgraded at Goldman from Neutral to Sell. $16 price target. Valuation call. Stock has a 5% dividend yield, but also faces margin compression.

Netlogic Microsystem (NETL) upgraded at UBS from Neutral to Buy. $33.50 price target. Stock has pulled back 25% since earnings, and the company should deliver solid fourth-quarter growth.

Nalco (NLC) rated new Buy at Janney. $30 price target. Company is leveraged to continued growth in the water sector.

Nokia (NOK) downgraded at Citigroup from Hold to Sell. $7.93 price target. Company should not trade at a premium to its peers.

NXP Semiconductors (NXPI) initiated at Barclays with an Overweight rating and $18 price target. Above industry sales growth combined with solid margin expansion drives positive view.

NXP Semiconductors (NXPI) initiated at Credit Suisse with an Outperform rating and $16 price target. Key drivers: margin expansion and financial deleveraging.

Reynolds American (RAI) upgraded at BofA/Merrill to Neutral from Underperform on healthy volume trends. Price target jumped to $59 from $52.

Rowan (RDC) upgraded at UBS from Neutral to Buy. $42 price target. High specification jackup dayrates are moving up ahead of expectations.

Tyco (TYC) downgraded at BofA/Merrill to Neutral from Buy, valuation call. No change to $45 price target.

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