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GlaxoSmithKline: Upgrades, Downgrades

NEW YORK ( TheStreet) -- CHANGE IN RATINGS

Barnes & Noble (BKS - Get Report) 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 - Get Report) rated new Buy at Citigroup. $47 price target. Recent acquisitions boost the company's growth profile.

Emerson Electric (EMR - Get Report) 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 - Get Report) rated new Buy at Citigroup. $19 price target. Company should be able to rescue its earnings growth.

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

Honeywell (HON - Get Report) 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 - Get Report) 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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SYM TRADE IT LAST %CHG
BKS $24.92 -0.56%
DHR $86.34 0.27%
GSK $47.31 -1.10%
EMR $58.08 0.52%
HON $103.13 0.08%

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

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