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NEW YORK (
CHANGE IN RATINGSAssured Guaranty(AGO) was downgraded at UBS to Neutral from Buy. $18 price target. Limited upside if Moody's downgrades, UBS said.
American International(AIG - Get Report) was upgraded at Bernstein to Outperform. $45 price target. Company can continue to execute its final asset sales and soon be out from under the government's wings, Bernstein said.
Brown-Forman(BFB) was upgraded at UBS to Buy from Neutral. $98 price target. Multiple growth drivers behind revenue acceleration, UBS said.
Biogen Idec(BIIB) was upgraded at Goldman Sachs to Buy. $150 price target. Late-stage clinical pipeline remains attractive, Goldman said.
Colony Financial(CLNY) was downgraded to Hold at TheStreet Ratings.
Cubist(CBST) was initiated with a Hold rating at Brean Murray. Company lacks near-term catalysts, Brean Murray said.
Celgene(CELG) was initiated with a Buy rating at Cantor Fitzgerald. $90 price target. Company has multiple potential catalysts and can also deliver solid earnings growth over the next five years, Cantor said.
Ciena(CIEN) was upgraded at JP Morgan from Neutral to Overweight. $20 price target. Company is leveraged to the optical upgrade cycle, JP Morgan said.
Gap(GPS) was upgraded at Piper Jaffray to Overweight from Neutral. $34 price target. Company will benefit disproportionately from an emerging multiyear apparel cycle, Piper Jaffray said.
Hologic(HOLX) was initiated with a Buy rating at Bank of America/Merrill Lynch. $26 price target. New products can drive consistent, double-digit annual earnings growth, BofA/Merrill said.
IBM(IBM - Get Report) was downgraded from Buy to Neutral at Bank of America/Merrill Lynch. Valuation call, based on a $215 price target, BofA/Merrill said.
Joy Global(JOY) was upgraded at Keybanc from Hold to Buy. Valuation call, based on a $90 price target, Keybanc said.
Park-Ohio Holdings(PKOH) was upgraded to Buy at TheStreet Ratings.
Progressive(PGR) was downgraded to Neutral from Buy at Bank of America/Merrill Lynch. $25 price target. Valuation call, BofA/Merrill said.
Polaris(PII) was downgraded at Wells Fargo from Outperform to Market Perform. Valuation call, Wells Fargo said.
Spirit Airlines(SAVE) was initiated with a Buy rating at Citigroup. $30 price target. Growth driven by increases in capacity and ancillary revenue, Citigroup said.
Starbucks(SBUX) was upgraded at Goldman Sachs from Neutral to Buy. Company was also placed on the Conviction List, as it appears to be entering a renewed growth phase, Goldman said.