Rock-Tenn (RKT) upgraded at Credit Suisse from Neutral to Outperform, Credit Suisse said. $73 price target. Containerboard pricing remains strong, despite the sluggish macro environment.
Ross Stores (ROST) upgraded at Piper from Neutral to Overweight, Piper Jaffray said. $85 price target. Secular trends should allow the company to be able to improve its merchandise.
Sprint Nextel (S) upgraded at BofA/Merrill to Buy from Neutral, Bank of America/Merrill Lynch said. $6 price target. Stock can continue to run higher.
JM Smucker (SJM) upgraded at Goldman from Neutral to Buy, Goldman Sachs said. $90 price target. Company is keeping costs down and demand remains strong. Management is also returning cash to shareholders.Syntel (SYNT) downgraded at JP Morgan from Overweight to Neutral, JP Morgan said. Other names in the industry have better secular growth trends. Veeco Instruments (VECO) downgraded at Deutsche from Buy to Hold, Deutsche Bank said. $38 price target. Valuation call, as the stock is up 83% year-to-date.
STOCK COMMENTS / EPS CHANGESApplied Materials (AMAT) numbers cut at Citigroup. Shares of Applied Materials now seen reaching $12, Citigroup said. Estimates also lowered as operating margins will unlikely trough in Jan-Q. Neutral rating. Devon Energy (DVN) estimates lowered at Oppenheimer through 2013, Oppenheimer said. Updates reflect new guidance. Outperform rating. Medicis (MRX) estimates, target cut at Credit Suisse. Shares of MRX now seen reaching $33, according to Credit Suisse. Estimates also reduced, given the company's new guidance. Underperform rating. PetSmart (PETM) numbers raised at Jefferies. Shares of PETM now seen reaching $64, Jefferies said. Estimates also raised on upped sales estimates. Hold rating. Phillips 66 (PSX) numbers raised at UBS. Shares of PSX now seen reaching $44, UBS said. Estimates also increased on upwardly revised earnings. Buy rating. Symantec (SYMC) added to Top Picks Live! at Citigroup. $23 price target. Attractive combination of divestiture, capital return and profitability improvements. Wal-Mart (WMT) numbers raised at Jefferies. Shares of WMT now seen reaching $74, Jefferies said. Estimates also raised on high second-quarter expectations. Hold rating. >To submit a news tip, email: firstname.lastname@example.org.
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