NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Air Products (APD) downgraded at BofA/Merrill from Buy to Neutral, Bank of America/Merrill Lynch said. $86 price target. Company is facing margin and volume pressure in its merchant gas business.
BB&T upgraded at Citigroup to Buy from Neutral, Citigroup said. $35 price target. Increased transparency on purchase accounting.Beam (BEAM) upgraded at Morgan Stanley to Overweight, Morgan Stanley said. $64 price target. Recent pullback has created an attractive buying opportunity. Cliffs Natural (CLF) downgraded at Deutsche from Buy to Hold, Deutsche Bank said. Valuation call, based on a $45 price target. Cablevision (CVC - Get Report) upgraded at BofA/Merrill from Hold to Buy, Bank of America/Merrill Lynch said. Company will likely raise rates, leading to higher sales in 2013. $23 price target. DDR Corp (DDR) downgraded at UBS to Neutral from Buy, UBS said. $16 price target. Catalysts are in the rear view mirror. Eaton (ETN - Get Report) upgraded at MKM to Buy, MKM Partners said. Valuation call, based on a $57 price target. Edwards Lifesciences (EW - Get Report) downgraded at Citigroup to Neutral from Buy, Citigroup said. $95 price target. EU issues will likely linger and impact near term ramp. Owens & Minor (OMI) downgraded at UBS to Sell from Neutral, UBS said. Negative datapoints for OMI's customer base. Public Service (PEG - Get Report) downgraded at Credit Suisse from Neutral to Underperform, Credit Suisse said. $28.50 price target. Company is least leverages to a cyclical recovery in power demand. Texas Industries (TXI) upgraded at Sterne Agee from Underperform to Neutral, Sterne Agee said. Company is a potential takeover target. United Natural (UNFI) rated new Neutral at Goldman. Valuation call, based on a $57 price target. Wendy's (WEN) rated new Neutral at Credit Suisse. Company lacks visibility and will be hurt by higher beef costs. $4.50 price target. Wright Express (WXS) upgraded at JP Morgan from Underweight to Neutral, JP Morgan said. $76 price target. Estimates also boosted, given higher gas prices and the recent Fleet One purchase.
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