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 (BBT) downgraded at Sterne Agee from Buy to Neutral, Sterne Agee said. $32 price target. Estimates also cut, given the weaker economy and lower expected net interest margin.
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) 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) upgraded at MKM to Buy, MKM Partners said. Valuation call, based on a $57 price target. Edwards Lifesciences (EW) 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) 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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