NEW YORK (TheStreet) -- CHANGE IN RATINGS
Bristol-Myers (BMY) was downgraded to neutral at Bank of America/Merrill Lynch. The upside potential does not justify a buy rating, though the dividend yield and pipeline are attractive, BofA/Merrill said. Estimates through 2014 were increased, price target is $39.
Cloud Peak Energy (CLD) was upgraded at Goldman Sachs to buy. The company should benefit from rising PRB coal/natural gas prices, Goldman said. Price target is now $21.
Consol Energy (CNX) was downgraded at Goldman Sachs to neutral. Still see positive catalysts, but believe that others have more upside, Goldman said. Price target is now $36.Cyberonics (CYBX) was upgraded at Lazard Capital Markets to buy. A proprietary survey showed that sales reps were not using inappropriate sales tactics, making the recent pullback a buying opportunity, Lazard Capital Markets said. Estimates through 2014 were raised, $57 price target. Dean Foods (DF) was upgraded at KeyBanc to buy. The company's structural transition to a fluid milk pure play will drive cost savings that aren't currently realized in the stock price, KeyBanc said. Price target is $21. Exlservice (EXLS) was downgraded at Needham from buy to hold. Company is facing increased competition, Needham said. Fifth & Pacific (FNP) was initiated with a buy rating at Sterne Agee. The company is the top specialty retailer pick given growth prospects and misunderstood fundamentals, Sterne Agee said. Price target is $26. Foster Wheeler (FWLT) was downgraded at Stifel Nicolaus from buy to hold. Company faces growth headwinds and lacks potential near-term catalysts, Stifel Nicolaus said. Gap (GPS) was initiated with a sell rating at Sterne Agee. Structural headwinds, including tough compares and inventory levels, will weigh on margins, Sterne Agee said. Price target is $29. Michael Kors (KORS) was initiated with a neutral rating at Sterne Agee. Margins at the company could be nearing the end of the runway, Sterne Agee said. Price target is $63. McDermott (MDR) was downgraded at KeyBanc to hold. The company's cost position as it transitions to deep-water work is a concern, KeyBanc said. There is a risk to margins and stimates were lowered through 2014, Keybanc added.
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