NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Concur Technologies (CNQR) was downgraded at Oppenheimer to underperform from perform. Company will struggle to meet organic growth expectations, Oppenheimer said.
First Republic Bank (FRC) was initiated with a buy rating at Goldman Sachs. Stock was also placed on the Conviction List, Goldman said. Company can deliver solid growth over the next three to five years, Goldman said. $47 price target. Level 3 (LVLT) was initiated with a buy rating at Deutsche Bank. $26 price target. Company is leveraged to strong growth for global IP traffic, Deutsche Bank said. Patterson Dental (PDCO) was downgraded at Piper Jaffray to neutral from overweight. $36 price target. Company will not be able to meet earnings expectations, Piper Jaffray said. Protective Life (PL) was downgraded at Bank of America/Merrill Lynch to underperform from neutral. $34 price target. Expectations for deal more than priced in, BofA/Merrill said.
Quanta Services (PWR - Get Report) was upgraded at DA Davidson to buy from neutral. $35 price target. Stock has pulled back, but the company should benefit from higher pipeline demand, DA Davidson said. Wabco (WBC - Get Report) was downgraded at Robert Baird to neutral from outperform. Recent pullback has created a buying opportunity. STOCK COMMENTS/EPS CHANGES Alcoa (AA) price target and estimates were reduced at UBS. Earnings estimates through 2014 were taken down based on lower aluminum price assumptions and first-quarter results, said UBS. Price target goes to $9. Compass Minerals (CMP) numbers were increased at BMO Capital Markets. Estimates were raised through 2014. Company is seeing higher salt demand, BMO said. Market perform rating and new $75 price target, BMO said.