NEW YORK (TheStreet) -- CHANGE IN RATINGS
CIT Group (CIT) was upgraded at Oppenheimer to outperform from perform. $54 price target. Stock has lagged its peers and tangible book value is likely understated, Oppenheimer said.
ConocoPhillips (COP) was initiated with a hold rating at Cowen. Company is growing but may need to increase borrowing, Cowen said.
Discover (DFS) was downgraded at Jefferies to hold. Valuation call, based on a $49 price target, Jefferies said.eBay (EBAY) was upgraded at Wells Fargo to outperform from market perform. Expect Marketplaces and PayPal to drive growth, Wells Fargo said. Edwards Lifesciences (EW) was downgraded at Lazard Capital Markets to neutral from buy. Company lacks visibility and will post lower earnings growth, Lazard Capital Markets said.
ExactTarget (ET) was initiated with a sell rating at TheStreet Ratings. GNC (GNC) was initiated with an outperform rating at Robert Baird. $52 price target. Company is a market leader with secular headwinds, Robert Baird said. Ironwood Pharmaceutical (IRWD) was downgraded at Wedbush to underperform from neutral. Cash burn is occurring much faster than expected given high R&D expenses, Wedbush said. Price target is $12. National Fuel Gas (NFG) was upgraded at BMO Capital Markets to outperform from market perform. The company will benefit from improving natural gas prices and improving well results, BMO Capital said. Price target is $70. Navios Maritime (NMM) was upgraded to buy at TheStreet Ratings. Netflix (NFLX) was downgraded at Jefferies to underperform. Valuation call, based on a $130 price target, Jefferies said.
Ryder Systems (R) was upgraded at Wells Fargo to outperform from market perform. Cyclical lease replacements will drive the top line as dissipating maintenance headwinds drive margins, Wells Fargo said. Price target range is $62-$64. AT&T (T) was downgraded at Morgan Stanley to equal-weight. Valuation call, as the stock is up 16% year to date, Morgan Stanley said. $39 price target. AT&T was downgraded at Citigroup to neutral. Further multiple expansion will be difficult with slowing top-line growth, said Citigroup. STOCK COMMENTS/EPS CHANGES Apple (AAPL) estimates, price target were cut at Lazard Capital Markets. Estimates were also reduced, given the company's new guidance, Lazard Capital Markets said. Buy rating.
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