NEW YORK ( TheStreet) -- CHANGE IN RATINGSAlign Technology (ALGN - Get Report) was downgraded at Jefferies to hold from buy. Valuation call, based on a $38 price target, Jefferies said.
FirstEnergy (FE) was downgraded at Credit Suisse to neutral from outperform. $40 price target. Outlook for a recovery has been delayed, Credit Suisse said. W. R. Grace (GRA) was initiated with a buy rating at Goldman Sachs. The company will benefit from a construction market recovery and its emergence from Chapter 11, Goldman said. Price target is $105. Intelsat (I) was initiated with a buy rating at UBS. The company operates in a defensive sector and will see equity appreciation as debt is paid down, UBS said. Price target is $30. Johnson Controls (JCI - Get Report) was upgraded at Wells Fargo to outperform from market perform. Tide has started to turn for the company, which could exceed 2014 earnings estimates, Wells Fargo said.
Kansas City Southern (KSU) was upgraded at BMO Capital to market perform from underperform. A recovery in ag and coal volumes coupled with strong trends in intermodal and auto drive the upgrade, BMO said. Price target goes to $107. Eli Lilly (LLY - Get Report) was upgraded at Jefferies to hold from underperform. Valuation call, based on a $49 price target, Jefferies said. Merck (MRK - Get Report) was upgraded at Jefferies to buy from hold. $54 price target. Stock is attractive, based on a sum-of-the-parts valuation, Jefferies said. Public Service (PEG) was upgraded at Credit Suisse to neutral from underperform. $31.50 price target. Stock does not deserve to trade at such a discount to its peers, Credit Suisse said. St. Jude Medical (STJ) was downgraded at Canaccord Genuity to sell from hold. $35 price target. Earnings quality is declining and the company is facing increased competition, Canaccord said.