NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Freeport-McMoRan (FCX) was initiated with an outperform rating at Credit Suisse. Company has leverage to copper/oil and an attractive pipeline, said Credit Suisse. Price target is $40.
GameStop (GME) was upgraded at Oppenheimer to outperform from perform. Price target is $50. The upcoming launches of Xbox One and PS4 will drive sales growth, Oppenheimer said.
(ITI) was downgraded to hold at TheStreet Ratings.
Optical Cable (OCC) was upgraded to buy at TheStreet Ratings. OGE Energy (OGE) was upgraded at Jefferies to buy from hold. Higher environmental spending and more growth projects are expected to be announced, said Jefferies. Price target is $76. Signature Bank (SBNY) was upgraded at BMO Capital Markets to outperform from market perform. Competitive concerns should subside, and the bank will benefit from rising long rates, BMO Capital Markets said. Price target is $90.
SolarCity (SCTY) was upgraded at Credit Suisse to outperform from neutral. There is increased confidence California will continue to support solar generation, Credit Suisse said. Price target is now $52. Southern Company (SO) was downgraded at Jefferies to hold from buy. Regulatory overhang, Jefferies said. Price target is $46. Wells Fargo (WFC) was downgraded at Sterne Agee to neutral from buy. $42 price target. Although outlook remains constructive, earnings growth is moderating, Sterne Agee said.
STOCK COMMENTS/EPS CHANGESAllstate (ALL) estimates were reduced at Credit Suisse to reflect May CAT losses of $650 million and tough non-CAT weather loss comps, said Credit Suisse. Actuant (ATU) estimates were reduced at BMO Capital Markets. Reflect the planned divestiture of the electrical segment, said BMO Capital Markets. E.I. du Pont (DD) estimates were cut at Credit Suisse. Estimates were reduced given management's reduced outlook, said Credit Suisse. Gannett (GCI) price target and estimates were increased at UBS. The price target was raised to $27, and 2014 earnings estimates were raised. The Belo acquisition accelerates GCI's transformation away from print, UBS said. Myriad Genetics (MYGN) estimates were lowered at Credit Suisse. Earnings estimates were lowered on the gene-patent case ruling, Credit Suisse said. SCOTUS upheld cDNA's patent eligibility, yet competition is expected to increase, Credit Suisse said.
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