NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Chesapeake Energy (CHK) was downgraded at Stifel Nicolaus to hold from buy. Valuation call, given low expectations for production growth, Stifel Nicolaus said.
Emcor (EME) was upgraded at DA Davidson to buy from neutral. Company is leveraged to a recovering nonresidential construction environment, DA Davidson said.Corning (GLW - Get Report) downgraded at Piper Jaffray to neutral from overweight. $14 price target. Company lacks exposure to new product cycle in display. (JBHT) was upgraded at Bank of America/Merrill Lynch to buy from neutral. $81 price target. Company offers a strong secular growth story, BofA/Merrill said. Johnson & Johnson (JNJ - Get Report) was upgraded at Goldman Sachs to neutral from sell. Pharma outlook is improving, Goldman said. $95 price target. Life Technologies (LIFE) was downgraded to hold at TheStreet Ratings. Eli Lilly (LLY - Get Report) was downgraded at Jefferies to underperform from buy. Estimates were also lowered, given worsening business environment and disappointing R&D productivity, Jefferies said. $40 price target. L Brands (LTD) was downgraded at Credit Suisse to neutral from outperform. $64 price target. Comp weakness persists and inventories are building, Credit Suisse said. Merck (MRK - Get Report) was downgraded at Jefferies to hold from buy. Estimates were also decreased on weak business environment and unimpressive cost-cutting initiatives, Jefferies said. $50 price target. (PCYC) was upgraded at Goldman Sachs to buy from neutral. $170 price target. ibruttinib could generate $7.5 billion of peak annual sales, Goldman said. Premier Exhibitions (PRXI) was downgraded to sell at TheStreet Ratings. Sonoco (SON) was downgraded at Goldman Sachs to sell from neutral. Company will likely grow slower than its peers over the next few quarters, Goldman said.