NEW YORK (
CHANGE IN RATINGS
Anadarko Petroleum (APC) was downgraded to hold at TheStreet Ratings.
Avon (AVP) was downgraded at Bank of America/Merrill Lynch to neutral from buy. $18.50 price target. Turnaround will likely take longer than expected, BofA/Merrill said.
Big Lots (BIG) was downgraded to hold at TheStreet Ratings.
El Paso Electric (EE) was downgraded at Jefferies to hold from buy. Driven by reduction in 2016 estimates due to delay in EPA permit for Montana Power Station, Jefferies said. $37 price target.
Eros International (EROS) was initiated at UBS with a buy rating. Driven by secular growth in India, better management of P&A, and long term potential of JV with HBO Asia, UBS said. $18 price target.
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Global Payments (GPN) was downgraded at Nomura to neutral. $66 price target. Valuation call, as the company lacks near-term catalysts, Nomura said.
Jabil (JBL) was downgraded at Needham to hold from buy. Company lacks visibility and near-term catalysts, Needham said.
Rackspace Hosting (RAX) was initiated at UBS with a neutral rating. Despite high-growth market, company is facing increasing competition and has made some execution errors, UBS said. $38 price target.Total System (TSS) was upgraded at Nomura to buy. $38 price target. Payments business should continue to drive growth over the coming quarters, Nomura said.
United Rentals (URI) was initiated at Jefferies with a buy rating. Tailwinds from recovery in nonresidential construction, market share gains from mom-and-pop peers, shift to rental trends, said Jefferies. $86 price target.
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