NEW YORK (
CHANGE IN RATINGS
C&J Energy Services (CJES) was initiated at Jefferies with a buy rating. The company has the opportunity to recover utilization and margin given its established service quality and technical orientation, Jefferies said. Twelve-month price target is $28.
East West Bancorp (EWBC) was upgraded at Deutsche Bank to buy from hold. Twelve-month price target is $38. Company can post stronger loan growth, Deutsche Bank said.
Gilead (GILD) was upgraded at Robert Baird to outperform from neutral. Twelve-month price is $103. Company should see higher sales for Sovaldi and other products, Baird said.
Gap (GPS) was upgraded at UBS to buy from neutral. Increased square-footage growth and positive comps from e-commerce initiatives, exposure to athletic apparel and inflection at core business, UBS said. Twelve-month price target is $50.
(MSFT - Get Report) was initiated with a neutral rating at Sterne Agee. Twelve-month price target is $40. Company is in a significant transition period, Sterne Agee said.
Newmont Mining (NEM) was downgraded at J.P. Morgan to neutral. Batu Hijau cash-flows could be hurt by government actions, J.P. Morgan said.
Pfizer (PFE) was upgraded at Jefferies to buy from hold. Palbociclib is underappreciated while restructuring will increase operational efficiency and improved tax structure, Jefferies said. Twelve-month price target is $38. U.S. Silica Holdings (SLCA) was downgraded at Jefferies to hold from buy. Lack of progress managing logistics costs, lower volumes of higher-grade sand and lack of competitive advantage, Jefferies said. $31 price target.