NEW YORK (TheStreet) -- RATINGS CHANGES
Abbott Laboratories (ABT) - Get Abbott Laboratories Report was upgraded at Deutsche Bank to buy. Twelve-month price target is $54. Management has the company poised to deliver sustained growth, Deutsche Bank said.
Amgen (AMGN) - Get Amgen Inc. Report was upgraded at Nomura to buy from neutral. Twelve-month price target is $193. Company has cut costs and can expand the operating margin by 15 points by 2018, Nomura said.
Amazon.com (AMZN) - Get Amazon.com, Inc. Report was initiated with an overweight rating at Morgan Stanley. Twelve-month price target is $420. Company is also being added to the Best Ideas list. Company will likely spend less on unprofitable projects next year, which should shift the focus to improving e-commerce margins, Morgan Stanley said.
Aspen Technology (AZPN) - Get Aspen Technology, Inc. Report was downgraded at Canaccord to hold. Twelve-month price target is $42. Valuation call, based on a lower free cash flow outlook, Canaccord said.
Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report was initiated with an overweight rating at J.P. Morgan. Twelve-month price target is $112. Expect share of total Chinese retail market to double by 2018, J.P. Morgan said.
Alibaba was initiated with an outperform rating at RBC Capital. Twelve-month price target is $120. Company is the dominant platform in China and can expand its retail business globally, RBC Capital said.
Alibaba was initiated with a buy rating at Deutsche Bank. Twelve-month price target is $112.70. Company is a market leader and will likely use acquisitions to expand its business into new areas, Deutsche Bank said.
Alibaba was initiated with a buy rating and 12-month price target of $125 at Pacific Crest. Premier player in rapidly growing China e-commerce market, Pacific Crest said. Multiple growth opportunities ahead, Pacific Crest also said.
eBay (EBAY) - Get eBay Inc. Report was initiated with an underweight rating at Morgan Stanley. Twelve-month price target is $45. Company will likely spend more on future growth in the coming quarters, which could weigh on margins, Morgan Stanley said.
G&K Services (GK) was downgraded at Keybanc to hold from buy. Valuation call, as the stock exceeded the previous price target of $63, Keybanc said.
InvenSense (INVN) was downgraded at Pacific Crest to sector perform from outperform. Misexecution, price pressures, and risk of share loss significantly reduce confidence in sustainable growth, Pacific Crest said.
Invensense was downgraded at Piper Jaffray to neutral. Twelve-month price target is $17. Company is realizing lower margins, Piper Jaffray said.
Michael Kors (KORS) was downgraded at Janney Capital to neutral from buy. Valuation call, based on a 12-month price target of $87.
PG&E was upgraded at Wells Fargo to outperform from market perform. Estimates were also increased, given the company's new guidance. Company trades at a 15% discount to its peers, Wells Fargo said.
Parker Hannifin (PH) - Get Parker-Hannifin Corporation Report was downgraded at BMO Capital to market perform from outperform. Valuation call, based on a 12-month price target of $135, BMO Capital said.
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This article was written by a staff member of TheStreet.