NEW YORK (TheStreet) -- RATINGS CHANGES

Capital Products Partners (CPLP) - Get Report was downgraded to hold by TheStreet Ratings. You can view the full analysis from the report here: CPLP Ratings Report.

Dunkin' Brands (DNKN) - Get Report was downgraded to neutral by Goldman Sachs, which set a $55 price target, saying the current valuation leaves little margin for error, as Dunkin' now trades toward peak levels on an absolute basis and off of recent lows vs the S&P 500 highly franchised QSRs.

Maxim (MXIM) - Get Report was downgraded to hold from buy by Drexel Hamilton, which set a $35 price target. Estimates have also been cut, given a dwindling Android smartphone opportunity, Drexel Hamilton said.

Northern Tier Energy (NTI) was started at outperform by RBC Capital Markets, which set a $30 price target, saying that Northern Tier owns a highly advantaged refinery, with rare pipeline access to Bakken and Canadian crudes. Northern Tier's units are meaningfully undervalued as a result of its variable-rate master-limited-partnership structure and reliance on one refinery, but an acquisition may unlock value, RBC said.

Panera Bread (PNRA) was upgraded to neutral from sell by Goldman Sachs, which set a $172 price target. Goldman said it is incrementally more positive on the near-term comp outlook following analysis of Panera Bread's recently launched national advertising campaign.

Shake Shack (SHAK) - Get Report was downgraded to sell from neutral by Goldman Sachs, which cited valuation, based on a $37 price target.

Synchrony Financial (SYF) - Get Report was upgraded to overweight by Barclays, which set a $38 price target, saying the company has a strong competitive positioning and is buying back stock.

Telefonica (TEF) - Get Report was downgraded to hold by TheStreet Ratings. You can view the full analysis from the report here: TEF Ratings Report.

Travelers (TRV) - Get Report was upgraded to buy from neutral and given a $110 price target by Bank of America/Merrill Lynch, which cited valuation, as the stock is down 7%.

Western Refining (WNR) was started at sector perform by RBC Capital Markets, which set a $48 price target, saying that the company has solid assets and excellent leverage to growing Permian Basin crude supplies. However, RBC sees Western Refining as caught between two opposing strategic directions: buy the remaining 62% of NTI or sell its refineries to NTI. Uncertainty could be an overhang in the medium term, RBC said.