CHANGE IN RATINGSAmazon ( AMZN) upgraded at Pipier Jaffray to Buy from Neutral based on strong customer satisfaction in recent survey. Expect market share gains and continued ecommerce innovations such as the Kindle. Price target raised to $81 from $55. Banco Bradesco ( BBD) downgraded at Goldman Sachs to Sell from Neutral based on limited excess reserves and recent outperformance vs. ITU. See limited upside as investors focus on book value metrics. Price target cut to $8.50 from $9.80.
Coca-Cola ( KO) upgraded at Credit Suisse from Neutral to Outperform. $48 price target. Valuation call, as the company continues to grow outside of the U.S. Petrobras ( PBR) downgraded at J.P. Morgan to Neutral from Outperform based on lack of near-term positive catalysts following recent strength in shares (up 40% in 3 months). Expect no quantification of pre-salt resources in near-term.