CHANGE IN RATINGSCBS ( CBS) upgraded at Goldman Sachs to Neutral from Sell based on more balanced risk/reward profile. Channel checks indicate that deterioration in advertising trends is moderating. Price target at $5. Deere ( DE) rated new Buy at Deutsche Bank. $45 price target. Company is the premium farm equipment play and also offers a call option on the a recovery in North American construction.
Under Armour ( UA) downgraded at Morgan Stanley to underweight with $12 price target. Downgrade based on weak running shoe launch and increasing markdown risk which would raise risk to consensus estimates. In addition, UA valuation seems unsustainable after 52% bounce from March 6 low.