US Airways ( LCC) was downgraded at J.P. Morgan to neutral. See limited upside potential, even with an expected UAL merger, J.P. Morgan said.

Marriott International ( MAR) was initiated at BMO Capital Markets with a market perform rating. $41 price target. North America is not a bad place to be, BMO said.

Nektar Therapeutics ( NKTR) was initiated at Lazard Capital Markets with a buy rating. $15 price target. A bounty of attractive late stage programs, Lazard Capital Markets said.

Pharmacyclics ( PCYC) was initiated at Credit Suisse with an outperform rating. $79 price target. Most derisked pure play in oral lymphoma/leukemia drug class, Credit Suisse said.

Patterson ( PDCO) was downgraded at Goldman Sachs from neutral to sell. Company will likely be hurt by lower demand for high-tech dental equipment, Goldman said.

Petrologistics ( PDH) was upgraded at Citigroup to buy from neutral. $17 price target. Elevated propane to propylene spread seems sustainable given warm weather, Citigroup said.

PDL Biopharma ( PDLI) was downgraded at Credit Suisse from neutral to underperform. Valuation call, based on a $6 price target, Credit Suisse said.

Principal Financial Group ( PFG) was downgraded at Sterne Agee to neutral from buy. Valuation call, Sterne Agee said.

Regeneron Pharmaceuticals ( REGN) was downgraded at Jefferies downgraded to hold from buy. Limited upside on Eylea, Jefferies said.

Sirona Dental ( SIRO) was downgraded at Goldman Sachs from buy to neutral. Valuation call, based on a $67 price target, Goldman Sachs said.

Symantec ( SYMC) was upgraded at Morgan Stanley to overweight. $25 price target. Visibility is improving, and the company offers the best risk/reward in the industry, Morgan Stanley said.

United Continental ( UAL) was downgraded at J.P. Morgan to neutral. Valuation call, based on a $30 price target, J.P. Morgan said.

Vantiv ( VNTV) was initiated with a neutral rating at UBS. $22 price target. Attractive secular exposure, but fully valued shares, UBS said.

Vertex Pharmaceuticals ( VRTX) was downgraded at Lazard Capital Markets to neutral. Company is likely facing a transition year, Lazard Capital Markets said.

Watsco ( WSO) was downgraded at Robert Baird from outperform to neutral. Valuation call, based on a $77 price target, Robert Baird said.

STOCK COMMENTS / EPS CHANGES

Apple ( AAPL) estimates, target reduced at Nomura. Shares of AAPL now seen reaching $530. Estimates also cut, given lower expected iPhone sales. Neutral rating.

Caterpillar ( CAT) target raised at Credit Suisse to $124, according to Credit Suisse. Survey suggests that dealers are meeting sales forecasts. Outperform rating.

Dell ( DELL) target raised at Jefferies to $13, Jefferies said. LBO is a possibility. Hold rating.

Rock Tenn ( RKT) cut from Conviction Buy List at Goldman. Valuation call, based on an $83 price target.

St. Jude Medical ( STJ) numbers raised at Jefferies. Shares of STJ now seen reaching $39, Jefferies said. Estimates also raised on ending of near- term pressure from Riata/Durata. Hold rating.

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