Microsoft was downgraded from buy to neutral at Nomura. $32 price target. Company is leveraged to an expected double-digit decline in first quarter PC sales, Nomura said.

Sigma-Aldrich ( SIAL) was downgraded from neutral to sell at Goldman. $66 price target. Company will struggle to meet its organic growth guidance, Goldman Sachs said.


Adtran ( ADTN) estimates, target were boosted at Jefferies. Shares are now seen reaching $17.50, according to Jefferies. Estimates also upped, given the new AT&T deal. Underperform rating.

Chevron ( CVX)

estimates were increased at UBS. Chevron earnings estimates were raised given favorable foreign exchange, partly offset by lower than expected R&M earnings and slightly lower upstream liquids, said UBS.

Fortinet estimates were reduced at UBS after management pre-announced first quarter results, said UBS. CIO's were more cautious with purchases in the quarter. Price target goes to $26.

Goldman Sachs ( GS) numbers increased estimates were raised through 2014 at Morgan Stanley. Industry should see higher FICC trading results, Morgan Stanley said. Equal-weight rating and new $137 price target.

McDonald's ( MCD) price target was increased at UBS. McDonald's could see acceleration in U.S. same store sales from new platforms and modestly increasing inflation in 2H13, says UBS. The price target increased to $110.

Microsoft earnings were reduced for 2013 given weak PC units in the first quarter and a legal charge, said UBS.

Netflix ( NFLX) estimates, target were raised at Goldman. Netflix shares now seen reaching $184, according to Goldman Sachs. Estimates also increased, given higher expected subscriber growth. Neutral rating.

Constellation ( STZ) estimates were increased at UBS to reflect the accretion from the U.S. Modelo operations.

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This article was written by a staff member of TheStreet.

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