Joy Global ( JOY) downgraded at Goldman to Neutral, said Goldman Sachs. The firm's model underestimated declines in mining equipment share of capex and visibility on the commodity recovery remains clouded. US Airways ( LCC) downgraded at BofA/Merrill to Underperform, Bank of America/Merrill Lynch said. $16 price target. Estimates also cut, given lower expected AMR results.
Occidental Petroleum ( OXY) downgraded at Sterne Agee to Neutral, Sterne Agee said. Valuation call, based on a $97 price target. Progressive ( PGR) rated new Reduce at Nomura. Valuation call, based on a $20 price target. QEP Resources ( QEP) upgraded at Sterne Agee from Neutral to Buy, Sterne Agee said. $36 price target. Company is executing well in the Bakken, expanding its midstream business and is leveraged to firming gas prices. Standard Pacific ( SPF) rated new Buy at BofA/Merrill SPF was initiated with a Buy rating, BofA/Merrill Lynch said. $11 price target. Company has better pricing and margins that its peers. Timken ( TKR) upgraded at Jefferies to Buy, Jefferies said. $65 price target. Company is attractive, based on a sum-of-the-parts valuation.