NEW YORK ( TheStreet) -- CHANGE IN RATINGS American International ( AIG) rated new Neutral at Nomura. $46 price target. Company may struggle to generate strong ROE. Apache ( APA) upgraded at Deutsche from Hold to Buy, Deutsche Bank said. $105 price target. Company can drive significant change through restructuring. Bed Bath & Beyond ( BBBY) upgraded at Nomura to Buy from Neutral, said Nomura. Merchandising, the Keurig overhang and margins are all improving. Price target goes to $82. Baker Hughes ( BHI) upgraded at Jefferies from Hold to Buy, Jefferies said. $54 price target. Higher pressure pumping sales should drive margin expansion. Citrix Systems ( CTXS) upgraded at Goldman from Neutral to Buy, Goldman Sachs said. Sector is cheap and the company is leveraged to an acceleration of growth in the second half of the year. Forest Laboratories ( FRX) upgraded at Argus from Hold to Buy, Argus said. $46 price target. Namenda should drive near-term growth.
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/MerrillSPF 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.
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/MerrillSPF 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.
