NEW YORK ( TheStreet) -- CHANGE IN RATINGSBroadcom ( BRCM) was downgraded at Citigroup to neutral from buy and given a $34 price target. Multiples expansion will be hard given weak smartphone growth and connectivity competition, said Citigroup. Broadcom was downgraded at William Blair to market perform from outperform. Heavy concentration in the baseband business will lead to continued volatility, William Blair said. Broadcom was downgraded at BMO Capital to market perform. $30 price target. Apple ( AAPL) and Samsung may soon introduce their own connectivity solutions, BMO Capital said. Dish Network ( DISH) was downgraded at Wunderlich to hold from buy. $50 price target. Company may have to purchase T-Mobile to monetize its spectrum, Wunderlich said.
FirstMerit ( FMER) was upgraded at DA Davidson to buy from neutral $28 price target. Core results have been solid, given better core loan growth, DA Davidson said. VAALCO Energy ( EGY) was downgraded to hold at TheStreet Ratings. FirstMerit ( FMER) was upgraded at DA Davidson to buy from neutral. $28 price target. Core results have been solid, given better core loan growth, DA Davidson said. Ironwood ( IRWD) was upgraded at Cantor Fitzgerald to hold. $10 price target. Linzess can continue to grow, and the company is keeping a tight lid on costs, Cantor said. Norfolk Southern ( NSC) was downgraded at Bank of America/Merrill Lynch to underperform from neutral. $74 price target. Company is seeing lower sales per car, given lower commodity yields, BofA/Merrill said.
Paccar ( PCAR) was downgraded at Wells Fargo to market perform from outperform. Valuation call, as there is limited upside potential to consensus expectations, Wells Fargo said. Paccar was downgraded at Piper Jaffray to neutral from overweight. Recovering housing and auto market has been priced in, and a large U.K. footprint will be hurt by new emissions regulations, Piper Jaffray said. Price target is $56. Paccar was downgraded at BMO Capital to market perform. $60 price target. Valuation call, as the stock is up 27% year to date, BMO Capital said. Portland General ( POR) was downgraded at Deutsche Bank to hold from buy. $32 price target. Company lacks near-term catalysts, Deutsche Bank said.