NEW YORK (TheStreet) -- RATINGS CHANGES
Aaron's (AAN) was upgraded to buy from hold at Keybanc. $34 12-month price target. New management is a positive change and the outlook is improving for the low-end consumer, Keybanc said.
Calpine (CPN) was upgraded to buy from hold at Deutsche Bank. Within the broader utility sector, merchant generators are favored over regulated names, said Deutsche. The power business specifically is on an improving track, Deutsche added.
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Covanta (CVA) was downgraded to neutral from outperform at Robert Baird. This was a valuation call, Baird said.
Holly Frontier (HFC) was downgraded to market perform from outperform at Wells Fargo. Estimates were also cut, given lower expected industry margins, Wells Fargo said.
Marathon Petroleum (MPC) was downgraded to market perform from outperform at Wells Fargo. New global capacity will likely weigh on industry margins in the new year, Wells Fargo said.
VeriFone Systems (PAY) was upgraded to overweight from equal weight at Barclays. Fourth quarter results and guidance for double-digit organic revenue highlight strong tailwinds, Barclays said. 12-month price target was raised to $47 from $36.
PG&E (PCG) was downgraded to hold from buy at Deutsche Bank. With Fed tightening on the horizon, regulated electrics are less attractive, said Deutsche.
Portland General Electric (POR) was downgraded to hold from buy at Deutsche Bank. With Fed tightening on the horizon, regulated electrics are less attractive, said Deutsche.