NEW YORK ( TheStreet) -- RATINGS
Alcoa (AA) was downgraded to neutral from buy by Sterne Agee, which set a 12-month price target of $12, saying the company is working through a challenging period in its portfolio transformation and is facing fundamental risks to its commodity business.
Agco (AGCO) was upgraded to neutral from underweight by J.P. Morgan, which set a 12-month price target of $55, saying activist presence should help increase shareholder value.
Axis Capital Holdings (AXS) was downgraded to neutral from buy by MKM Partners, which set a 12-month price target of $56. The shares have reached MKM Partners' price target due in part to press stories that the company may become a takeover target itself if its merger plans with PartnerRe (PRE) are not approved by PartnerRe shareholders, MKM said.
ConAgra Foods (CAG) was upgraded to overweight from neutral by J.P. Morgan, which cited valuation, based on a 12-month price target of $52.
Carnival (CCL) was upgraded to buy from hold by Deutsche Bank, which set a 12-month price target of $55.30, saying the company should see bookings and pricing recovery.
Eagle Pharmaceuticals (EGRX) was started at outperform by RBC Capital, which set a 12-month price target of $97. Bendamustine is key and drives 54% of the equity value, but there is a solid pipeline of opportunities that can help to support a sustainable growth story, RBC said. Expected near-term M&A on sizable cash balance presents another important catalyst that shouldn't be overlooked, the firm added.