NEW YORK (TheStreet) -- RATINGS CHANGES
Amazon (AMZN - Get Report) was upgraded to outperform from neutral by Wedbush, which set a $575 price target. Wedbush cited multiple reasons for the upgrade, including the following: (1) the strong comp from Netflix (NFLX - Get Report); (2) faster Amazon Web Services (AWS) growth than previously thought at impressive margin; (3) momentum in the AWS Marketplace segment; (4) greater sales traction from Prime Day than expected; (5) faster growth in Amazon Prime than expected; and (6) the increased likelihood that Amazon can add at least $2 billion to revenue from capturing PayPal (PYPLV) payments.
Ply Gem (PGEM) was upgraded to buy from hold by Deutsche Bank, which set a $16 price target, saying that fundamentals should turn around and expectations are low.
Progressive Corp. (PGR - Get Report) was downgraded to sell from hold by Deutsche Bank, which set a $27 price target, citing valuation. While the company's earnings are far less risky and far more consistent than most property-and-casualty insurers and deserve a premium to those companies, long-term prospects for growth in the broad economy are far more certain than Progressive's, Deutsche Bank said.
Solera (SLH) was downgraded to neutral from overweight by Piper Jaffray, which set a $43 price target, saying that the company has had disappointing earnings and that acquisitions are diluting the shares.
SanDisk (SNDK) was upgraded to neutral from reduce by Nomura, which set a $50 price target, saying that the shares have significantly underperformed year to date (-43%), but are pricing in execution and market-share risks.