RATINGS CHANGES

TD Ameritrade (AMTD) was downgraded to neutral from buy at Bank of America/Merrill Lynch. $29 price target. Earnings estimates were also cut, given weaker trading trends, analysts said. 

Dow Chemical (DOW) was downgraded to neutral from overweight at JPMorgan. $50 price target. The global economy is likely to contract in the coming quarters, JPMorgan said. 

L Brands (LB) was downgraded to underperform from buy at Bank of America/Merrill Lynch. $57 price target. Earnings estimates were also cut, given exposure to the U.K.

Magna (MGA) was downgraded to market perform from outperform at BMO Capital. $36 price target. U.S. vehicle demand will likely remain rangebound for the next few years, BMO said. 

Penske Automotive (PAG) was downgraded to sector weight at Keybanc. Earnings estimates were also cut, as about 35% of the company's revenue is exposed to the U.K.

Trimble (TRMB) was downgraded to neutral from overweight at JPMorgan. $27 price target. Earnings estimates were also cut, given the company's leverage to slower expected growth in Europe, JPMorgan said. 

Travelers (TRV) was upgraded to buy from neutral at Bank of America/Merrill Lynch. The valuation is more attractive, based on a $127 price target, analysts said. 

Wabco (WBC) was downgraded to neutral from overweight at Piper Jaffray. $94 price target. The company has 55% of its revenue exposed to Europe, Piper Jaffray said. 

This article was written by a staff member of TheStreet.

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