In Wednesday's Analysts' Actions, Q2 earnings results are giving analyst's reason to act on revising some of their stock calls. Microsoft (MSFT) was upgraded to 'outperform' from 'sector perform' at Pacific Crest. The firm has a $54 price target for the stock and believes Microsoft is 'moving into the cloud and the Nokia (NOK) dilution is complete.' But downgrades for other stocks including McDonald's (MCD). Robert Baird says it's 'more difficult to restore positive operating trends' for McDonald's. Baird is now rating McDonald's a 'neutral from 'outperform' rating and lowered its price target for the stock to $98 from $104 a share. Xilinx (XLNX) was downgraded at BMO Capital to 'market perform' with a lowered price target of $42 from $60. The firm sees 'uncertainty around its LTE rollout and high valuation.' TheStreet's Susannah Lee has the details.

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