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J.C. Penney, Baidu Upgraded; United Technologies Downgraded

In Monday's Analysts' Actions, Wall Street analysts made some bullish calls on J.C. Penney (JCP) and Baidu (BIDU), and also issued a negative note for United Technologies (UTX).
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In Monday's Analysts' Actions, Wall Street analysts made some bullish calls on J.C. Penney (JCP) and Baidu (BIDU), and also issued a negative note for United Technologies (UTX). Deutsche Bank Markets Research raised its rating on J.C. Penney to BUY from HOLD, citing improving product lines. The retailer's new CEO Marvin Ellison is focusing on moving the company toward more efficient pricing and markdown optimization, according to the analyst note. In addition, the firm raised its price target to $12 from $10. Similarly, Chinese search engine giant Baidu had its stock upgraded to BUY from HOLD by analysts at Jefferies. Worries about the company's spending on search advertising have been overdone, the firm noted. Instead, it appears the company is gaining "strong traction" for performance-based ads. Analysts maintained their price target at $210. In another analyst note, Barclays lowered its rating on United Technologies to EQUAL WEIGHT from OVERWEIGHT and dropped its price target to $100 from $120. As the company's Otis elevator unit faces growing pressures in China, it looks like the company will take a longer time to recover, analysts stated. TheStreet's U-Jin Lee reports from New York.

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