These are Tuesday’s top analyst upgrades, downgrades and initiations.
Alkermes PLC (NASDAQ: ALKS) was started as Outperform and was given a $75 price target (versus a $59.51 close) at Credit Suisse. While this is due to an analyst change rather than a change to the company fundamental views, the consensus price target is lower at $68.64 and the 52-week range is $38.49 to $75.17.
Cisco Systems Inc. (NASDAQ: CSCO) was reiterated as Outperform at RBC Capital Markets, and the price target was raised to $33 from $31 (versus a $29.21 close). This is just a day after it was raised to Overweight from Sector Perform at Pacific Crest. Cisco’s consensus analyst price target is now $30.40.
Gap Inc. (NYSE: GPS) was reiterated as Neutral at Sterne Agee CRT, and the price target was cut to $38 from $41. Janney Capital Markets reiterated its Neutral rating and $43 price target.
Rackspace Hosting Inc. (NYSE: RAX) closed down about 1.6% ahead of earnings on Monday at $53.13, and the guidance had shares down 13% more at $45.90 in early bird trading on Tuesday. The Web hosting and cloud services provider was downgraded to Equal Weight from Overweight and the price target was cut to $49 from $55 at Morgan Stanley. CLSA downgraded it to Outperform from Buy. Credit Suisse maintained an Outperform rating but lowered its price target to $54 from $57.
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SouFun Holdings Ltd. (NYSE: SFUN) was downgraded to Hold from Buy and the price target on the American depositary shares was cut to $7.20 from $9.50 (versus a $8.06 close, after a 6% gain on Monday) at Deutsche Bank. SouFun has a 52-week range of $5.25 to $13.40 and a consensus price target of about $9.00.
Verizon Communications Inc. (NYSE: VZ) was downgraded to Underperform from Neutral at Macquarie. While price target data was not seen, Verizon’s $49.80 closing price is against a consensus analyst price target of $51.60, as well as a 52-week range of $45.09 to $53.66.
Other key analyst upgrades and downgrades on Tuesday were seen in the following stocks:
AG Mortgage Investment Trust Inc. (NYSE: MITT) was downgraded to Market Perform from Outperform at Keefe Bruyette & Woods.
Anthera Pharmaceuticals Inc. (NASDAQ: ANTH) was raised to Neutral from Sell at Citigroup. Anthera closed at $4.48 on Monday, against a 52-week range of $1.46 to $6.37.
Brookfield Renewable Energy Partners L.P (NYSE: BEP) was downgraded to Underperform from Neutral at Credit Suisse, and the firm said that it is awaiting the benefits of distressed investing.
Cosan Ltd. (NYSE: CZZ) was started as Buy with a $9.50 price target (versus a $6.98 close) at Goldman Sachs.
Crestwood Equity Partners L.P. (NYSE: CEQP) was raised to Equal Weight from Underweight but the price target was cut to $6 from $7 (versus a $5.30 close) at Barclays.
Douglas Emmett Inc. (NYSE: DEI) was raised to Outperform from Market Perform at Wells Fargo.
Edwards Lifesciences Corp. (NYSE: EW) was raised to Overweight from Neutral at JPMorgan.
Hecla Mining Co. (NYSE: HL) was maintained as Neutral but earnings estimates were cut after earnings at Sterne Agee CRT.
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HudBay Minerals Inc. (NYSE: HBM) was downgraded to Hold from Buy at Canaccord Genuity.
Intelsat S.A. (NYSE: I) was downgraded to Underweight from Equal Weight with a $10 price target (versus a $11.96 close) at Morgan Stanley.
Intuitive Surgical Inc. (NASDAQ: ISRG) was started as Neutral with a $505 price target (versus a $496.37 close) at Piper Jaffray.
Juniper Networks Inc. (NYSE: JNPR) was raised to Buy from Neutral and the price target was raised to $34 from $27 (versus a $27.09 close) at Bank of America Merrill Lynch.
LivePerson Inc. NASDAQ: LPSN) was downgraded to Neutral from Outperform and the price target was slashed to $8 from $19 (versus a $9.46 close) at Credit Suisse. The call is after losing AT&T as a pay-for-performance chat customer.
MercadoLibre Inc. (NASDAQ: MELI) was downgraded to Hold from Buy at Stifel.
National CineMedia Inc. (NASDAQ: NCMI) was raised to Outperform from Market Perform with a $17.50 price target (versus a $14.90 close) at FBR Capital Markets.
Numerex Corp. (NYSE: NMRX) was downgraded to Market Perform from Outperform at Northland Securities.
Portland General Electric Co. (NYSE: POR) was downgraded to Neutral from Overweight and the price target was cut to $36 from $40 (versus a $34.83 close) at JPMorgan.
Priceline Group Inc. (NASDAQ: PCLN) was reiterated as Buy with a $1,480 price target (versus a $1,186.38 close) and it was kept on the Focus List at Argus.
Public Storage (NYSE: PSA) was downgraded to Neutral from Buy, but the price target was raised to $220 from $200 (versus a $194.16 close) at Goldman Sachs.
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Rosetta Resources Inc. (NASDAQ: ROSE) was downgraded to Sector Weight from Overweight from KeyBanc Capital Markets.
Syngenta AG (NYSE: SYT) was raised to Market Perform from Underperform at Bernstein.
Tempur Sealy International Inc. (NYSE: TPX) was downgraded to Market Perform from Strong Buy at Raymond James.
Tokai Pharmaceuticals Inc. (NASDAQ: TKAI) was started as Outperform with a $38 price target (versus a $10.29 close) at Oppenheimer. The speculative call has huge upside based on a clear and favorable regulatory pathway as it addresses a clear unmet medical need in castration-resistant prostate cancer.
In case you missed Monday’s top analyst upgrades, downgrades and initiations, they included AOL, Cisco Systems, Etsy, GoDaddy, MannKind, Virtu Financial, Caterpillar, Nokia and over a dozen more companies.
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