Top Analyst Upgrades and Downgrades: AIG, BofA, Citi, Nokia, Marketo, Voya and More

Stocks took it on the chin on Tuesday and the markets are recovering so far on Wednesday morning. Investors are starting to get used to the notion that this is now a stock picker’s market rather than a raging bull market. They want upside, but they want to avoid the implosions and to avoid catching the top. 24/7 Wall St. reviews many analyst research reports each morning, hunting for new ideas. Some analyst calls cover stocks to buy, and some cover stocks to sell or avoid. These are this Wednesday’s top Wall Street analyst upgrades, downgrades and initiations.

American International Group Inc. (NYSE: AIG) was raised to Buy from Neutral with a $63 price target at Goldman Sachs.

Apollo Investment Corp. (NASDAQ: AINV) was raised to Outperform from Market Perform with a $9 price target (versus a $8.06 close) at JMP Securities.

Bank of America Corp. (NYSE: BAC) was started with a Buy rating and given an $18 price target (versus a $14.53 close) by MKM Partners.

Citigroup Inc. (NYSE: C) was started with a Buy rating and $56 price target (versus a $46.55 close) by MKM Partners.

Dick’s Sporting Goods Inc. (NYSE: DKS) took it on the chin after earnings. Piper Jaffray cut the rating to Neutral from Overweight, Goldman Sachs maintained a Buy rating but removed it from the Conviction Buy List, Canaccord Genuity cut the rating to Hold and J.P. Morgan cut its rating to Neutral. BMO Capital markets actually stood out from the pack, raising the rating to Market Perform from Underperform.

J.P. Morgan Chase & Co. (NYSE: JPM) was started with a Buy rating and $65 price target (versus a $53.72 close) at MKM Partners.

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Nokia Corp. (NYSE: NOK) was raised to Buy from Hold at Jefferies.

Marketo Inc. (NASDAQ: MKTO) was maintained as Buy but was removed from the Conviction Buy List at Goldman Sachs, and the price target was lowered to $41 (versus a $23.99 close).

Potash Corp. of Saskatchewan Inc. (NYSE: POT) was downgraded to Market Perform from Outperform by Raymond James.

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Raymond James Financial Inc. (NYSE: RJF) was downgraded to Neutral from Buy at Goldman Sachs.

Ultra Petroleum Corp. (NYSE: UPL) was raised to Buy with a $35 price target by Sterne Agee.

Voya Financial Inc. (NYSE: VOYA) was added to the U.S. Focus List at Credit Suisse, but the firm said the official Outperform upgrade was made just on May 7.

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