Top Analyst Upgrades and Downgrades: 3D Systems, Apple, Applied Materials, Chipotle, CSX, PepsiCo, Red Hat and More

Arc Logistics Partners L.P. (NYSE: ARCX) was started as Neutral with a fair value estimate of $11 (versus a $10.37 close) at Janney.

Adesto Technologies Corp. (NASDAQ: IOTS) was downgraded to Perform from Outperform at Oppenheimer, after the near-term outlook was short of expectations.

Aircastle Ltd. (NYSE: AYR) was downgraded to Market Perform from Outperform at Wells Fargo, but the valuation range went to $23 to $24 from $19 to $20 (versus a $22.74 close). The firm said that it has a sound growth strategy but has better relative value elsewhere.

Baxter International Inc. (NYSE: BAX) was raised to Overweight from Neutral with a $58 price target (versus a $42.34 close) at Piper Jaffray.

Fortinet Inc. (NASDAQ: FTNT) was started with a Hold rating and was assigned a price target of $30 (versus a $29.79 close) at Evercore ISI.

Graco Inc. (NYSE: GGG) was downgraded to Neutral from Buy with a price target of $85 (versus an $85.68 close) at SunTrust Robinson Humphrey.

Insys Therapeutics Inc. (NASDAQ: INSY) was started as Buy with a $22 fair value estimate (versus a $13.61 close) at Janney. The firm noted that Insys’s deep pipeline overcomes Subsys declines.

Pier 1 Imports Inc. (NYSE: PIR) was reiterated as Underperform at Merrill Lynch. The firm lowered its price target to $3.60 as it said the recent rally is overdone based up Pier 1’s challenges.

Restoration Hardware Holding Inc. (NYSE: RH) was started as Perform at Oppenheimer, so no price target was issued. Oppenheimer said near-term risks remain, but long term there is potential.

ServiceNow Inc. (NYSE: NOW) was started with a Buy rating and a target price of $86 (versus a $63.77 close) at Argus. It was called a fairly valued stock after an early 2016 sell-off that should aggressively add customers and upsell current clients with additional services.

Symantec Corp. (NASDAQ: SYMC) was started with a Sell rating and was assigned a price target of $14 (versus an $18.16 close) at Evercore ISI.

Wednesday’s top analyst upgrades and downgrades included Clovis, CSC, Norfolk Southern, Sprint, Square, Western Digital and over a dozen more.

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