Top Analyst Upgrades and Downgrades: ArcelorMittal, Boeing, Intel, Schlumberger, Yahoo, Vivint Solar, Johnson & Johnson and More

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Advanced Energy Industries Inc. (NASDAQ: AEIS) was downgraded to Neutral from Buy at Merrill Lynch, but the firm maintained its $35 price objective (versus a $34.52 close) as its “Buy” thesis has largely played out. Its fundamentals were called strong, but Merrill Lynch said it would rather own Applied Materials or Lam Research at this point in the cycle.

Badger Meter Inc. (NYSE: BMI) was downgraded to Neutral from Buy at R.W. Baird.

Copa Holdings S.A. (NYSE: CPA) was downgraded to Sell from Hold and the price target was cut to $49 from $55 (versus a $68.88 close) at Deutsche Bank.

Hershey Co. (NYSE: HSY) was downgraded to Underperform from Buy at Merrill Lynch, with the firm saying that there is a lack of near-term catalysts for upward estimate revision or multiple expansion.

International Business Machines Corp. (NYSE: IBM) was maintained as Buy with a $160 price target at Argus, after the troubled tech giant reported a 5% annual decline in revenue.

Kansas City Southern (NYSE: KSU) was raised to Buy from Neutral at Merrill Lynch, and the price objective was raised to $106 from $77. The firm admitted that rails may pull back in the near term after a big run-up, but its operations were called impressive, and the rail giant is rebuilding its case for a premium valuation versus peers.

Manitowoc Co. Inc. (NYSE: MTW) was raised to Buy from Hold with a $6 price target (versus a $4.95 close) at Stifel.

Marriott International (NYSE: MAR) was downgraded to Market Perform from Outperform at Raymond James.


McCormick & Co. (NYSE: MKC) was started with a Neutral rating with a $95 price target (versus a $94.99 close) at Credit Suisse.

Northern Trust Corp. (NASDAQ: NTRS) was downgraded to Sell from Neutral at Citigroup.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) was downgraded to Market Perform from Outperform at Wells Fargo.

Sally Beauty Holdings Inc. (NYSE: SBH) was started with a Hold rating at BB&T Capital Markets.

Sarepta Therapeutics Inc. (NASDAQ: SRPT) was initiated as Neutral with a fair value estimate of $19 (versus a $20.86 close) at Janney.

Spirit Airlines Inc. (NASDAQ: SAVE) was downgraded to Neutral from Overweight with a $22 price target (versus a $52.96 close) at JPMorgan.

Synovus Financial Corp. (NYSE: SNV) was downgraded to Market Perform from Outperform at Raymond James.

TIER REIT Inc. (NYSE: TIER) was started as Buy with Fair Value Estimate of $16.50 (versus a $14.55 close) at Janney.

ULTA Salon, Cosmetics & Fragrance Inc. (NASDAQ: ULTA) was started with a Hold rating at BB&T Capital Markets.

UnitedHealth Group Inc. (NYSE: UNH) may be exiting most of its public exchanges, but this may not be financially bad for the company. UnitedHealth was reiterated as Buy at Jefferies, and the firm raised its price target to $153 from $136. Oppenheimer reiterated its Outperform rating and raised its price target to $145 from $140.

Tuesday’s top analyst upgrades and downgrades included Devon Energy, Illumina, Pandora, Panera Bread, Potash, Regions Financial, Southwestern Energy and over a dozen more companies.