Top Analyst Upgrades and Downgrades: Chipotle, 3M, Mobileye, Netflix, Seagate, Yahoo and Many More

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ARM Holdings PLC (NASDAQ: ARMH) was downgraded to Neutral from Outperform at Credit Suisse, but this is after its high-premium buyout from Softbank. Pacific Crest downgraded ARM to Sector Weight from Overweight as well.

First Data Corp. (NYSE: FDC) was started with an Overweight rating and was given a $15 price target (versus an $11.99 closing price) at Piper Jaffray. The post-IPO trading range is $8.37 to $17.99, and the consensus price target is $15.75.

Government Properties Income Trust (NYSE: GOV) was downgraded to Underperform from Hold with a $17 price target (versus a $24.20 close) at Jefferies. The firm said that its performance in 2016 is not indicative of future returns.

Hyatt Hotels Corp. (NYSE: H) was downgraded to Hold from Buy at Stifel.

IDEX Corp. (NYSE: IEX) was raised to Buy from Neutral at Janney and the fair value estimate was raised to $96 from $87 (versus an $84.45 close) at Janney. The firm sees potential upside, based on commentary that North American industrial markets are showing signs of stabilization.

Monmouth Real Estate Investment Corp. (NYSE: MNR) was started as Buy with a $15 fair value estimate (versus a $13.49 close) at Janney. This implies roughly 16.5% upside, with a 4.8% dividend yield based on a discounted valuation despite an investment grade base of tenants.

Pure Storage Inc. (NYSE: PSTG) was raised to Neutral from Negative with an $11 price target (versus an $11.68 close) at Susquehanna.

Star Bulk Carriers Corp. (NASDAQ: SBLK) was raised to Overweight from Neutral with a $6.50 price target (versus a $3.86 close) at JPMorgan.

Super Micro Computer Inc. (NASDAQ: SMCI) was downgraded to Hold from Buy at Stifel.

VMware Inc. (NYSE: VMW) was reiterated as Buy at Jefferies and the price target was raised to $84 from $83 (versus a $62.57 close). Merrill Lynch maintained its Neutral rating. Its shares were last indicated up almost 8% at $67.50 on Tuesday after earnings.

Monday’s top analyst upgrades and downgrades included Cypress Semiconductor, Groupon, Humana, Infosys, Monster Beverage, Transocean and over a dozen more.

Merrill Lynch is remaining on the sidelines on small-cap stocks as a sector allocation. The firm said that investors should fade the momentum. Since the February lows, small caps have risen by 27%, versus 24% for mid-caps and 19% for large-caps. The firm believes that small caps are now expensive on an absolute basis, but their valuations are attractive relative to mid-caps and large-caps.