Top Analyst Upgrades and Downgrades: Apple, Baker Hughes, Chipotle, Dollar General, GM, Lowe’s, Under Armour and More

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Approach Resources Inc. (NASDAQ: AREX) was raised to Hold from Reduce at SunTrust Robinson Humphrey. Wunderlich raised its rating to Hold from Sell.

Athenahealth Inc. (NASDAQ: ATHN) was downgraded to Equal Weight from Overweight and the price target was cut to $117 from $153 at Morgan Stanley.

Dipexium Pharmaceuticals Inc. (NASDAQ: DPRX) was down 78% to $2.80 on Tuesday after a drug failure may mean the ultimate implosion. Raymond James downgraded it to Market Perform from Outperform.

Dollar General Corp. (NYSE: DG) was removed from the daily coverage for Wednesday, October 26.

Great Plains Energy Inc. (NYSE: GXP) was raised to Buy from Neutral at Ladenburg Thalmann.

Kimberly-Clark Co. (NYSE: KMB) was downgraded to Underperform from Outperform by CLSA.

Five Below Inc. (NASDAQ: FIVE) was started as Buy at Longbow Research.

Martin Marietta Materials Inc. (NYSE: MLM) was raised to Buy from Hold at SunTrust Robinson Humphrey.

ON Semiconductor Corp. (NASDAQ: ON) was started as Neutral with a $13 price target (versus an $11.91 close) at Goldman Sachs.

Procter & Gamble Co. (NYSE: PG) was removed from the daily coverage for Wednesday, October 26.

Proteon Therapeutics Inc. (NASDAQ: PRTO) was raised to Strong Buy from Outperform at Raymond James.

Telecom Argentina S.A. (NYSE: TE) was started as Outperform at Raymond James.

Transocean Ltd. (NYSE: RIG) was downgraded to Underweight from Equal Weight at Morgan Stanley.

Williams-Sonoma Inc. (NYSE: WSM) was downgraded to Perform from Outperform at Oppenheimer.

Tuesday’s top analyst calls were in Ariad Pharmaceuticals, AT&T, Chesapeake Energy, Hain Celestial, Nike, Visa and over a dozen more.

Credit Suisse issued a global equity theme annual report as an update to its core thematic framework for the infrastructure sector growth ahead. The firm’s view is that during periods of low nominal GDP growth and with profit margins high, the market will pay a premium for top line (revenue) growth. Credit Suisse also does not see growth stocks as simple bond proxies in disguise. Also, the likely role of infrastructure spending in fiscal policy plans in developed-market economies should give an immediate relevance to this theme. Still, infrastructure’s relevance is underscored by the ongoing investment needs in emerging markets that will make infrastructure a potential $3.3 trillion end market.