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Top Analyst Upgrades and Downgrades: American Water, Baker Hughes, Chipotle, Cree, Electronic Arts, SAP, Snap, AK Steel and More

Activision Blizzard Inc. (NASDAQ: ATVI) was started with an Overweight rating and assigned a $60 price target (versus a $51.36 close) at Pacific Crest.

AK Steel Holding Corp. (NYSE: AKS) was reiterated as Buy with a $9 price target (versus a $6.50 close) at Jefferies, noting that disappointing guidance after earnings is still a buying opportunity.

Allegiant Travel Co. (NASDAQ: ALGT) was downgraded to Hold from Buy at Merrill Lynch.

Callon Petroleum Co. (NYSE: CPE) was started with an Overweight rating and assigned a $16 price target (versus a $12.24 prior close) at Barclays.

Conn’s Inc. (NASDAQ: CONN) was raised to Overweight from Hold with a $22 price target at KeyBanc Capital Markets.

CIT Group Inc. (NYSE: CIT) was raised to Buy from Neutral at Merrill Lynch. The firm’s $54 price objective compared to a $45.02 closing price.

Dynegy Inc. (NYSE: DYN) was raised to Hold from Sell at Deutsche Bank, after putting in a new 52-week low of $6.14 and closing down 1.75% at $6.19 on Tuesday. Dynegy’s 52-week range is now $6.14 to $22.01.

Flagstar Bancorp Inc. (NYSE: FBC) was raised to Outperform from Neutral with a $35 price target (versus a $29.25 close) at Wedbush Securities.

Fusion Telecommunications International Inc. (NASDAQ: FSNN) was started with a Buy rating and assigned a $3 price target (versus a $1.43 close) at B. Riley. The 52-week range is $0.96 to $2.46.

Illumina Inc. (NASDAQ: ILM) was reiterated as Sell with a $125 fair value estimate (versus a $181.50 close) at Janney. The firm noted that full year visibility remains weak and that guidance implies the steepest revenue acceleration since 2010.

RSP Permian Inc. (NASDAQ: RSPP) was started with an Overweight rating and assigned a $44 price target (versus a $38.69 close) at Barclays.

U.S. Silica Holdings Inc. (NYSE: SLCA) was maintained as Buy as the price target was cut to $65 from $70 (versus a $42.54 close) at Jefferies.

While Monday and Tuesday saw two serious rallying days in the stock market, there were five major analyst downgrades and negative analyst calls that looked too large to ignore.

Tuesday’s top analyst calls were in Amazon, American Express, Best Buy, General Electric, JPMorgan, Wells Fargo, Conagra and about a dozen more.