Upgrades
BP – BP trading up ~0.7%; Hearing tier 1 firm upgrade
MDT – Medtronic target raised to $48 from $42 at Oppenheimer
QCOM – Smartphone checks indicated solid April sell through trends; QCOM has a leadership position with its broad chipset portfolio and should gain share in 2H/11 – Canaccord Genuity
EFTC – E*TRADE upgraded to Buy from Neutral at Goldman
AWK – American Water upgraded to Buy from Hold at Citigroup
TEVA – Teva Pharma upgraded to Outperform from Market Perform at Bernstein
SPRD – Spreadtrum Comms early strength attributed to tier 1 firm upgrade
ROST – Ross Stores upgraded to Hold from Sell at Citigroup
Downgrades
T – T-Mobile USA reports weak 1Q11; may actually be in better position for T deal – Oppenheimer
TEVA – Teva Pharma upgraded to Outperform from Market Perform at Bernstein
ANR – Alpha Natural Resources: Raising met exposure while resetting MEE Expectations; trimming estimates & target price but future changes to come – FBR Capital Mkts
CCJ – Cameco upgraded to Buy from Hold at TD Newcrest
EOG – EOG Resources: Q1 review; organic growth to continue in ’11 and ’12 – Wunderlich
SPLS – Staples downgraded to Reduce from Neutral at Nomura
ANF – Abercrombie & Fitch downgraded to Neutral from Positive at Susquehanna
PEP – PepsiCo added to Conviction Buy List at Goldman
VRTX – Vertex Pharm upgraded to Buy from Hold at ThinkEquity
ALU – Alcatel-Lucent downgraded to Sell from Hold at Societe Generale
MJN – Mead Johnson Nutrition downgraded to Neutral from Buy at Goldman
APO – Apollo Global Management initiated with a Buy at Goldman
TEF – Telefonica S.A. downgraded to Hold from Buy at Deutsche Bank
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