Upgrades
CROX – Crocs target raised to $26 at Stifel Nicolaus
RAX – Rackspace target raised to $50 from $45 at Stifel Nicolaus – following earnings
RIO – Rio Tinto PLC initiated with a Buy at RBS
ROSE – Rosetta Resources target raised to $65 from $55 at FBR Capital
CSCO – Cisco Systems initiated with Buy at BGC Financial
MR – Mindray Medical upgraded to Outperform at Oppenheimer
CEPH – Cephalon reinstated with a Neutral at Goldman
XRX – Xerox raises 2012 EPS guidance ahead of analyst day; could be a positive stock catalyst today
BHP – BHP Billiton initiated with a Buy at RBS
CRAY – Cray target lowered to $8.50 from $10 at Needham
VRX – Valeant Pharmaceuticals reinstated with a Neutral at Goldman
SAM – Boston Beer Co upgraded to neutral from underweight at HSBC
Downgrades
BID – Sotheby’s downgraded to Accumulate at Craig Hallum
ADM – Archer-Daniels trading lower; weakness attributed to tier 1 firm downgrade
BOBE – Bob Evans initiated with a Hold at Miller Tabak
VE – Veolia Environnement downgraded to Add from Buy at WestLB
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