SAP (NYSE:SAP): Deutsche Bank has downgraded to Hold from Buy, citing slowing core growth, and the firm’s belief that the company’s 2013 outlook could be difficult to achieve.
Calumet Specialty (NASDAQ:CLMT): Bank of America/Merrill Lynch has downgraded Calumet Specialty Products to Underweight from Neutral, to reflect recent crude spread weakness and the resulting margin pressures. The price target has also been lowered to $38 from $39.
Apache (NYSE:APA): Based on expectations for higher energy prices going forward resulting on higher returns on production, Argus has upgraded Apache to Buy from Hold, with a price target set at $95.
Emulex (NYSE:ELX): Argus has dropped its rating on Emulex, to Hold from Buy, following reports the company has hired Goldman Sachs to seek potential buyers.
Advanced Semiconductor (NYSE:ASX): Bernstein believes Advanced Semiconductor and Siliconware Precision (NASDAQ:SPIL) are on track to beat guidance for the second quarter, and thinks that Advanced Semiconductor can exceed the high end of its revenue guidance while Siliconware’s momentum is strong, putting the company on track to meet or exceed its 26 percent quarter-over-quarter growth outlook. Bernstein has a Market Perform rating on Advanced, and an Outperform rating on Siliconware.