Pandora (NYSE:P): Cowen says that June listener hours were slightly below estimates, but the firm continues to believe the platform is an under-monetized asset, as internet radio trends continue to ramp up. The firm rates the shares at Outperform, with a $22 price target.
Ryder (NYSE:R): BB&T has downgraded shares of Ryder to Hold from Buy, largely attributed to valuation concerns, and the company’s belief that leasing decisions are being negatively affected by a sluggish macro economy.
Yum! Brands (NYSE:YUM): Oppenheimer believes that the Street’s 2014 margin estimates for Yum are too low, and thinks that the company’s second quarter results carry low risk as its China comps have already been announced. The firm has raised its price target on the shares to $80 from $73, and keeps an Outperform rating.
Estee Lauder (NYSE:EL): CLSA has downgraded Estee Lauder to Underperform from Outperform, as well as reduced its estimates on the company, given increased competition in China, slower organic growth, and FX headwinds. The price target has also been lowered to $70 from $78.