General Motors (NYSE:GM): Goldman Sachs has brought GM onto its Conviction Buy list, up from Buy, due to strong near-term catalysts, inflection in the second half of 2013 margins driven by North American trucks, and a potential common dividend by the end of the year. The price target is set for $45.
Baidu (NASDAQ:BIDU): Citigroup has upgraded Baidu to Neutral, as it sees the 91 Wireless acquisition as a positive step towards the company monetizing mobile Internet. The firm also raised its price target for the shares to $113, from $80.
Alcoa (NYSE:AA): Macquarie has lowered its price target on Alcoa, which the firm rates at Underperform, to $5 from $6. It also brought its 2014 EPS estimate to 14 cents from 30 cents, and 2015 EPS estimate to 58 cents from 65 cents, due to a lower aluminum price forecast.
Allergan (NYSE:AGN): Piper Jaffray sees considerable downside risk for Allergan shares in the event of generic competition for Restasis, as well as a $64-$68 valuation range for shares, should multiple Restasis generic entrants come onto the market following the drug’s May 2014 patent expiration. Due to the unfavorable risk/reward profile, Piper keeps a Neutral rating on the name with a $79 price target.