Hewlett-Packard (NYSE:HPQ): Citigroup has upgraded HP by two notches, to Buy from Sell, and doubled its price target for shares to $32 from $16 following the results from its survey that indicated a positive inflection point for the company’s services. Further, Citi notes most of HP’s cost savings will take place in the second half of 2013.
True Religion (NASDAQ:TRLG): Brean Capital has lowered its rating on True Religion to Hold from Buy based on the firm’s expectations that the going-private transaction will close at the end of the month.
FedEx (NYSE:FDX): Following Tuesday’s market rally fueled by speculation Bill Ackman may invest in the company, Wells Fargo says that while an activist investment in the company is plausible, it’s not probable. The firm does not believe that separating the business units to potentially unlock the value at FedEx Ground is viable operationally or from a competitive positioning standpoint, and keeps a Market Perform rating on shares with a $105 to $109 price target range.
Parker-Hannifin (NYSE:PH): In light of modest growth in private nonresidential activity and declines in public spending, RW Baird has lowered its rating on Parker-Hannifin to Neutral from Outperform, and keeps its price target at $101.
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