Merck (NYSE:MRK): Jefferies downgraded Merck to Hold from Buy, citing deteriorating base business fundamentals and a cost-cutting program that turned out to be more limited than initially expected. The firm lowered its price target for Merck shares to $50 from $53.
Micron (NASDAQ:MU): Wells Fargo downgraded Micron to Underperform from Market Perform, citing valuation following the company’s quarterly results. Wells also raised its earnings estimates for Micron and upped its price target range for the shares to $14-$17 from $11-$14, but notes its new valuation range is below the current share price. Shares of Micron closed yesterday up 28c to $18.43.
Spirit Airlines (NASDAQ:SAVE): Citigroup upgraded Spirit Airlines to Buy from Neutral, citing the company’s strong September traffic statistics and a better-than-expected third-quarter revenue per available seat mile (RASM) guidance. The firm raised its price target for the shares to $42 from $38.
AstraZeneca (NYSE:AZN): Jefferies downgraded AstraZeneca to Underperform from Hold, citing deteriorating base business fundamentals.
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