Intel (NASDAQ:INTC): Macquarie downgraded Intel to Neutral from Outperform based on concerns that the move toward cloud computing will put pressure on mix; the analyst believes the growth rate of Intel’s processor shipments could rise but will be offset by average selling price declines. The firm’s price target for the shares is $22.
Dr Pepper Snapple Group (NYSE:DPS): Wells Fargo downgraded Dr Pepper Snapple to Market Perform from Outperform, citing its increasingly cautious stance on the beverages sector due to weak volumes and aggressive pricing. Wells lowered its price target range for Dr Pepper Snapple shares to $44-$46 from $51-$53.
Safeway (NYSE:SWY): Deutsche Bank views Safeway’s decision to exit its underperforming Dominicks banner in Chicago as a “major step” toward the company’s asset rationalization; the firm sees further upside for the stock into 2014 and upped its price target for Safeway shares to $40 from $37 while reiterating a Buy rating.
Corning (NYSE:GLW): Piper Jaffray downgraded Corning to Neutral from Overweight, citing a lack of new product cycle in display and manufacturing issues with its OLED TVs; the firm lowered its price target for Corning shares to $14 from $19.