Ralph Lauren (NYSE:RL): Piper Jaffray has downgraded Ralph Lauren stock to Neutral from Overweight, citing the pullback in apparel spending and the company’s multiyear investment cycle that’s now underway. Piper believes that earnings upside could be more limited, and has lowered its price target for Ralph Lauren shares to $170 from $200.
Yum Brands (NYSE:YUM): Buckingham has lowered its Yum Brands estimates following the disappointing third-quarter report. The firm noted that the China turnaround is taking longer than expected, DD growth in China is too aggressive, the U.S. market is soft, and issues are on a fundamental level. The shares are Neutral rated, and the price target on Yum has been lowered to $71 from $76.
SolarCity Corp. (NASDAQ:SCTY): Needham says that California’s net metering bill is a positive catalyst for SolarCity, since it removes the risks of reaching net metering caps and paves the way for other states to follow. However, the firm keeps a Hold rating on SolarCity due to valuation.
Xerox Corp. (NYSE:XRX): Brean Capital believes that weakness in Xerox shares related to the Wells announcement is overblown and reiterates its investment framework is based on capital returns, including a stock buyback and dividends. Xerox shares are Buy rated with a $12.50 price target.