Apple (NASDAQ:AAPL): Pacific Crest notes that demand for Apple’s new iPhone has been skewed to a greater degree than expected to the iPhone 5S, and believes that as a result, Apple may encounter supply constrains during its December quarter. However, the firm adds that strong iPhone 5S demand is positive for the company’s long-term profitability. The firm thinks the stock’s near-term risk/reward ratio is positive but keeps a Sector Perform rating on the shares.
Alaska Air (NYSE:ALK): Deutsche Bank has downgraded Alaska Air to Hold from Buy, citing valuation and added capacity in larger markets. The firm keeps a $70 price target for shares.
Avon Products (NYSE:AVP): Wells Fargo upgraded Avon Products to Outperform from Market Perform, citing the beginning of the company’s margin expansion and sales acceleration under new management. Wells believes Avon is at the beginning of a long turnaround and has raised its price target range for the shares to $25-$26 from $21-$23.
Novartis (NYSE:NVS): JPMorgan downgraded Novartis to Neutral from Overweight, citing valuation and the lack of an upside from the pipeline news flow over the next 18 months.
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