Nokia (NYSE:NOK): RBC Capital upgraded Nokia to Outperform from Sector Perform and raised its price target for the shares to $7 from $5. The firm cited a favorable risk/reward profile and a positive outlook on the wireless infrastructure market as reasons for its decision. Shares of Nokia were also upgraded Wednesday morning at Bank of America Merrill Lynch.
ARM Holdings (NASDAQ:ARMH): Piper Jaffray says that Apple’s (NASDAQ:AAPL) move to 64-bit in the iPhone 5S came earlier than expected and is good news for ARM Holdings. Piper estimates that the A7 chip in the 5S carries a royalty rate of 2-2.5 percent, up from 1-1.5 percent, per core. The firm raised its price target for ARM’s shares to $53 from $64, citing the higher royalty estimates, and keeps an Overweight rating on the stock.
Pinnacle Entertainment (NYSE:PNK): Deutsche Bank raised its price target for Pinnacle Entertainment to $30 from $24, citing the company’s asset sales and attractive free cash flow valuation. The firm keeps a Buy rating on the stock.
Consolidated Edison (NYSE:ED): Jefferies downgraded Consolidated Edison to Hold from Buy, citing lower expectations for the company’s unregulated retail supply business. The firm lowered its price target for the shares to $58 from $67.