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Stock Upgrades: Hazy, Crazy Days of Summer Sit Well With La-Z-Boy


Wall Street ratings agencies set the tone for today's stock market.

(Hat tip to Nat King Cole for today's title as we approach the summer solstice.) La-Z-Boy (NYSE:LZB) stock reclined in major way yesterday, but its shares are snapping back somewhat this morning. The furniture firm imploded 8.05% even as S&P 500 (INDEXSP:.INX) shares rose to records, this after fourth-quarter revenue came in light. Comparable store sales also slumped for the first time in almost four years on account of inclement weather, among other issues. However, one equity analyst says the steep sell-off creates a compelling buying opportunity.
The bull is quite literally being downsized by Bank of America (NYSE:BAC) but there is no sign that Wall Street as a whole is about to follow suit. Even as Spain, land of the matador, proved pathetic value for money at the World Cup, this bull market proved impossible to kill. The Dow (INDEXDJX:.DJI) advanced impressively on market-friendly comments from Fed head Janet Yellen, while for its part Nasdaq (INDEXNASDAQ:.IXIC) hit its highest since 2000. That was the year Dick Cheney famously agreed with Dubya that a New York Times (NYSE:NYT) journalist was a "major league as--" and, to judge by recent events, the hurt hasn't healed. (Yesterday Mr. Cheney enjoyed the last laugh, as Halliburton (NYSE:HAL) gained 1.32% to a fresh best even as The Grey Lady failed to benefit from the grey lady, Ms. Yellen, and fell 0.19%. Brooklyn-born Janet Yellen also appears to be inspiring a boom in Brooklyn as a baby name -- everywhere apart from Brooklyn, that is. There are, of course, "8 million stories in the naked city." Or $8.25 million, if you once worked at Goldman Sachs (NYSE:GS), whose Bronx-native Lloyd Blankfein now has a new headache.
Today in economic data, May leading indicators and the Philadelphia Fed index for June are each released at 10:00 a.m. EDT. On the earnings front, BlackBerry (NASDAQ:BBRY), Kroger (NYSE:KR), Oracle (NYSE:ORCL), Rite Aid (NYSE:RAD), and Smith & Wesson (NASDAQ:SWHC) all announce earnings.
Now let's analyze this morning's analyst upgrades, a group encompassing a surging package delivery powerhouse as well as our aforementioned La-Z-Boy.

AngioDynamics (NASDAQ:ANGO): Canaccord Genuity gives the company a Buy-from-Hold boost. Its price objective, previously $16.25, increases to $20.
Bruker Corp (NASDAQ:BRKR): Shares are moved to Outperform from Market Perform with Wells Fargo.
Diamond Foods (NASDAQ:DMND): Barclays increases its investment assessment on the snack food firm to Overweight from Equal Weight.
FedEx (NYSE:FDX) The stock, up 6.16% yesterday to a historic high, gets raised to Sector Perform from Underperform at RBC Capital, which has increased conviction in its earnings estimates. The target price is also taken higher, by $30 to $155.
La-Z-Boy: BB&T Capital Markets lifts LZB to Buy from Hold.
Ryanair (NASDAQ:RYAAY): Shares in the low cost carrier are up in Europe today on the back of a Buy-from-Neutral boost at UBS, which cites prospects for market share gains.
Spirit Aerosystems (NYSE:SPR): Sterne Agee increases its investment assessment to Buy from Neutral.
Starbucks (NASDAQ:SBUX): The coffee king is now Buy from Neutral at UBS.
Also see:

New Stock Coverage: Keurig Green Mountain Not Worth Hill of Beans?

Stock Downgrades: ConAgra's Prospects Appear Slim, Jim
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