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Stock Upgrades: L Brands Is Too Good to be Kept a Victoria's Secret


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

L Brands (NYSE:LB), which owns both Bath & Body Works and Victoria's Secret, scores a broker boost this morning. The analyst says that a recent sell-off is overdone, especially as the retailer recently reported strong sales without having to resort to heavy discounting.
The bull, as those unfortunate matadors in Madrid can painfully attest, is proving peskily difficult to kill. Even after five years of increases, markets continue to move inexorably upward. The Dow (INDEXDJX:.DJI) rose for a second straight session as equities rose to within a whisker of fresh bests. Still, given how much both Janet Yellen and her predecessor love baseball, it seems safe to say the remarkable stock run that followed our 1,000-year flood of 2008 is now firmly in its ninth inning after Noah Holdings (NYSE:NOAH), suddenly the most popular name in America, surged 6.70%. Alas cigarette stock Lorillard (NYSE:LO) saw its gains go up in smoke faster than that Australian magic shop. It fell an S&P 500 (INDEXSP:.INX)-worst 4.98% only 24 hours after topping the benchmark bourse with a 10.40% surge. If, in the best Crocodile Dundee style, you "put a shrimp on the barbie" come Monday, it may be on a Chipotle Mexican Grill (NYSE:CMG). Shares jumped 3.23% in another reminder that salsa long ago overtook ketchup as America's number-one condiment, no matter that one Warren Buffett bought Heinz.
Today in economics, an uptick is expected in April new home sales at 10:00 a.m. EDT. On the earnings front, Foot Locker (NYSE:FL) and Hibbett Sporting Goods (NASDAQ:HIBB) each released earlier this morning. On Monday, US markets are closed for Memorial Day.
Now let's analyze this morning's upgrades, a group encompassing a commodity company and application software outfit as well as our aforementioned L Brands.

Adecco (OTCMKTS:AHEXY): Shares get boosted to Buy from Sell at UBS.
FireEye (NASDAQ:FEYE): The tech name is now Overweight from Equal Weight at Barclays.
German American Bancorp (NASDAQ:GABC): Keefe Bruyette moves the stock to Outperform from Market Perform.
L Brands: Shares are lifted to Buy from Hold at Stifel, which establishes a price objective of $68.
London Stock Exchange (OTCMKTS:LDNXF): Goldman Sachs gives the exchange operator a Neutral-from-Sell upgrade.
Portfolio Recovery Associates (NASDAQ:PRAA): Janney juices its recommendation to Buy from Hold.
Royal Mail (OTCMKTS:ROYMF): The British postal behemoth is now Neutral from Sell at Citigroup.
RTI International Metals (NYSE:RTI): JPMorgan raises RTI to Overweight from Neutral.
Rubicon Technology (NASDAQ:RBCN): Shares get upgraded to Perform from Underperform at Oppenheimer.
St. Joe Company (NYSE:JOE): The stock is raised to Outperform from Perform at Raymond James.

Also see:

New Stock Coverage: Bank of New York Mellon Addressed for Success?

Stock Downgrades: Aeropostale Investors Are About To Lose Their Shirts, 1987 Style
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No positions in stocks mentioned.
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