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Stock Upgrades: Nimble Storage Set for Quick Rebound

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

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Stock in Nimble Storage (NYSE:NMBL) slumped 7.58% yesterday, but at least one brokerage house has high hopes for the data-storage device company. The analyst says catalysts include market share gains, a strong channel distribution, and industry-leading technology.
 
Between trouble in Thailand, lawlessness in Libya, and a crisis in Crimea, there is much worry in the world, but on Tuesday, Wall Street's woe lay considerably closer to home. Profit definitely didn't play in Peoria after heartland hero Caterpillar (NYSE:CAT) dropped a Dow (INDEXDJX:.DJI)-worst 3.63% as stocks snapped a two-session winning streak in emphatic fashion. Traveling far afield was just the ticket for Netflix (NASDAQ:NFLX). It ended up 1.97% to top the S&P 500 (INDEXSP:.INX) after embarking on an "If it's Tuesday, this must be Belgium" tour of Europe, announcing it will launch in that country plus France, Germany, Austria, Switzerland, and Luxembourg. Home Depot (NYSE:HD), whose co-founder Ken Langone continues to shoot himself in the foot, bested all blue chips with a 1.91% advance while firearms firm Smith & Wesson (NASDAQ:SWHC) gained 0.66% on a broker boostStaples (NASDAQ:SPLS), held up by Mitt Romney as a Bain Capital success story, tumbled 12.55%, which would have caused a wry smirk from President Obama had he not just been caught on the links with a Bain Capital lobbyist. Fore what it's worth, Callaway Golf (NYSE:ELY) imploded 8.98%.
 
Today in economics, the Federal Open Market Committee releases minutes to its April 30 meeting at 2:00 p.m. EDT. On the earnings front, expect announcements out of American Eagle Outfitters (NYSE:AEO), Booz Allen Hamilton (NYSE:BAH), Lowe's (NYSE:LOW), PetSmart (NASDAQ:PETM), and Tiffany (NYSE:TIF).
 
Now let's analyze this morning's upgrades, a group encompassing financial and energy firms as well as our aforementioned Nimble Storage.

American International Group (NYSE:AIG): Shares get upgraded to Buy from Neutral at Goldman Sachs. The price objective, previously $50, increases to $63.
 
Apollo Investment (NASDAQ:AINV): AINV is moved to Outperform from Market Perform at JMP Securities.
 
E.ON AG (OTCMKTS:EONGY): RBC Capital raises the German energy giant by an unusual 180 degrees, to Outperform from Underperform, amid improved nuclear prospects and robust free cash flow. Its target price is also taken up, by $4 to $15.
 
Nimble Storage: The stock is now Buy from Hold with Wunderlich, whose price objective is $38.
 
Nokia (NYSE:NOK): Jefferies boosts the Scandinavian telecom stock to Buy from Hold.
 
Quality Systems (NASDAQ:QSII): Shares get upgraded to Outperform from Perform with a $19 objective at RBC Capital, which cites stabilizing business trends and incremental outsourcing opportunities.
 
TJX Companies (NYSE:TJX): SunTrust takes TJX to Buy from Neutral.

Also see:

New Stock Coverage: MakeMyTrip Set for an Indian Summer


Stock Downgrades: Don't Go Bargain Hunting in Dick's Sporting Goods
No positions in stocks mentioned.
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