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Stock Upgrades: Looking for a Free Lunch? Breakfast at Tiffany & Co. Today


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

As events in Pamplona just demonstrated, when a bull run is done it often inflicts awful collateral damage. For now, however, investors are simply enjoying a series of fresh records for the S&P 500 (^GSPC), which added on another 2.96% in a third straight week of gains. The index had already enjoyed its best first half of a year since 1998, the year Tinseltown's You've Got Mail depicted the likes of Barnes & Noble (BKS) as category-killing behemoths. A decade and a half on, and how times change. While that beleaguered brick and mortar bookseller just ousted its CEO, arch-rival (AMZN) rode an analyst upgrade to hit the highest level in its -history. With stocks surging, the crisis of 2008 recedes ever more into history even as that year's infamous "Client Number 9″ took a nine-point lead in his unlikely rehabilitation attempt. And Mexico, whose richest person on the planet answers to the name of Slim, overtook the United States in obesity.

Today in economics, May business inventories are out at 10:00 a.m. Eastern. On the corporate front, the first full week of the Q2 reporting season starts with Cintas Corporation (CTAS), Citigroup (C), Healthcare Services Group (HCSG), JB Hunt Transport Services (JBHT), MB Financial (MBFI), and Taylor Capital (TAYC) all expected to release results.

Applied Micro Circuits (AMCC): Raymond James raises its recommendation to Strong Buy from Buy.

Bank of New York Mellon (BK): The trust bank is taken to Buy from Hold at Citigroup.

Catamaran (CTRX): Shares get upgraded to Strong Buy from Buy at ISI Group, whose price objective is $62. A recent share price decline is seen as excessive by the broker.

Deckers Outdoor (DECK): The maker of Ugg boots is upgraded to Overweight from Equal Weight with Piper Jaffray.

Franco-Nevada (FNV): BMO Capital boosts the commodity company to Outperform from Market Perform.

IDEXX Labs (IDXX): Shares are boosted to Buy from Hold with a $110 target price at Stifel, which cites an impressive upcoming product cycle.

Leap Wireless (LEAP): LEAP is lifted by both Barclays (180 degrees, to Overweight from Underweight) and JPMorgan (Neutral from Underweight.) Shares are surging before the bell after being bought by AT&T (T) for a premium of approximately 88%.

NetApp (NTAP): Morgan Stanley moves the tech stock to Overweight from Equal Weight.

Patterson Companies (PDCO): ISI Group gives the stock an upgrade to Neutral from Cautious, assigning a $39.50 target price. Catalysts include stock buybacks.

Tiffany & Co. (TIF): The upscale jeweler is hoisted to Buy from Hold at Stifel, whose price objective is $92. Favorable factors include an improvement in its Americas business amid an increased wealth effect, and high hopes for the colored gemstone line Tiffany Sparklers. Shares are advancing in today's pre-market trading as a result of the broker's bullish outlook.

Webster Financial (WBS): Evercore increases its investment opinion to Overweight from Equal Weight.

(See also: Stock Downgrades: United Parcel Service, Inc. Is Returned to Sender and New Stock Coverage: Bluebird Bio Inc Will Fly High.)
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