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Stock Upgrades: Stick With Tiffany's Carats


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

Just in time for June wedding season, investors are swooning for upscale jewelry giant Tiffany & Co (NYSE:TIF). Shares, which surged more than 6% last week after quarterly results handily beat Street estimates, advanced another 1.38% yesterday to an historic high. Today an equity analyst, while keeping the overall rating intact, raises Tiffany's price target. The diamond ring king recently gave good forward earnings guidance, and further upside potential is projected going forward. Oppenheimer says any weakness should be seen as an ideal opportunity to add to existing positions.
Now, sticking with carrots, this is the birthday of the man who made Bugs Bunny talk, so I suppose we should say "What's up, doc?" Equities, that's what, as stocks went from Carrot Top to a market top in only 24 hours. Allergan (NYSE:AGN), whose Botox our aforementioned comedian catastrophically overused, was the S&P 500′s (INDEXSP:.INX) poorest performer on Wednesday with its 5.39% fall. Yesterday the benchmark bourse, ably assisted by the wrinkle-killer's 1.52% rebound, rose to a fresh best. The Dow (INDEXDJX:.DJI) also ended up, with a punk GDP report being rather too easily dismissed as entirely due to the polar vortex on a day when the only blizzards worthy of Wall Street's attention were the ones owned by Warren Buffett. Southern California never has to deal with wintry weather, dude, and America was all abuzz about a tech titan bidding billions for a slice of it. But enough about Steve BallmerApple Inc. (NASDAQ:AAPLattracted analyst accolades by buying Beats and, equally importantly, bringing LA native Dr. Dre on board. That deal was the Cupertino company's largest-ever acquisition, easily exceeding its $400 million capture of NeXT Software that closed in 1997. Ah, 1997. That year Tyson had a taste for ear, but Tyson (NYSE:TSN), up 6.13% yesterday, apparently now prefers sausage and hot dogs.
Today in economics, this month's Chicago Purchasing Managers Index is out at 9:45 a.m. EDT, with the University of Michigan's final figure for May consumer confidence arriving at 9:55 a.m. In earnings action, retailers Ann Inc. (NYSE:ANN) and Big Lots (NYSE:BIG) each released results earlier this morning.
Now let's analyze this morning's upgrades, a group encompassing a financial firm and mattress maker as well as our aforementioned Tiffany.

AmSurg (NASDAQ:AMSG): Shares get upgraded to Strong Buy from Perform at Raymond James.
Avery Dennison (NYSE:AVY): JPMorgan moves the stock to Overweight from Neutral. Its target price is also taken up, to $58 from $52.
LifePoint Hospitals (NASDAQ:LPNT): LPNT is lifted to Buy from Neutral at Mizuho on account of its encouraging exposure to health-care reform. The price objective also increases, to $72 from $58.
Mattress Firm (NASDAQ:MFRM): Shares are now Buy from Neutral at Longbow.
OmniVision (NASDAQ:OVTI): The stock, surging 7.99% before the bell, is moved to Outperform from Market Perform at Northland Capital after an earnings beat.
Scotiabank (NYSE:BNS): CIBC World Markets moves its fellow Canadian financial firm to Outperform from Perform.
Telephone & Data Systems (NYSE:TDS): TDS gets taken to Equal-Weight from Underweight at Morgan Stanley.
Tiffany & Co: Oppenheimer increases its price objective on the bling king to $112 from $101.

Also see:

New Stock Coverage: Markets Set for a Summer Melt-Up? Exelon Won't Melt Down, Even in a Nuclear Winter

Stock Downgrades: Infoblox Stock Dead on Arrival After CEO Departure
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