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Stock Upgrades: Garmin Finds Paradise by the Dashboard Light


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

In the heart of Europe there's a coup on, but why worry when we have (NYSE:COUP)? Stocks enjoyed a terrific Tuesday, lead by an NYSE-best 11.95% increase in a recent IPO that is but the latest sign of Silicon Valley's bubble top. (To be fair, McCormick (NYSE:MKC) -- a spice firm founded in 1889 -- jumped 5.47% to post the S&P 500′s (INDEXSP:.INX) best performance, so the current market isn't all 1999 redux.) Facebook (NASDAQ:FB) gained 1.23% before buying 1991 for $2 billion. What's next? The return of Anita Hill? Amid the green ink, Lions Gate Entertainment (NYSE:LGF) slumped 6.56% as investors reassessed the box office business of its Divergent. Us grungy Gen Xers -- another item that was big in 1991, back when books and not Facebooks were cutting edge -- have a hard time with the film's star Shailene Woodley. Nothing to do with her acting ability, but because Molly Ringwald, a perpetual teen herself in my middle-aged mind's eye, played Shailene's mother in The Secret Life of the American Teenager. Ms. Molly's adolescent angst peaked with the release of Pretty in Pink in 1986. That same year Mr. Michael told us "turn a different corner and we never would have met." Investors must wish they never had met Cornerstone OnDemand (NASDAQ:CSOD), which fell 5.93%, and Corner Store Holdings operator CST Brands, Inc. (NYSE:CST), which lost 1.57% on a rating reduction. At least Walgreen (NYSE:WAG) -- you can leave off the last "S" for savings -- remains firmly ensconced At the Corner of Happy and Healthy after advancing another 3.28%.
Today's quarterly earnings announcements include H.B. Fuller (NYSE:FUL), Movado Group (NYSE:MOV), and Paychex (NASDAQ:PAYX).
Carlyle Group (NASDAQ:CG): UBS lifts the limited partnership to Buy from Neutral. Its price objective, previously $36, increases to $38.
Carbo Ceramics (NYSE:CRR): Shares are now Buy from Neutral at Sterne Agee.
Corning (NYSE:GLW): GLW gets upgraded to Positive from Neutral at Susquehanna, which takes its target price up by $10 to $25.
Covanta (NYSE:CVA): Citing the company's robust yield and strong revenues, Robert W. Baird raises its recommendation to Outperform from Neutral. The objective is now $21, up from $18.
Garmin (NASDAQ:GRMN): (Hat tip to Meat Loaf for today's title.) The smart set assures us that smartphones render GPS (global positioning system) navigation companies redundant, but Garmin clearly never got the memo. Shares have surged some 62.86% in the past year and hit a fresh peak only last week. Today the stock is up another 1.89% even as we speak -- this on the back of a Buy-from-Neutral boost at Citigroup. The price target also increases substantially, to $65 from $50. Citi has particularly high hopes for Garmin's Vivofit offering.
Lazard (NYSE:LAZ): Nomura moves the money manager to Buy from Neutral.
Mediaset (OTCMKTS:MDIUY): Silvio Berlusconi's media empire gets a post-earnings upgrade at Kepler, which hoists it to Buy from Hold.
Penn National Gaming (NASDAQ:PENN): Shares are taken to Outperform from Perform with an amended $15 objective at FBR Capital, which hails the company's robust project pipeline and good EBITDA (earnings before interest, taxes, depreciation, and amortization) growth.
Sirius XM (NASDAQ:SIRI): Barclays raises the radio home of shock jock Howard Stern to Overweight from Equal Weight.
Steelcase (NYSE:SCS): The furniture firm gets upgraded to Strong Buy from Outperform at Raymond James, which takes its target to $19 from $17.50.
Also see:

New Stock Coverage: Tesla Motors Stuck in Neutral

Stock Downgrades: Heineken, Secret Service Hungover in Holland

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No positions in stocks mentioned.
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