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Stock Upgrades: Tiffany Gets Boost at Breakfast


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

MINYANVILLE ORIGINAL The best performing blue chip in the second quarter was telecom titan Verizon (VZ), which rose 16%. This should provide some solace for Henry Kissinger, who still can't call Europe cleanly. At least the octogenarian German fútbol fanatic was able to enjoy an entertaining Euro 2012 soccer tournament featuring everything from shirtless feminists to toxic shirts. In the end, it came down to two countries currently losing their shirts, Spain overcoming Italy in a battle of the PIIGS. An appropriate end to a competition that featured a psychic pig. (He may not be Paul the Octopus but hey, he has a better record than Supreme Court prognosticators and economic "experts." And with hog prices up 21% in six short weeks, who are we to argue?)

It's a quiet start to what will be a holiday-shortened week for quarterly earnings announcements. This morning in economics, analysts expect June's Institute for Supply Management manufacturing index to tick down slightly at 10:00 a.m Eastern.

Abercrombie & Fitch (ANF): ANF is upgraded to Positive from Neutral at Susquehanna.

Anheuser-Busch InBev (BUD): The brewer is boosted to Buy from Hold at Société Générale.

Energy: Delek US Holdings (DK), Marathon Petroleum (MPC), and Phillips 66 (PSX) are all hoisted to Buy from Hold at Deutsche Bank.

Hercules Offshore (HERO): HERO is now Outperform from Neutral at Macquarie.

HomeAway (AWAY): Raymond James raises its rating to Outperform from Market Perform.

Infosys (INFY): The Indian outsourcing giant gets upgraded to Buy from Hold at Jefferies.

International Game Technology (IGT): Shares are moved Outperform from Market Perform by BMO Capital.

ITT Industries (ITT): ITT is taken to Buy from Neutral at Janney Montgomery Scott.

Kohlberg Kravis Roberts (KKR): The private equity outfit is upgraded to Outperform from Perform with an $18 objective at Oppenheimer. The brokerage notes that, unlike most peers, KKR's 2006 Fund does not have to overcome any "hurdle" to generate carry.

Oil & Gas: Barclays boosts Pioneer Natural Resources (PXD) and Concho Resources (CXO) to Overweight from Equal Weight.

Medical Sector: Qiagen (QGEN), Quest Diagnostics (DGX), and Laboratory Corp. (LH) are all lifted to Neutral from Sell at Goldman Sachs, which moves Myriad Genetics (MYGN) to Buy from Neutral.

Pandora Media (P): The stock is up before the bell on an upgrade to Outperform from Market Perform at Raymond James.

SunTrust Banks (STI): Shares are moved to Overweight from Equal Weight at Morgan Stanley.

Tiffany (TIF): The firm is upgraded to Buy from Hold at Canaccord, whose target is $63). It says the stock's recent pullback has opened a window of opportunity into one of the best brands in luxury, a company with significant global expansion opportunities.

(See also: Stock Downgrades: DuPont Loses Teflon Touch and New Stock Coverage: IMAX Mines Gold From Silver Screens.)
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