Upgrades
- Boyd Gaming (BYD) upgraded by Nomura from Neutral to Buy
- Leggett & Platt (LEG) upgraded by Raymond James from Market Perform to Strong Buy
- Coach (COH) upgraded by Evercore ISI from Hold to Buy
- Rolls-Royce (RYCEY) upgraded by UBS from Neutral to Buy
- Marvell (MRVL) upgraded by UBS from Sell to Buy
- Constellation Brands (STZ) upgraded by HSBC from Reduce to Hold
- Amgen (AMGN) upgraded by BofA/Merrill from Neutral to Buy
- CDW (CDW) upgraded by Goldman from Buy to Conviction Buy
- 21st Century Fox (FOXA) upgraded by MoffettNathanson from Neutral to Buy
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Downgrades
- NuStar Energy (NS) downgraded by Stifel from Buy to Hold
- Under Armour (UAA) downgraded by Evercore ISI from Buy to Hold
- Michael Kors (KORS) downgraded by Evercore ISI from Buy to Hold
- PVH Corp. (PVH) downgraded by Evercore ISI from Buy to Hold
- Ralph Lauren (RL) downgraded by Evercore ISI from Buy to Hold
- VF Corp. (VFC) downgraded by Evercore ISI from Buy to Hold
- Deckers Brands (DECK) downgraded by Evercore ISI from Buy to Hold
- Fossil (FOSL) downgraded by Evercore ISI from Buy to Hold
- Packaging Corp. (PKG) downgraded by DA Davidson from Buy to Neutral
- Tim Participacoes (TSU) downgraded by HSBC from Hold to Reduce
- Graco (GGG) downgraded by Wunderlich from Buy to Hold
- Salesforce (CRM) downgraded by Goldman from Conviction Buy to Buy
- Time Warner (TWX) downgraded by MoffettNathanson from Buy to Neutral
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