Upgrades
- K+S (KPLUF) upgraded by Deutsche Bank from Sell to Hold
- Sappi (SPPJY) upgraded by JPMorgan from Neutral to Overweight
- Cadence Bancorp (CADE) upgraded by Raymond James from Outperform to Strong Buy
- Manhattan Associates (MANH) upgraded by Benchmark from Hold to Buy
- Badger Meter (BMI) upgraded by Canaccord from Sell to Hold
- InterContinental (IHG) upgraded by JPMorgan from Underweight to Neutral
- PS Business Parks (PSB) upgraded by JPMorgan from Underweight to Neutral
- Kimco Realty (KIM) upgraded by JPMorgan from Neutral to Overweight
- Taubman Centers (TCO) upgraded by JPMorgan from Neutral to Overweight
- Liberty Property (LPT) upgraded by JPMorgan from Underweight to Neutral
Downgrades
- Allegheny Technologies (ATI) downgraded by JPMorgan from Neutral to Underweight
- BHP Billiton (BHP) downgraded by Investec from Buy to Hold
- Splunk (SPLK) downgraded by Citi from Neutral to Sell
- Rio Tinto (RIO) downgraded by Investec from Buy to Hold
- Eurocash (EUSHF) downgraded by JPMorgan from Neutral to Underweight
- Retail Opportunity (ROIC) downgraded by JPMorgan from Neutral to Underweight
- Retail Properties of America (RPAI) downgraded by JPMorgan from Overweight to Neutral
- STAG Industrial (STAG) downgraded by JPMorgan from Overweight to Neutral
- AEGON (AEG) downgraded by BofA/Merrill from Neutral to Underperform
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