Upgrades
- North West (NNWWF) downgraded by Barclays from Equal Weight to Overweight
- Aegon (AEG) upgraded by BofA/Merrill from Underperform to Neutral
- Lululemon (LULU) upgraded by Citi from Neutral to Buy
- Corcept Therapeutics (CORT) upgraded by Cantor Fitzgerald from Neutral to Overweight
- Royal Bank of Canada (RY) upgraded by Macquarie from Neutral to Outperform
- Realty Income (O) upgraded by Citi from Sell to Neutral
Downgrades
- Bank of America (BAC) downgraded by Keefe Bruyette from Outperform to Market Perform
- Eiffage (EFGSY) downgraded by Goldman Sachs from Buy to Neutral
- Japan Display (JNNDF) downgraded by Goldman Sachs from Neutral to Sell
- Mosaic (MOS) downgraded by JPMorgan from Overweight to Neutral
- Metro Bank (MBKNF) downgraded by Citi from Buy to Neutral
- MGM China (MCHVF) downgraded by Credit Suisse from Outperform to Neutral
- Goldman Sachs (GS) downgraded by Atlantic Equities from Overweight to Neutral
- eBay (EBAY) downgraded by Morgan Stanley from Overweight to Equal Weight
- Emerson (EMR) downgraded by Gordon Haskett from Buy to Hold
- Host Hotels (HST) downgraded by Citi from Buy to Neutral
- Hyatt (H) downgraded by Citi from Buy to Neutral
- Marriott (MAR) downgraded by Citi from Buy to Neutral
- Federal Realty (FRT) downgraded by Citi from Buy to Neutral
- Newfield Exploration (NFX) downgraded by Williams Capital from Buy to Hold
- Fluor (FLR) downgraded by Goldman Sachs from Conviction Buy to Buy
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