Hewlett-Packard (NYSE: HPQ): Ticonderoga on Friday initiated coverage on the stock with a Neutral rating. In a research note to clients, the firm said, "We are initiating coverage of Hewlett-Packard with a Neutral rating, as we believe the company is currently undergoing a transition period that will weigh on margins and raises the risk profile around the stock. After underinvestment over the past few years during an aggressive cost-cutting initiative, HP's highly profitable Services business is starting to run out of steam, and this could take time to recover, while the secular headwinds in the PC market are not likely to get better in the near term. We believe this near-term to mid-term transition at the company remains in the early stages and could test the patience of investors. As such, we expect the stock to struggle for the foreseeable future and could be vulnerable to another leg down in the coming months."
Anadarko Petroleum (NYSE: APC): Sterne Agee upgraded its rating on the stock to Buy from Neutral.
AFLAC Inc. (NYSE: AFL): Morgan Stanley lowered its arting on the company to Equalweight from Overweight.
Aegon NV (NYSE: AEG): BofA/Merrill Lynch upgraded the company to Buy from Neutral.
Full Disclosure: None.