Benzinga's Upgrade Summary for June 14, 2012

Listed below are today's Top Upgrades covered by Benzinga:

Albert Fried notes, "When we launched coverage on Pandora shares on July 11, 2011 we had concerns about Cor 11, 2011 we had concerns about Corpora rr we had concerns about valuation, we had concerns about the ability to grow FCF over time and we had concerns about well funded revenue generating competition well funded revenue generating competition which in which included iHeart (CCU, NC) and Spotify (Priva cluded iHeart (CCU, NC) and Spotify (Private). te). Since our launch with an Underweight rating (since upgraded) P shares declined roughly 49% as compared to a less than 1% change for the S&P 500. We now think our prior concerns are discounted in Pandora's share price."

Angel Broking commented, “We recently attended Wipro's analyst meet. The meet focused on the company's strategy to build differentiation in selected segments in various industry verticals and service lines. The company maintained that investments to develop domain capabilities are going on to help drive medium-term growth. The senior management team indicated that the demand scenario remains volatile due to uncertainty across the globe but outsourcing/offshoring as a means of driving productivity as well as cost benefits remains crucial to clients.”

Citigroup says, "Following a ~35% pullback since 03/24/2011 we are upgrading BBY to a Neutral from a Sell rating on our view of a more balanced risk reward at current levels. Our upgrade is driven by: 1) likely limited further downside given near trough valuations (currently 5.4X NTM earnings vs. 3 year average of 10.8X, and previous lows of 4.8X), 2) a moderation in the rate of pricing declines in the CE Channel, 3) a compelling FCF profile and 4) the recent departure of Chairman/Founder Dick Schulze increases headline risk around BBY screening well as a potential LBO target. 5) Headline risk also exists on the eventual announcement of a new CEO. Our target price is raised to $21 on ~5X our FY14 est."

Goldman Sachs comments, "We upgrade RF to Buy from Neutral and see 29% upside. A further recovery in real estate will drive both provisions and environmental costs lower. Although low rates hurt, RF has offsets as funding benefits and liquidity deployment mitigate asset yield pressure and drive its NIM up 10 bp by YE 2013E. While loans are still shrinking, expectations are low and a leveling off of CRE and growth in C&I, auto, and card should drive growth beyond expectations."

Deutsche Bank notes, "We are upgrading ATI from Hold to Buy; PT $50 (unchanged). YTD, ATI shares have underperformed specialty & commodity peers (-30%; -15%). We think this ignores positives for end markets and company improvements. Aerospace demand, growth initiatives, product innovation and streamlining should support ATI shares. ATI now trade at 5x 2013e EBITDA ests, essentially in line with commodity peers and below specialty peers (6x) and its historical avg (7x). At current levels, ATI has substantial upside to our PT of $50."