Piper Jaffray upgraded to Outperform from Market Perform at JMP Securities JMP Securities upgraded Piper Jaffray on expectations middle-markets activity will improve following the partial fiscal cliff resolution. The firm has a $41 price target for shares.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: American Axle (AXL) upgraded to Overweight from Neutral at JPMorgan... Bed Bath & Beyond (BBBY) upgraded to Outperform from Perform at Oppenheimer... DRDGOLD (DRD) upgraded to Neutral from Underweight at JPMorgan... DealerTrack (TRAK) upgraded to Buy from Hold at Stifel... DreamWorks Animation (DWA) upgraded to Buy from Neutral at B. Riley... First Niagara (FNFG) upgraded to Buy from Hold at Jefferies... Fortinet (FTNT) upgraded to Buy from Neutral at Citigroup... Garmin (GRMN) upgraded at RBC Capital... Harmony Gold (HMY) upgraded to Overweight from Neutral at JPMorgan... Invesco (IVZ) upgraded to Positive from Neutral at Susquehanna... Kansas City Southern (KSU) upgraded at Raymond James... McDonald's (MCD) upgraded to Overweight from Equal Weight at Stephens... Melco Crown (MPEL) upgraded to Buy from Hold at Union Gaming... Monro Muffler (MNRO) upgraded to Neutral from Reduce at SunTrust... Pier 1 Imports (PIR) upgraded to Outperform from Perform at Oppenheimer... Piper Jaffray (PJC) upgraded to Neutral from Underperform at Macquarie... Randgold (GOLD) upgraded to Overweight from Neutral at JPMorgan... Rockwell Collins (COL) upgraded to Buy from Hold at Argus... Telefonica (TEF) upgraded to Neutral from Underperform at BofA/Merrill... Triumph Group (TGI) upgraded at RBC Capital... Unilever (UL) upgraded to Buy from Underperform at BofA/Merrill... WWE (WWE) upgraded to Neutral from Underperform at Macquarie.
Arena Pharma sells 21M shares to Leucadia's Jefferies and Piper Jaffray Arena Pharmaceuticals (ARNA) has sold 21M shares of common stock to Jefferies, a subsidiary of Leucadia (LUK) and to Piper Jaffray (PJC) as underwriters for its previously announced public offering. The offering is expected to close on or about January 26. In addition, Arena has granted the underwriters a 30-day option to purchase up to an aggregate of 3M additional shares of common stock. Arena anticipates using the net proceeds from the offering for the clinical and preclinical development of drug candidates, for discovery research for new drug candidates, and for general corporate purposes.