Broker Piper Jaffray upgrades US clothing retailer American Eagle Outfitters (NYSE:AEO) after the firm's third quarter results yesterday.
The rating moves to 'overweight' from 'neutral'.
Yesterday, the Pittsburgh-headquartered group told investors that same store sales increased by 9% in the three months on last year.
It also raised its third quarter earnings guidance to 34 cents a share to 31 cents from 28 cents.
Its interim chief executive said the group continued to experience greater full-priced selling and less promotional activity, resulting in increased profit margin.
Also upgraded today is pharma firm Shire (NYSE:SHPG), which is moved by the analysts at HSBC to 'buy' from 'hold'.
It comes after news earlier in the week that it is set to buy US biotech group Dyax for $5.9bn.
Tata Motors (NYSE:TTM) is also upgraded by German bank Bernstein to 'outperform' from 'market perform'.
Meanwhile, on the downgrade front, the German bank also looks at energy giant Chesapeake (NYSE:CHK) and downgrades the stock to 'market perform' from 'outperform'.
Heavyweight Citigroup is downbeat on computer giant HP (NYSE:HPQ) and moves that stock to 'neutral' from 'buy'.
Also, broker Albert Fried downgrades Madison Square Garden (NYSE: MSG) to 'market perform' from 'overweight'.