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Legg Mason Inc. (NYSE:LM) was removed from from Citigroup’s Top Picks Live list due to lowered earnings expectations and fewer catalysts after the Q1 results for the company. Citi maintains a Buy rating on the stock, but lowered its price target to $29.50 from $32.50 on the stock.
Broadcom Corp. (NASDAQ:BRCM): According to Citigroup, better product cycles, improved inventory conditions, and valuations position the Semiconductor space to rally during the 2012′s second half. The firm’s primary ideas are Broadcom (NASDAQ:BRCM), Qualcomm (NASDAQ:QCOM), Intel (NASDAQ:INTC), Micron (NASDAQ:MU), and Freescale (NYSE:FSL).
Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) price target was increased by Leerink due to more sales potential for ponatinib following the National Comprehensive Cancer Network’s update of its chronic myeloid leukemia treatment guideline last week. The firm reiterates an Outperform rating on the name.
Salix Pharmaceuticals Ltd. (NASDAQ:SLXP): On the complete response letter for Relistor, Jefferies claims it would be a buyer of Salix shares if the stock falls more than 10 percent today. The firm does not believe the program will be delayed by more than 12-18 months, and it maintains a Buy rating on the stock.
American Axle & Manufacturing Holdings Inc. (NYSE:AXL) target was raised by RBC Capital after the company reported higher than expected Q2 EPS. The firm has been warming up to the stock, since it believes the current estimates may be conservative, but it keeps its Sector Perform rating.
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