Notable Analyst Upgrades and Downgrades (NYSE: PANW) (TSX: YRI)

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The following stocks were upgraded/downgraded on April 10, 2014
Company Name Exchange Ticker Last Price Total Analyst Coverage Upgrade/
Downgrade
Analyst Name Rating Company Target Price Upside/
Downside (%)
Yamana Gold IncTSXYRI 9.4424Upgrade to neutral from underweightPatrick ChidleyHSBC9.935.2%
Painted Pony Petroleum LtdTSXPPY 10.3911Upgrade to top pick from outperformCody R KwongFirstEnergy Capital Corp15.5049.2%
High Arctic Energy Services IncTSXHWO 5.303Upgrade to buy from holdElias FoscolosIndustrial Alliance Securities5.350.9%
Methanex CorpTSXMX 71.8413Initiate with holdCherilyn RadbourneTD Securities78.609.4%
Glentel IncTSXGLN 12.515Downgrade to hold from buyGabriel LeungParadigm Capital Inc14.5015.9%

HSBC upgraded Yamana Gold Inc (TSX: YRI), a gold producer, engaged in gold production, gold development stage properties, exploration properties and land positions in Brazil, Chile, Argentina, Mexico and Colombia, to neutral from underweight with a price target of C$9.93, indicating an upside of 5.2% from current levels.

Painted Pony Petroleum Ltd (TSX: PPY), engaged in the exploration, development and production of petroleum and natural gas resources, was upgraded to top pick from outperform at FirstEnergy Capital Corp increasing its price target to C$15.50 from C$13.00, indicating an upside of 49.2% from current levels. Recently, PPY raised its second quarter production by 17% to 13,500 barrels of oil equivalent per day from previous estimate of 11,500 BOE/D. This represents a 70% increase over last year’s second quarter production of 7,928 BOE/D. PPY also increased its average annual production estimates for full-year 2014 by 50% to 13,000 BOE/D from 8,693 BOE/D in 2013.

Industrial Alliance Securities upgraded High Arctic Energy Services Inc (TSX: HWO), an oilfield services contractor company, to buy from hold raising its price target to C$5.35 from C$4.00, indicating an upside of 0.9% from current levels. Recently, HWO entered into a drilling services agreement worth $60 million with InterOil Corporation for one heli-portable drilling rig in Papua New Guinea (PNG) and a 100 person camp for a firm contract term of two years.

TD Securities initiated coverage on Methanex Corp (TSX: MX), a producer and supplier of methanol to international markets, with a hold rating assigning a 12-month price target of C$78.60, indicating an upside of 9.4% from current levels.

Paradigm Capital Inc downgraded Glentel Inc (TSX: GLN), a Canada-based company operating in three segments: Retail Canada Division, Retail US Division and Business Division, to hold from buy lowering its price target to C$14.50 from C$16.00, indicating an upside of 15.9% from current levels.

The following stocks were upgraded/downgraded on April 10, 2014
Company Name Exchange Ticker Last Price Total Analyst
Coverage
Upgrade/
Downgrade
Analyst Name Rating Company Target Price Upside/
Downside (%)
Palo Alto Networks IncNYSEPANW 63.8026Upgrade to market outperform from market performErik SuppigerJMP Securities80.0025.4%
Wright Medical Group IncNASDAQWMGI 29.0915Upgrade to outperform from neutralJeffrey D JohnsonRobert W. Baird & Co36.0023.8%
Extra Space Storage IncNYSEEXR 48.1616Upgrade to outperform from neutralShahzeb ZakariaMacquarie52.509.0%
Cogent Communications Group IncNASDAQCCOI 33.7215Initiate with buyTimothy K HoranOppenheimer & Co42.0024.6%
Imperva IncNYSEIMPV 28.0015Downgrade to hold from buyNandan AmladiDeutsche Bank40.0042.9%

JMP Securities upgraded Palo Alto Networks Inc (NYSE: PANW), engaged in offering a network security platform that allows enterprises, service providers, and government entities to secure their networks, to market outperform from market perform with a price target of $80.00, indicating an upside of 25.4% from current levels. Recently, PANW reported that it has completed the acquisition of Cyvera Ltd., a privately held cyber security company located in Tel-Aviv, Israel for approximately $200 million. This acquisition will extend PANW’s customers’ ability to safely enable applications and protect users against known and unknown cyber threats on any device, across any network.

Wright Medical Group Inc (WMGI), a global orthopaedic medical device company specializing in the design, manufacture and marketing of devices and biologic products for extremity, hip and knee repair and reconstruction, was upgraded to outperform from neutral at Robert W. Baird & Co increasing its price target to $36.00 from $34.00, indicating an upside of 23.8% from current levels. WMGI is scheduled to report its first quarter 2014 earnings on April 30, 2014.

Macquarie upgraded Extra Space Storage Inc (NYSE: EXR), a self-administered and self-managed real estate investment trust (REIT), to outperform from neutral raising its price target to $52.50 from $51.00, indicating an upside of 9% from current levels. EXR is scheduled to report its first quarter 2014 results on April 28, 2014 after market close.

Oppenheimer & Co initiated coverage on Cogent Communications Group Inc (NASDAQ: CCOI), a facilities-based provider of Internet access and Internet Protocol (IP), communications services, with a buy rating assigning a 12-month price target of $42.00, indicating an upside of 24.6% from current levels. CCOI is scheduled to report its first quarter 2014 earnings on May 8, 2014 before market open.

Deutsche Bank downgraded Imperva Inc (NYSE: IMPV), engaged in providing data security solutions focused on providing visibility and control over business data across systems within the data center, to hold from buy lowering its price target to $40.00 from $60.00, indicating an upside of 42.9% from current levels.