Notable Analyst Upgrades and Downgrades (NASDAQ: TNDM) (TSX: CAR-U)

CIBC World Markets upgraded Canadian Apartment Properties REIT (TSX: CAR-U), an unincorporated open-ended real estate investment trust that owns interests in multi-unit residential rental properties, to sector outperform from sector perform increasing its price target to C$24.50 from C$23.50, indicating an upside of 14.7% from current levels.

McCoy Corp (TSX: MCB), engaged in providing specialized equipment, service and replacement components to the global oil and gas sector, was upgraded to outperform from market perform at Raymond James raising its price target to C$7.25 from C$6.50, indicating an upside of 9% from current levels. For the first quarter 2014, MCB reported revenues of C$27.2 million compared to C$27.3 million in same quarter of 2013, while net earnings grew 19% to C$2.5 million over the previous year quarter. Adjusted EBITDA grew 16% to C$4.2 million.

BMO Capital Markets upgraded Bear Creek Mining Corp (TSXV: BCM), engaged in the acquisition, exploration and development of precious and base metal properties, to speculative outperform from market perform increasing its price target to C$3.00 from C$2.35, indicating an upside of 50% from current levels.

Edgecrest Capital initiated coverage on Guyana Goldfields Inc (TSX: GUY), a Canada-based mineral exploration and development company primarily focused on the acquisition, exploration and development of gold deposits, with a buy rating assigning a 12-month price target of C$4.00, indicating an upside of 74.7% from current levels.

TD Securities downgraded Twin Butte Energy Ltd (TSX: TBE), a Canada-based junior oil and gas exploration and production company engaged in the acquisition of, exploration for and the development and production of petroleum and natural gas properties, to hold from buy lowering its price target to C$2.50 from C$3.25, indicating an upside of 34.4% from current levels.

Deutsche Bank upgraded Tandem Diabetes Care Inc (NASDAQ: TNDM), a medical device company with an approach to the design, development and commercialization of products for people with insulin-dependent diabetes, to buy from hold with a price target of $25.00, indicating an upside of 41.2% from current levels. Recently, TNDM reported a 48% y-o-y jump in revenues to $8.1 million for the first quarter of 2014. Pump shipments grew 102% to 1,723 t:slim pumps during the quarter compared to 852 pumps in year ago quarter. However, the company reported net loss of $21.9 million or 96 cents per share during the quarter.

Nimble Storage Inc (NYSE: NMBL), engaged in providing enterprise storage and back-up solutions including hybrid storage arrays, virtual server infrastructure and flash memory for restoring and backups, was upgraded to buy/cautious from neutral/cautious at Goldman Sachs with a price target of $34.00, indicating an upside of 49% from current levels. Recently, NMBL entered into an agreement with Ingram Micro, a technology distributor, which enables the distributor to sell NMBL’s portfolio of flash storage arrays.

Raymond James upgraded Pandora Media Inc (NYSE: P), an Internet radio with over 125 million registered users across the U.S., to outperform from market perform with a price target of $31.00, indicating an upside of 31.2% from current levels.

Sidoti & Company LLC initiated coverage on Franklin Electric Co Inc (NASDAQ: FELE), engaged in designing, manufacturing and distributing water and fuel pumping systems, with a neutral rating assigning a 12-month price target of $43.00, indicating an upside of 14% from current levels.

JPMorgan downgraded ITC Holdings Corp (NYSE: ITC), engaged in the electric transmission operations of its Regulated Operating Subsidiaries, to neutral from overweight with a price target of $37.00, indicating a downside of 0.8% from current levels.