Analysts' Actions: AAPL, GILD, YUM, T

CHANGE IN RATINGS

Baker Hughes (BHI) downgraded at Guggenheim from Buy to Neutral. $60 price target. Company is facing margins pressure in the domestic onshore market.

Cree (CREE) downgraded at Morgan Stanley from Overweight to Equal-weight, Morgan Stanley said. Macro concerns could weigh on near-term growth.

Expedia (EXPE) downgraded at Citi from Buy to Neutral, Citigroup said. $33 price target. Bookings were weak and the TripAdvisor spin has passed.

Madison Square Garden (MSG) upgraded at Morgan Stanley from Underweight to Overweight, Morgan Stanley said. $35 price target. NBA lockout appears to have been resolved and the company can deliver above-average EBITDA growth.

Novellus Systems (NVLS) upgraded to buy at TheStreet Ratings.

NRG Energy (NRG) downgraded at UBS from Buy to Neutral, UBS said. $20 price target. Company maintains a high leverage to commodity prices.

Silicon Laboratories (SLAB) downgraded at UBS from Buy to Neutral, UBS said. $43 price target. Company lacks near-term catalysts.

Tesla Motors (TSLA) downgraded at Morgan Stanley from Overweight to Underweight, Morgan Stanley said. $44 price target. Mass adoption could still be a few years off.

STOCK COMMENTS / EPS CHANGES

Apple (AAPL) estimates upped at UBS through 2013, UBS said. Strong AT&T smartphone sales suggest higher iPhone demand. Buy rating and $510 price target.

Domino's Pizza (DPZ) estimates raised at Oppenheimer through 2012, Oppenheimer said. Consumer environment continues to favor price/value offerings. Outperform ra! ting.

Gilead Sciences (GILD) target raised at Oppenheimer. Shares of GILD now seen reaching $47, Oppenheimer said. High physician enthusiasm for PSI-7977. Outperform rating.

Hexcel (HXL) estimates raised at Jefferies through 2012, Jefferies said. Lower SG&A costs in 2012. Hold rating.

Merck (MRK) estimates reduced at Credit Suisse through 2013, Credit Suisse said. AZN will likely exercise its call option on Nexium and Prilosec. Outperform rating and $44 price target.

Vail Resorts (MTN) target raised at Jefferies to $53, Jefferies said. Pass sales look strong. Buy rating.

Owens & Minor (OMI) estimates cut at Goldman through 2013, Goldman Sachs said. Company is boosting its capital spending. Sell rating and $28 price target.

Pacific Sunwear (PSUN) estimates raised at Oppenheimer through 2012, Oppenheimer said. Impressive quarter results. Perform rating.

Questcor Pharmaceuticals (QCOR) numbers raised at Oppenheimer. Shares of QCOR now seen reaching $53, Oppenheimer said. Estimates also raised on positive survey feedback. Outperform rating.

AT&T (T) estimates lowered at Citi through 2012, Citigroup said. Company is selling more smartphones, which initially carry lower margins. Buy rating and $32 price target.

YUM! Brands (YUM) estimates raised at Jefferiesthrough 2012, Jefferies said. Bullish guidance update. Hold rating.

Yum Brands estimates increased at Goldman through 2013, Goldman Sachs said. Company is realizing higher margins in China. Sell rating and $53 price target.

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