Today's noteworthy downgrades include: Abaxis (ABAX) downgraded to Underperform from Neutral at BofA/Merrill... Agrium (AGU) downgraded to Hold from Buy at TD Securities... Allegheny Technologies (ATI) downgraded to Hold from Buy at Deutsche Bank... Alon USA Partners (ALDW) downgraded to Neutral from Buy at Citi... Artesian Resources (ARTNA) downgraded to Underperform from Neutral at Hilliard Lyons... Atwood Oceanics (ATW) downgraded to Neutral from Buy at Clarksons Platou... Brinker (EAT) downgraded to Market Perform from Outperform at Raymond James... CVR Refining (CVRR) downgraded to Neutral from Buy at Citi... Capital City Bank (CCBG) downgraded to Market Perform from Outperform at Keefe Bruyette... Cash America (CSH) downgraded to Neutral from Buy at Sterne Agee CRT... Cepheid (CPHD) downgraded to Hold from Buy at Needham... Convergys (CVG) downgraded to Neutral from Buy at Sidoti... EV Energy (EVEP) downgraded to Neutral from Buy at BofA/Merrill... Endeavour Mining (EDVMF) downgraded to Hold from Buy at Canaccord... Fifth Third (FITB) downgraded to Neutral from Buy at Guggenheim... Harley-Davidson (HOG) downgraded on uncertainty, limited visibility at BMO Capital... Himax (HIMX) downgraded to Market Perform from Outperform at Northland... HollyFrontier (HFC) downgraded to Neutral from Buy at Citi... Hologic (HOLX) downgraded to Hold from Buy at Craig-Hallum... IAMGOLD (IAG) downgraded to Sell from Hold at Canaccord... Kilroy Realty (KRC) downgraded to Neutral valuation at BofA/Merrill... Legacy Reserves (LGCY) downgraded to Underperform from Neutral at BofA/Merrill... M&T Bank (MTB) downgraded to Market Perform from Outperform at Keefe Bruyette... Manitowoc (MTW) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Neutral from Buy at BofA/Merrill... Micron (MU) downgraded to Hold from Strong Buy at Needham... NRG Yield (NYLD) downgraded to Sector Perform from Outperform at RBC Capital... NorthWestern (NWE) downgraded to Neutral from Buy at Ladenburg... Northern Tier (NTI) downgraded to Neutral from Buy at Citi... Reynolds American (RAI) downgraded to Underperform from Outperform at CLSA... S&T Bancorp (STBA) downgraded to Market Perform from Outperform at Keefe Bruyette... Synta Pharmaceuticals (SNTA) downgraded to Neutral from Buy at Roth Capital... Tenaris (TS) downgraded to Underperform from Neutral at Exane BNP Paribas... Twitter (TWTR) downgraded to Underweight from Equal Weight at Morgan Stanley... VMware (VMW) downgraded to Hold from Buy at Maxim... VMware (VMW) downgraded to Sector Weight from Overweight at Pacific Crest... Vanguard Natural (VNR) downgraded to Neutral from Buy at BofA/Merrill... Western Refining (WNR) downgraded to Neutral from Buy at Citi... Wolverine World Wide (WWW) downgraded to Underperform from Neutral at Sterne Agee CRT... Yahoo (YHOO) downgraded to Neutral from Buy at B. Riley... Zillow (Z) downgraded to Neutral from Buy at Guggenheim.

Real Estate Services Analysts, along with James Dwiggns, CEO of NextHome, discuss the latest perspectives on the proposed National Association of Realtors (NAR) Settlement and the implications on brokerage business models (relevant companies ZG/Z, CSGP, COMP, RDFN, EXPI, HOUS, FTHM, REAX, RMAX) on an Analyst/Industry conference call to be held on May 1 at 11 am.

The company said, "For the second quarter, as anticipated, our sales and margins will be lower than the first quarter reflecting the ongoing decline in OCTG prices in the Americas. In the third quarter, we will have stoppages at many of our mills, including at our Siderca steel shop where we will install a new furnace that will improve our environmental footprint, and this will lead to a further decline in sales and margins in the quarter."

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Harley-Davidson continues to expect: HDMC revenue flat to down 9% and operating income margin of 12.6%-13.6%, HDFS operating income flat to up 5%, LiveWire electric motorcycle unit sales of 1,000 to 1,500 and Harley-Davidson capital investments of $225M-$250M.

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.

Jefferies raised the firm's price target on Zillow to $77 from $75 and keeps a Buy rating on the shares. The firm expects upside in Q1, though higher mortgage rates and softer housing data exiting the quarter could encourage Zillow to guide Q2 conservatively. Still, the firm sees tailwinds from new products driving upside to consensus in the coming years, the analyst added in a preview note for the U.S. Internet group.

Morgan Stanley analyst Sandeep Peety raised the firm's price target on Endeavour Mining to 1,850 GBp from 1,800 GBp and keeps an Overweight rating on the shares.

Morgan Stanley assumed coverage of Harley-Davidson with an Overweight rating and $50 price target. Harley-Davidson is an iconic brand with leading market share in the U.S. motorcycle industry and "a fiercely loyal customer base," says the analyst, who believes a refocused strategy under new leadership, along with strong capital allocation discipline, will lead to upside to consensus earnings estimates.

Piper Sandler analyst Stephen Scouten lowered the firm's price target on Capital City Bank to $30 from $34 and keeps an Overweight rating on the shares. The firm is lowering its 2024/2025's to $2.70/$2.50 from $2.73/$2.83 given its expectations for modest balance sheet growth and a lower net interest margin trajectory as it models in 4 rate cuts through 2025. Looking at the market today, Piper thinks deposit strength/net interest margin stability and strong credit quality remain paramount, and this is the marker of the Capital City Bank franchise. The firm does expect to see some continued pressure in the quarters ahead, but has confidence that Capital City Bank will outperform peers in a higher-for-longer rate environment.