Today's noteworthy downgrades include: AbbVie (ABBV) assumed with an Equal Weight from Overweight at Barclays... Aduro Biotech (ADRO) downgraded to Perform from Outperform at Oppenheimer... CBOE Holdings (CBOE) downgraded to Market Perform from Outperform at Raymond James... CSC (CSC) downgraded to Neutral from Buy at SunTrust... Cummins (CMI) downgraded to Underperform from Buy at BofA/Merrill... Ericsson (ERIC) downgraded to Underperform from Neutral at Credit Suisse... Gold Fields (GFI) downgraded to Sector Perform from Outperform at RBC Capital... Goodrich Petroleum (GDP) downgraded to Sell from Hold at Stifel... Gorman-Rupp (GRC) downgraded to Neutral from Outperform at Boenning & Scattergood... Joy Global (JOY) downgraded to Underperform from Neutral at BofA/Merrill... Newmont Mining (NEM) downgraded to Neutral from Buy at Citi... Progressive (PGR) downgraded to Neutral from Buy at Citi... Rex Energy (REXX) downgraded to Sell from Hold at Stifel... Total (TOT) downgraded to Equal Weight from Overweight at Barclays... Zumiez (ZUMZ) downgraded to Market Perform from Outperform at William Blair.

National Bank lowered the firm's price target on Newmont to C$69 from C$71 and keeps an Outperform rating on the shares.

BofA raised the firm's price target on Cboe Global Markets (CBOE) to $204 from $200 and keeps a Buy rating on the shares. The firm is making minor adjustments to earnings estimates to embed company disclosures released after BofA's Q1 Exchange earnings preview from earlier this month, which results in small upward earnings revisions for Cboe and Tradeweb Markets (TW), the analyst tells investors.

HSBC analyst Leroy Mnguni raised the firm's price target on Gold Fields to ZAR 236 from ZAR 224 and keeps a Reduce rating on the shares. The firm says the recent results season has left it more concerned regarding the challenges facing the South America gold miners. Harmony's medium-term capex outlook continued to increase while the declining reserves at Gold Fields is concerning, which may escalate the acquisition risk for the stock, the analyst tells investors in a research note. Meanwhile, the HSBC notes reserves have been declining at AngloGold's Australian operations, with reserve life for the region falling to five years.

AbbVie announced positive top-line results from SELECT-GCA, a Phase 3, multicenter, randomized, double-blind, placebo-controlled study, showing upadacitinib in combination with a 26-week steroid taper regimen achieved its primary endpoint of sustained remissiona from week 12 through week 52 in adults with giant cell arteritis. In this study, 46% of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained remission compared to 29 percent of patients receiving placebo in combination with a 52-week steroid taper regimen. Key secondary endpoints were also met, including a higher percentage of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained complete remissionb from week 12 through week 52 compared to patients receiving placebo in combination with a 52-week steroid taper regimen. A lower percentage of patients experienced at least one disease flare through week 52 in the upadacitinib 15 mg group versus the placebo group. The study results also showed that upadacitinib 7.5 mg did not meet the primary or any of the secondary endpoints.