Today's noteworthy downgrades include: Aimco (AIV) downgraded to Neutral from Buy at UBS...Amkor Technology (AMKR) downgraded to Neutral from Buy at Citi...Artisan Partners (APAM) downgraded to Buy from Conviction Buy at Goldman...Commerzbank (CRZBY) downgraded to Sell from Neutral at Goldman...Conn's (CONN) downgraded to Hold from Buy at Stifel...Crown Holdings (CCK) downgraded to Neutral from Buy at BofA/Merrill...International Paper (IP) downgraded to Neutral from Buy at BofA/Merrill...Joy Global (JOY) downgraded to Neutral from Buy at Axiom...New Senior Investment (SNR) downgraded to Underperform from Neutral at BofA/Merrill...Packaging Corp. (PKG) downgraded to Neutral from Buy at BofA/Merrill...Raptor Pharmaceuticals (RPTP) downgraded to Neutral from Buy at Citi...Sealed Air (SEE) downgraded to Neutral from Buy at BofA/Merrill...UBS (UBS) downgraded to Neutral from Buy at Goldman.

Reports Q1 revenue $4.62B, consensus $4.56B. "International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, chairman and CEO. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve."

RBC Capital analyst Anke Reingen lowered the firm's price target on UBS to CHF 28 from CHF 29 and keeps an Outperform rating on the shares. The analyst feels that concerns over the TBTF proposal are "justified" and wanted to see more visibility, which "should remove the overhang to focus on the longer-term attraction of the UBS investment case."

As previously reported, Citi analyst Andrew Coombs downgraded UBS to Neutral from Buy with a CHF 27 price target. Following the "sharp rally" in shares, which are up 42% over the past year, the firm contends that "one really has to now look out beyond 2206 to try to justify the current multiple." Swiss authorities' new capital proposals add greater uncertainty on capital return, while the current multiple "now gives little buffer for execution risk" related to the integration of Credit Suisse, the analyst added.