Today's noteworthy downgrades include: Activision Blizzard (ATVI) downgraded to Neutral from Buy at BofA/Merrill... Anadarko (APC) downgraded to Neutral from Buy at Guggenheim... Arista Networks (ANET) downgraded to Sell from Neutral at Goldman... Arthur J. Gallagher (AJG) downgraded to Neutral from Buy at Goldman... Banco Popolare (BPSAY) downgraded to Neutral from Outperform at Exane BNP Paribas... Booz Allen (BAH) downgraded to Neutral from Buy at BofA/Merrill... Calpine (CPN) downgraded to Hold from Buy at Deutsche Bank... Dick's Sporting (DKS) downgraded to Neutral from Buy at Monness Crespi... Digital Realty (DLR) downgraded to Market Perform at Raymond James... Eaton (ETN) downgraded to Market Perform from Outperform at Bernstein... Eni SpA (E) downgraded to Underweight from Equal Weight at Morgan Stanley... Heartland Payment (HPY) downgraded to Market Perform from Outperform at Raymond James... IAG (ICAGY) downgraded to Hold from Buy at HSBC... ITT Corp. (ITT) downgraded to Sell from Neutral at UBS... IntercontinentalExchange (ICE) downgraded to Hold from Buy at Argus... Investors Bancorp (ISBC) downgraded on valuation at Wells Fargo... Jumei (JMEI) downgraded to Neutral from Buy at Goldman... Kate Spade (KATE) downgraded to Neutral from Buy at Monness Crespi... Luxottica (LUX) downgraded to Equal Weight from Overweight at Morgan Stanley... Moody's (MCO) downgraded to Market Perform from Outperform at FBR Capital... Norfolk Southern (NSC) downgraded to Underperform from Neutral at Macquarie... PSEG (PEG) downgraded to Hold from Buy at Deutsche Bank... Phillips 66 (PSX) downgraded to Neutral from Outperform at Credit Suisse... Restaurant Brands (QSR) downgraded on Burger King, Tim Horton's outlook at RBC Capital... Sabra Health Care (SBRA) downgraded to Underperform from Sector Perform at RBC Capital... Seagate (STX) downgraded to Hold from Buy at Maxim... SolarWinds (SWI) downgraded to Equal Weight from Overweight at Morgan Stanley... Valeant (VRX) downgraded to Neutral from Buy at Goldman... easyJet (ESYJY) downgraded to Reduce from Hold at HSBC.

BofA lowered the firm's price target on IntercontinentalExchange (ICE) to $153 from $156 and keeps a Buy rating on the shares. Although the firm thinks the exchange vertical has less leverage to a continuation in the market rally than its covered asset managers, it continues to see meaningful upside potential in IntercontinentalExchange and Tradeweb Markets (TW) over the next 12 months as it sees significant runway left in the electronification of both the mortgage and fixed income markets, the analyst tells investors.

Arthur J. Gallagher acquired Metairie, Louisiana-based Fontenelle & Goodreau Insurance. Terms of the transaction were not disclosed. Fontenelle & Goodreau Insurance offers commercial property/casualty coverages specializing in large apartment accounts in the Louisiana market with capabilities nationwide. Charlie Fontenelle and his team will remain in their current location under the direction of Bumpy Triche, head of Gallagher's Southeast retail property/casualty brokerage operations.

Loop Capital raised the firm's price target on Norfolk Southern to $270 from $261 and keeps a Buy rating on the shares as part of a broader research note on Transportation names. The firm is adjusting its estimates on the stock following its Q1 pre-announcement last week.

Barclays analyst Theresa Chen raised the firm's price target on Phillips 66 to $155 from $139 and keeps an Equal Weight rating on the shares. The analyst increased the price target after exploring the impacts and opportunities of an evolving infrastructure landscape for midstream and downstream operators "amid a dynamic price backdrop."