Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Positive at Susquehanna... Big Lots (BIG) upgraded to Overweight from Equal Weight at Barclays... Cairn Energy (CRNCY) upgraded to Buy from Hold at Jefferies... Gold Fields (GFI) upgraded on valuation, positive Q2 outlook at RBC Capital... LVMH (LVMUY) upgraded to Buy from Hold at HSBC... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... TTM Technologies (TTMI) resumed with an Overweight from Neutral at JPMorgan... Zions Bancorp (ZION) upgraded to Buy on restructuring plan at CLSA.

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.