Key Calls (Thursday): Upgrades, Downgrades, & Initiations

Via Bloomberg Banc of California (BANC) raised to outperform at FBR, PT $22 Central Pacific Financial (CPF) raised to buy at Compass, PT $34 Clovis Oncology (CLVS) raised to overweight at Piper Jaffray, PT $77 Estee Lauder (EL) raised to outperform at Oppenheimer, PT $92 Grainger (GWW) raised to hold at Deutsche Bank International Paper (IP) raised to buy at Citi MSC Industrial (MSM) raised to hold at Deutsche Bank Meritor (MTOR) raised to buy at Stifel, PT $17 RPC (RES) raised to bu

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