Key Calls (Thursday): Upgrades, Downgrades & Initiations

Via Bloomberg American Renal (ARA) raised to outperform at Wells Fargo, PT $22 Ares Management (ARES) raised to outperform at Credit Suisse Argonaut Gold (AR CN) raised to neutral at CIBC, PT C$3.25 Cabot Oil (COG) raised to neutral at BofAML, PT $28 Carlyle Group (CG) raised to outperform at Credit Suisse Cascades (CAS CN) raised to outperform at National Bank, PT C$19 Caterpillar (CAT) raised to buy at BofAML, PT $120 Exxon (XOM) raised to buy at BofAML Finning International (FTT C

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