Notable Analyst Upgrades and Downgrades (NASDAQ: RFMD) (TSXV: PRY)

Macquarie upgraded Pinecrest Energy Inc (TSXV: PRY), a Canada based junior oil and gas exploration company, to outperform from neutral with a price target of C$ 2.50 per share, indicating an upside potential of 61.3% from current levels. Recently, PRY announced the termination of the arrangement agreement dated Nov 20, 2012 between it and Spartan Oil Corp. PRY has received the $12.5 million break fee payable pursuant to the arrangement agreement.

Scotia Capital initiated coverage on Twin Butte Energy Ltd (TSX: TBE), a Canada based junior oil and gas exploration and production company, with a sector outperform rating assigning a 12-month target price of C$ 3.50 indicating an upside of 39.4% from current levels.

Macquarie initiated coverage on Ivanplats Ltd (TSX: IVP), a mineral exploration and development company, with an outperform rating assigning a 12-month price target of C$ 6.50 indicating an upside of 30% from the current levels.

Lundin Mining Corp (TSX: LUN), a diversified Canadian-base metals mining company, was downgraded to market perform from outperform at BMO Capital Markets lowering the price target to C$ 5.85 from the earlier target of C$ 6.00 per share.

Barclays upgraded RF Micro Devices Inc (NASDAQ:RFMD), engaged in the design and manufacture of radio frequency components and compound semiconductor technologies, to overweight from equal-weight with a price target of $6.00 per share indicating an upside potential of 26.3% above current levels. Analyst Blayne Curtis believes says that he remains tempered on the outlook for RFMD growth; however, he sees an upside for the stock from both new products and market share gains.

Deutsche Bank initiated coverage on Aircastle Ltd (NYSE:AYR), engaged in the acquisition, leasing, and selling of high-utility commercial jet aircraft, with a buy rating assigning a 12-months price target of $17.00 indicating an upside of 40.7% from the current level. The rating company believes that AYR is tied to an industry that is still very much in its infancy globally, with strong prospects for long-term growth, AYR has a well-positioned product portfolio to benefit from an upturn in the global economy and aircraft values, and it has an attractive valuation, supported by a relatively high dividend and share buybacks.

Goldman Sachs downgraded International Rectifier Corp (NYSE:IRF), a designer and manufacturer of power management semiconductors, to a sell/attractive rating from neutral/attractive with price target of $15.00 indicating downside of 10.9% from current levels.

Titanium Metals Corp (NYSE:TIE), a producer of titanium melted and mill products, was downgraded to neutral from overweight at JPMorgan with a target price of $16.50 per share indicating upside of 0.4% from current levels.