12:27 pm DISH Network downgraded to Hold at Wunderlich; tgt riased to $50: . Wunderlich downgrades DISH to Hold from Buy and raises their tgt to $50 from $42. They remain skeptical on a cost synergistic merger with DirecTV (DTV-$64.60, Buy) given regulatory concerns off rural competitive effects, with any political horsetrading for in-house wireless plans not that appealing to DirecTV CEO Mike White. (Along with any sale to Verizon (VZ-NR) or AT&T (T-NR) this is also subject to Charlie Ergen's likely lofty price views). Spectrum monetization now requires i) (most likely) acquisition of T-Mobile USA (TMUS-NR) as the only national alternative; ii) wholesaling with another (likely wary) wireless player, iii) or spectrum sale despite Ergen's determination to complement his extant video biz.

12:27 pm Discover Financial Services target raised to $55 at FBR Capital: . FBR Capital raises their DFS tgt to $55 from $48. Firm notes its target change reflects better credit and higher certainty of better-than-peer receivables growth. They are increasing FY13 EPS estimates to reflect lower provision expense and higher NIM. They also expect continued market share gains, strong credit, and feel valuation is attractive at 10.4x FY14 EPS.

12:26 pm Costco initiated with a Outperform/Buy at Williams Capital Group; tgt $132: . Williams Capital Group initiates COST with a Outperform/Buy and price target of $132. They believe that the co is well positioned to generate solid top-line growth driven by a combination of unit growth and solid same-store sales growth. They believe that Costco is well positioned to compete in a slow growth environment. Costco has a strong and loyal cardholder base and offers an attractive way to invest in direct exposure to the U.S. consumer in our view.