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A customer holds an iPhone 6, right, and iPhone 6 Plus after the phones went on sale at the Fifth Avenue Apple store in Manhattan, New York September 19, 2014.

ADREES LATIF/Reuters

Inside the Market's roundup of some of today's key analyst actions. This file will be updated often during the trading day so check back for new details.

There has been a "meaningful selloff" in Apple Inc.'s (AAPL-Q) shares in the past month, but BMO Capital Markets analyst Keith Bachman says the stock is "inexpensive at current levels."

"We forecast by product line, not by geography. With that said,we wanted to attempt to put some context around China risk in FY2016. China was 23 per cent of Apple's revenues in the LTM through June, 2015, and growing as a percentage of revenues. For FY2016, we project total revenue growth of 3.2 per cent year over year. If we assume that China revenues grow by 10 per cent year over year in FY2016 (likely conservative, but very tough compares), then the implied growth rate for all other geographies would be about 1 per cent year over year in FY2016. If we assume that China has zero growth, this would suggest a loss of $5.8-billion (U.S.) in revenue and about 25 cents in EPS, all else equal, or about 2.5 per cent lower EPS," he wrote in a note.

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He maintained his "outperform" rating on Apple, and kept his target price at $145 (U.S.). The consensus is $146.88.

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TransAlta Corp. (TA-T;TAC-N) stock has had a "precipitous decline, down over 40 per cent in the last three months," said CIBC analyst Paul Lechem. "Nevertheless, at current levels we believe much of the downside risk has been priced into the stock."

The selloff in the company's stock was due to poor second-quarter results due to planned and unplanned outages, a steep market decline in similar "yieldco" stocks, and ongoing market headwinds, including a drop off in power prices.

"We believe the valuation has become significantly more appealing from a 'quantitative' perspective," he said.

He upgraded the stock to "sector performer" from "sector underperformer" but revised its price target to $10, down from $11. The analyst consensus price target is $10.21, according to Thomson Reuters.

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Centerra Gold Inc. (CG-T) reported solid second-quarter results, but now its shares look over-valued "in addition to which the risks around the ownership of Kumtor remain unresolved," RBC Capital Markets analyst Jonathan Guy said.

The Kumtor mine is in the Kyrgyz Republic in Central Asia and there is some "uncertainty over the ownership structure of the mine and and  potential for volatility whilst the mine plan approval remains outstanding."

Mr. Guy downgraded the stock to "underperform" from "sector perform" and reduced its price target to $6.50 from $7.50. The analyst consensus is $6.87.

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Black Diamond Group Ltd.'s (BDI-T) business renting out modular structure for work force accommodation and temporary workspace is more stable than the market is pricing in, and its stock has been hammered recently, said Raymond James.

"Black Diamond's stock has been taken out behind the woodshed since reporting in-line second-quarter results on Aug. 13, dropping 42 per cent compared to a 9 per cent drop for the TSX composite," said Raymond James analyst Andrew Bradford.

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"From a tactical perspective, the stock is strongly linked to the crude quote and the market is unlikely to change its mind on this anytime soon. We believe that  crude prices will continue to be under downward pressure until material shut-ins are noted or if refinery utilization shows continued strength through turnaround season."

Mr. Bradford upgraded the stock to a "strong buy" from "outperform" but decreased his target price to $13.75 from $15.75. The consensus is $16.63.

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Baytex Energy Corp. (BTE-T; BTE-N) is rebalancing its business model in response to "sharply lower crude prices, including the deferral of its heavy oil drilling program in Canada and the suspension of its monthly dividend," said Kristopher Zack with Desjardins Capital Markets.

"Although the cut sparked a selloff, with income-focused investors rotating out of the stock, we view the measures positively to the extent that they protect the balance sheet while preserving potential upside to improved oil prices," he said.

"While  we  expect  the  market  to ultimately applaud the suspension of the dividend and, in time, to view the stock as an attractive option on a longer-term oil price recovery, we also believe the associated valuation premium is somewhat limited at this point given the lingering macro-related uncertainty," he said.

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He cut his price target to $11 from $20 but kept his "buy" rating. The analyst consensus is $15.61.

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In other analyst actions:

Macquarie upgraded Bank of America to "neutral" from "underperform" with a target price of $16 (U.S.).  Bernstein also upgraded the stock to "outperform" from "market perform," with a price target of $19 (U.S.), saying the shares are attractive given the recent selloff. Keefe, Bruyette and Woods also upgraded the stock to "outperform."

Argus downgraded AGL Resources Inc. to "hold" from "buy."

Topeka Capital upgraded DreamWorks Animation to "hold" from "sell" with a price target of $18 (U.S.), up from $17.

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Wells Fargo upgraded Apple to "outperform" from "market perform" with a price target of $125 (U.S.) to $135, as analyst Maynard Um said the shares have "over-corrected."

Adobe Systems Inc. (ADBE US) was raised to "Outperform" from "Neutral" at Robert Baird by equity analyst Steven Ashley. The 12-month target price is $85.00 per share.

American Eagle Outfitters Inc. (AEO US) was raised to "Outperform" from "Market Perform" at FBR Capital Markets by equity analyst Susan Anderson. The 12-month target price is $19.00 per share.

8Point3 Energy Partners LP (CAFD US) was downgraded to "Market Underperform" from "Market Perform" at Avondale Partners. The target price is $15 (U.S.) per share.

CoreSite Realty Corp (COR US) was raised to "Buy" from "Hold" at Jefferies. The 12-month target price is $60 (U.S.) per share.

Canadian Solar Inc (CSIQ US) was rated new "Outperform" at Cowen. The 12-month target price is $28.50 (U.S.) per share.

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Fortune Brands Home & Security Inc (FBHS US) was rated new "Buy" at Cantor Fitzgerald. The 12-month target price is $58 (U.S.) per share.

Gorman-Rupp Co. (GRC US) was raised to "Outperform" from "Neutral" at Boenning & Scattergood. The 12-month target price is $27 (U.S.) per share.

Garmin Ltd (GRMN US) was raised to "Outperform" from "Market Perform" at Raymond James. The 12-month target price is $43 (U.S.) per share.

Interactive Intelligence Group Inc (ININ US) was rated new "Outperform" at RBC Capital. The 12-month target price is $46 (U.S.) per share.

Power Solutions International Inc (PSIX US) was rated new "Buy" at Wunderlich. The 18-month target price is $50 (U.S.) per share.

SolarCity Corp (SCTY US) was rated new "Market Perform" at Cowen. The 12-month target price is $50 (U.S.) per share.

Synergy Pharmaceuticals Inc (SGYP US) was rated new "Buy" at BTIG. The 12-month target price is $11 (U.S.) per share.

Sherwin-Williams Co. (SHW US) was raised to "Buy" from "Neutral" at Sterne Agee CRT. The 12-month target price is $285 (U.S.) per share.

SunEdison Inc. (SUNE US) was downgraded to "Neutral" from "Buy" at UBS. The 12-month target price is $11 (U.S.) per share.

Synthetic Biologics Inc (SYN US) was rated new "Buy" at BTIG. The 12-month target price is $5 (U.S.) per share.

Teradyne Inc. (TER US) was raised to "Buy" from "Hold" at Craig-Hallum. The 12-month target price is $22 (U.S.) per share.

Workday Inc (WDAY US) was raised to "Buy" from "Neutral" at DA Davidson. The 12-month target price is $91 (U.S.) per share.

XL Group PLC (XL US) was raised to "Outperform" from "Market Perform" at Keefe Bruyette. The 12-month target price is $44 (U.S.) per share.

With files from Bloomberg News

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