MOST NOTEWORTHY: In addition to Palm Inc. (PALM) and Research in Motion (RIMM), four prominent Airlines topped today's list of downgrades.
- Merrill Lynch downgraded shares of Palm, Inc. (NASDAQ:PALM) to Neutral from Buy following the company's reduced second-quarter outlook.
- BMO Capital Markets downgraded Research in Motion Ltd. (NASDAQ:RIMM) to Market Perform from Outperform, citing valuation.
- Benchmark, a boutique firm, downgraded Continental Airlines (NYSE:CAL), JetBlue Airways Corp (NASDAQ:JBLU), US Airways Grp (NYSE:LCC) and UAL Corp (NASDAQ:UAUA) to Hold from Buy, citing valuation.
OTHER DOWNGRADES:
- Quest Software, Inc. (NASDAQ:QSFT) was downgraded at Pacific Crest to Sector Perform from Outperform based on poor visibility and option concerns.
- Finally, Citigroup said shares of Cox Radio (NYSE:CXR) and Cumulus Media, Inc. (NASDAQ:CMLS) have rallied on LBO speculation that is unlikely to prove out in the near-to-intermediate term and that 2007 growth expectations could prove to be optimistic; Citigroup downgraded both companies to Sell from Hold.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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