MOST NOTEWORTHY: Nokia (NOK) and Pfizer (PFE) topped today's list of downgrades.
- Prudential downgraded Nokia Corporation (NYSE:NOK) to Neutral from Overweight to reflect what they believe will be a slowing of the handset market in 2007, as well as the company's pending legal battle with Qualcomm (NASDAQ:QCOM).
- Following the unexpected halt of Torcetrapib, Pfizer Inc. (NYSE:PFE) was downgraded by a multitude of companies: At Lehman, to Underweight from Overweight; at JP Morgan, to Neural from Overweight; at Merrill Lynch, to Neutral from Buy; and at Morgan Stanley, to Equal Weight from Overweight.
OTHER DOWNGRADES:
- Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) was downgraded to Neutral from Overweight at Prudential following the failure of their Phase III melanoma trial.
- Alcatel-Lucent (NYSE:ALU) was downgraded to Sector Perform from Outperform at RBC Capital Markets; the firm expects limited near-term revenue momentum from integration risks and internal/external uncertainties.
- ThinkEquity downgraded Novellus Systems Inc. (NASDAQ:NVLS) to Accumulate from Buy, as they believe Novellus is no longer deeply undervalued and only expects a gradual margin expansion from here.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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Reader Comments (Page 1 of 1)
12-04-2006 @ 6:50PM
robert said...
Those of us who are true long-term investors laugh about the downgrade of NOKIA, since it is a great company, which has been around for many many years, and it will know great times again. Just be patient.