Analyst downgrades 12-22-06: Qualcomm to Underweight
Posted Dec 22nd 2006 11:23AM by Melly Alazraki
Filed under: Analyst upgrades and downgrades, Washington Mutual (WM), QUALCOMM Inc (QCOM)
MOST NOTEWORTHY: Casino Stocks and Qualcomm (QCOM) were the notable companies downgraded today:
- CIBC recommends that investors continue to own casino operators heading into 2007 based on their view that while many stocks are fully valued, drivers could persist into the first-half of 2007;
- the firm downgraded MGM Mirage (NYSE:MGM), Station Casinos Inc. (NYSE:STN) & Ameristar Casinos Inc (NASDAQ:ASCA) to Sector Performer from Sector Outperformer based on valuation and Wynn Resorts Ltd. (NASDAQ:WYNN) to Sector Underperformer from Sector Performer based on valuation and increased competition.
- JP Morgan downgraded shares of Qualcomm Inc. (NASDAQ:QCOM) to Underweight from Neutral, citing increased legal expenses that could impact margins.
OTHER DOWNGRADES:
- Keefe Bruyette downgraded shares of Washington Mutual Inc. (NYSE:WM) to Market Perform from Outperform, citing limited margin expansion due to the inverted yield curve.
- BB&T downgraded Bassett Furniture Industries Inc. (NASDAQ:BSET) to Hold from Buy, citing weak consumer demand for the move.
- Deutsche Bank downgraded CNOOC Ltd. (NYSE:CEO) to Hold from Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Tags: ameristar casinos, AmeristarCasinos, bassett furniture, BassettFurniture, casino operators, CasinoOperators, cnooc, mgm mirage, MgmMirage, qualcomm, station casinos, StationCasinos, washington mutual, WashingtonMutual, wynn resorts, WynnResorts
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