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MOST NOTEWORTHY: Kellogg Co (K) and the Auto & Truck Supplier Sector were today's noteworthy downgrades: - JP Morgan downgraded Kellogg Co (NYSE: K) to Neutral from Outperform, citing reduced earnings growth.
- Baird downgraded the Auto & Truck Supplier Sector to Market Underweight citing valuation and lower estimates; the firm downgraded American Axle & Manufacturing Holdings Inc (NYSE: AXL), Autoliv Inc (NYSE: ALV) and Modine Manufacturing Co (NYSE: MOD) to Underperform from Neutral.
OTHER DOWNGRADES:
- JP Morgan downgraded Juniper Networks Inc (NASDAQ: JNPR) to Market Perform from Outperform with a $22 target, explaining that although Juniper's December quarter showed improved revenue results, earnings guidance was disappointing given investment plans for 2007.
- Sanders Morris downgraded Benihana Inc (NASDAQ: BNHNA) to Buy from Strong Buy with a $38 target, noting that they cannot find enough catalysts that would push shares another 20% in the next six months; however, the firm is still bullish on Benihana's short-term and long-term outlooks.
- Credit Suisse downgraded Office Depot Inc (NYSE: ODP) to Neutral from Outperform, with a $41 target and believes that expectations to be overly optimistic.
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