Analyst downgrades 2-16-07: Take-Two, Expedia, Denny's all downgraded today

MOST NOTEWORTHY: Career Education Corp (CECO) and Expedia Inc (EXPE) were today's most notable downgrades:

Prudential downgraded Career Education Corp (NASDAQ: CECO) to Underweight from Neutral with a $20 target based fourth quarter results and guidance.

Expedia inc (NASDAQ: EXPE) was downgraded to Sector Performer from Sector Outperformer based on a deteriorating outlook and valuation following the weak fourth quarter.

OTHER DOWNGRADES:

Denny's Corp (NASDAQ: DENN) was reduced to Neutral from Buy at Merriman, citing weak traffic trends and the net unit growth delay into 2008.
UBS downgraded Applebee's Int'l Inc (NASDAQ: APPB) to Neutral from Buy as they believe sales and traffic declines are likely to continue until easier comps in the second quarter.
BB&T downgraded California Pizza Kitchen Inc (NASDAQ: CPKI) to Hold from Buy on valuation and concerns about earnings visibility.

Constellation Brands Inc (NYSE: STZ) was cut to Neutral from Buy at Goldman Sachs on concerns around upcoming guidance and their belief that a recovery in the U.K. and Australia is at least a year away.

Goldman downgraded WellCare Health Plans Inc (NYSE: WCG) to Sell from Neutral.

Citigroup downgraded Petrobras Energia Participaciones ADS (NYSE: PZE) and Consolidated Communications Holdings Inc (NASDAQ: CNSL) to Sell from Hold.

WedBush downgraded Take-Two Interactive Software (NASDAQ: TTWO) to Sell from Hold with a $15 target to reflect less optimism about the company's sport franchise and risk from the NY AG investigation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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