Analyst downgrades 4-09-07: Hess Corp & American Home Mortgage downgraded today

MOST NOTEWORTHY: Hess Corp (HES), American Home Mortgage Investment Corp (AHM) and Anglo American plc (AAUK) were today's noteworthy downgrades.

Lehman Brothers downgraded Hess Corp (NYSE: HES) to Underweight from Equal-Weight based on valuation.
American Home Mortgage Investment Corp (NYSE: AHM) was cut to Underperform from Market Perform at Keefe Bruyette, to Market Perform from Outperform at Friedman Billings, to Equal-Weight from Overweight at Lehman Brothers, to Sell from Hold at Citigroup and to Hold from Buy at Deutsche Bank.
Anglo American plc (NASDAQ: AAUK) was downgraded to Underperform from Market Perform at BMO Capital Markets based on valuation.

OTHER DOWNGRADES:

Murphy Oil Corp (NYSE: MUR) was cut to Equal-Weight from Overweight at Lehman.
Credit Suisse downgraded Alaska Air Group, Inc (NYSE: ALK) to Neutral from Outperform.
Gabelli downgraded shares of A. Schulman, Inc (NASDAQ: SHLM) to Hold from Buy to reflect the company's weak second-quarter.
Raymond James downgraded Avnet, Inc (NYSE: AVT) to Market Perform from Outperform.
Blyth, Inc (NYSE: BTH) was cut to Sell from Hold on valuation.

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

Tags: aauk, ahm, alaska air, AlaskaAir, alk, american home mortgage, AmericanHomeMortgage, analyst, anglo american, AngloAmerican, avnet, avt, blyth, bth, downgrade, hes, hess, mur, murphy, rating, schluman, shlm, theflyonthewall.com

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