Analyst downgrades 4-10-07: NSM, STX, NKE, MSFT downgraded today

Posted Apr 10th 2007 11:16AM by Kevin Shult
Filed under: Analyst Upgrades and Downgrades, Bad News, Microsoft (MSFT), News Corp'B' (NWS)

MOST NOTEWORTHY: National Semiconductor Corp (NSM), Seagate Technology (STX), Adolor Corp (ADLR), Conexant Systems, Inc (CNXT) and Blyth, Inc (BTH) were today's noteworthy downgrades:

Matrix downgraded National Semiconductor (NYSE: NSM) to Buy from Strong Buy because inventory oversupply conditions have dissipated more rapidly than expected. Matrix believes National Semi will see price stability and orders increase as excess products continue to move through the supply chain.
Needham cut Seagate Technology (NYSE: STX) to Buy from Strong Buy following the company's lowered guidance as the firm believes margin improvement has been "temporarily derailed"; however, the firm believes valuation limits downside at current levels.
Adolor Corp (NASDAQ: ADLR) was downgraded to Market Perform from Outperform at Friedman Billings, to Neutral from Outperform at Cowen, to Neutral from Buy at First Albany, to Sell from Hold at Citigroup and to Hold from Buy at both American Technology and W.R. Hambrecht, after reporting additional safety issues related to Entereg.
Elsewhere, Roth Capital downgraded shares of Conexant Systems Inc (NASDAQ: CNXT) following lowered Q2 guidance and cited weakness in end markets and lack of near-term catalysts.
Stanford cut Blyth, Inc (NYSE: BTH) to Sell from Hold on valuation.

OTHER DOWNGRADES:

Matrix cut Nike, Inc (NYSE: NKE) to Hold from Buy.
Goldman took Microsoft Corp (NASDAQ: MSFT) off its Conviction Buy List.
JP Morgan took CSX Corp (NYSE: CSX) down to Neutral from Overweight based on valuation.
Prudental downgraded Groupe Danone (NYSE: DA) to Neutral from Overweight.
ASML Holding NV (NASDAQ: ASML) was downgraded to Market Weight from Overweight.