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Analyst downgrades 4-11-07: CKFR KR, NTDOY and SHFL downgraded today

MOST NOTEWORTHY: United Rentals, Inc (URI), Nintendo Co (NTDOY), Shuffle Master, Inc (SHFL), CheckFree Corp (CKFR) and The Kroger Co (KR) were some of today's noteworthy downgrades:
  • JP Morgan cut United Rentals Inc (NYSE: URI) to Underweight from Neutral believing the company's strategic alternatives and valuation upside are limited given slowing end markets and lack of sources to unlock value.
  • Prudential downgraded Shuffle Master Inc (NASDAQ: SHFL) to Neutral from Outperform following a field trip to Macau, as they are incrementally more negative given competition in electronic table games and continued market share erosion in slots.
  • JMP Securities cut CheckFree Corp (NASDAQ: CKFR) to Market Outperform from Strong buy and has a greater degree of certainty that Bank of America (BAC) is planning on moving its payment warehouse portion of online bill pay in-house over an unspecified period. The firm believes earnings can be impacted by 25c-30c annually.
  • HSBC downgraded shares of The Kroger Co (NYSE: KR) to Neutral from Overweight.
OTHER DOWNGRADES:
  • Cowen downgraded Salesforce.com, Inc (NYSE: CRM) to Neutral from Outperform and removed the company from its Focus List citing reduced visibility, lack of near-term catalysts and potential increased competition from Oracle Corp (ORCL) and Microsoft (MSFT).
  • JMP Securities downgraded Dendreon Corp (NASDAQ: DNDN) to Market Outperform from Strong Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: October 07, 2008: 03:01 PM

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