Analyst downgrades 6-05-07: OPWV, TRMP and LEND
Posted Jun 5th 2007 11:40AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades
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MOST NOTEWORTHY: Openwave Systems Inc (NASDAQ: OPWV), Trump Entertainment Resorts Inc (NASDAQ: TRMP) and Accredited Home Lenders Holding Co (NASDAQ: LEND) were today's noteworthy downgrades:
- Openwave Systems Inc (NASDAQ: OPWV) was downgraded to Underperform from Buy at Needham, as the firm no longer believes the company's assets and balance sheet are worth $11/share and expects the franchise to be again disrupted due to layoffs and asset sales. Openwave was also downgraded to Neutral from Overweight at JP Morgan, to Hold from Buy at Wedbush after no superior bid emerged to Harbinger's, and to Sector Underperformer from Outperformer at CIBC World Markets, which cited reduced prospects of a buyout.
- Trump Entertainment Resorts Inc (NASDAQ: TRMP) was downgraded to Underperform from Peer Perform at Bear Stearns citing valuation as upside from a takeout at current levels is remote.
OTHER DOWNGRADES:
- Bebe Stores Inc (NASDAQ: BEBE) was downgraded to Market Perform from Outperform at Friedman Billings citing new merchandise that lacks a significant casual component to drive business, tough comps, aggressively planned inventory levels for 2H, and the potential for sustained negative comps during the next few quarters.
- General Mills Inc (NYSE: GIS) was downgraded to Peer Perform from outperform at Bear Stearns on valuation and concerns with the turnaround plan for Big G cereal division.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Tags: Accredited Home Lenders, AccreditedHomeLenders, Aladdin, Aladdin Knowledge Systems, AladdinKnowledgeSystems, ALDN, Bear Stearns, BearStearns, BEBE, Bebe Stores, BebeStores, cereal, CIBC, downgrade, Friedman Billings, FriedmanBillings, General Mills, GeneralMills, GIS, JP Morgan, JpMorgan, Keefe Bruyette, KeefeBruyette, LEND, Lone Star, LoneStar, Needham, Openwave, Openwave Systems, OpenwaveSystems, OPWV, TRMP, Trump Entertainment, TrumpEntertainment, valuation, Wedbush
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