Analyst downgrades 6-15-07: BBW, CAL, FCX, PGR and TAP
Posted Jun 15th 2007 11:10AM by Kevin Shult
Filed under: Before the Bell, Analyst Upgrades and Downgrades, Bad News, Contl Airlines'B' (CAL), Freep't McMoRan Copper (FCX), Progressive Corp,Ohio (PGR)
Continental Airlines, Inc (CAL), Molson Coors Brewing Co (TAP), Watsco, Inc (WSO), K-V Pharmaceutical Co (KV.A), Progressive Corp (PGR) and Color Kinetics (CLRK) were today's noteworthy downgrades:
- Goldman downgraded shares of Continental Airlines, Inc (NYSE: CAL) to Neutral from Buy on valuation, higher oil prices and a weak domestic market.
- Goldman also downgraded Molson Coors Brewing Co (NYSE: TAP) to Neutral from Buy based on the increase in analyst estimates, valuation and the potential for margin pressure in the summer.
- BB&T cut Watsco, Inc (NYSE: WSO) to Hold from Buy based on valuation and catalysts that are already reflected in the share price.
- Roth Capital downgraded shares of K-V Pharmaceutical Co (NYSE: KV.A) to Hold from Buy, telling clients they have learned that Par Pharmaceuticals Cos (PRX) has launched generics of 50, 100 and 200mg Toprol-XL. The firm expects a material impact to KV's 100 and 200mg strength generics.
- Stifel expects investor enthusiasm regarding Progressive's Corp (NYSE: PGR) recapitalization plan to fade as underwriting fundamentals deteriorate and cut shares to Sell from Hold.
OTHER DOWNGRADES:
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Tags: analyst, bbw, bear, build-a-bear, cal, clrk, color, continental, coors, downgrade, fcx, freeport, gg, goldcorp, k-v, lubrizol, lv.a, lz, mcmoran, molson, pgr, phoneix, pnx, progressive, rating, tap, theflyonthewall.com, watsco, wso
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