Analyst downgrades 6-22-07: ANF, BGFV, COGN, TLB and SBUX

MOST NOTEWORTHY: Select theater stocks, Equity Inns (ENN), Talbots (TLB) and Starbucks (SBUX) filled today's noteworthy downgrade segment:

• Banc of America said summer blockbusters have fallen off faster than they expected and there are fewer mid-tier films to support growth:

• The firm downgraded Carmike Cinemas (NASDAQ: CKEC), Cinemark Holdings (NYSE: CNK) and Regal Entertainment Group (NYSE: RGC) to Neutral from Buy.

• Equity Inns (NYSE: ENN) was cut to Sell from Hold at AG Edwards after the Whitehall acquisition. JMP Securities and Friedman Billings cut shares to Market Perform from Outperform and KeyBanc downgraded Equity Inns to Hold from Buy.

• Matrix USA downgraded Talbots (NYSE: TLB) to Sell from Hold based on the eroding return of capital because of the company using capital to acquire and open new stores. Friedman Billings downgraded shares of

• Starbucks (NASDAQ: SBUX) to Market Perform from Outperform and removed the company from their FBR Top Picks list on expectations that 2H07 same-store sales will no longer improve, removing a catalyst...

OTHER DOWNGRADES:

• Fairchild Semiconductor (NYSE: FCS) was cut to Market Perform from Outperform at Piper.

• Abercrombie & Fitch (NYSE: ANF) was downgraded to Equal Weight from Overweight at Lehman.

• UBS downgraded Big 5 Sporting Goods Corp (NASDAQ: BGFV) to Neutral from Buy.

• Banc of America downgraded Cognos (NASDAQ: COGN) to Neutral from Buy.

• Roth downgraded Fuel Tech Inc (NASDAQ: FTEK) to Hold from Buy.

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