Analyst downgrades 7-12-07: AZO, DNDN, NOC and RT
Posted Jul 12th 2007 11:12AM by Kevin Shult
Filed under: Before the bell, Analyst reports, Analyst upgrades and downgrades, Bad news, AutoZone Inc (AZO)
MOST NOTEWORTHY: Dendreon Corp (DNDN), Cubic Corp (CUB), Endo Pharmaceuticals (ENDO), Northrop Grumman (NOC) and Royal Dutch Shell (RDS.A) were today's notable downgrades:
- JMP Securities downgraded shares of Dendreon Corp (NASDAQ: DNDN) to Market Underperform from Market Perform based on the company's uncertain product pipeline and the recent SEC filing that revealed that certain officers and directors are facing potential shareholder lawsuits regarding trading activities.
- Friedman Billings cut Cubic Corp (AMEX: CUB) to Underperform from Market Perform on valuation.
- RBC Capital downgraded Endo Pharmaceuticals (OTCBB: ENDP) to Sector Perform from Outperform following the company's withdrawal of guidance pertaining to its NDA for the Ketoprofen patch.
- Northrop Grumman (NYSE: NOC) was cut to Neutral from Overweight at JP Morgan on valuation. UBS cut Royal Dutch Shell to Neutral from Buy on valuation...
OTHER DOWNGRADES:
- Robinson Humphries downgraded Ruby Tuesday (NYSE: RT) to Neutral from Buy.
- Montgomery downgraded shares of Taleo Corp (NASDAQ: TLEO) to Hold from Buy.
- Credit Suisse downgraded AutoZone (NYSE: AZO) to Neutral from Outperform.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Tags: analyst, autozone, azo, cub, cubic, dendreon, downgrade, endo, endp, noc, northrop, rating, rt, ruby, taleo, theflyonthewall.com, tleo
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