Analyst downgrades 9-10-07: PALM, QCOM, ESV, NE and RDC

MOST NOTEWORTHY: Palm, Qualcomm, ENSCO, Nobel Corp and Rowan Cos were today's noteworthy downgrades:

Lehman downgraded Palm Inc (NASDAQ: PALM) to Underweight from Equal Weight as they believe weak Treo sales at AT&T Inc (NYSE: T) will cause the company to meet the low end of expectations in Q1.
Qualcomm Inc (NASDAQ: QCOM) was downgraded to Neutral from Buy at American Technology. The firm removed the stock from their Focus List after Motorola Inc (NYSE: MOT) disclosed plans to remove Qualcomm in its 3G roadmap.
Jefferies downgraded ENSCO International Inc (NYSE: ESV), Nobel Drilling Corp (NYSE: NE) and Rowan Companies (NYSE: RDC) to Hold from Buy to reflect concerns about international jack-up rates. They believe dayrates are already showing signs of modest softness in international markets due to increased supply of marketable jack-ups.

OTHER DOWNGRADES:

Friedman Billings downgraded shares of Zions Bancorporation (NASDAQ: ZION) to Market Perform from Outperform.
Stephens downgraded Omniture Inc (NASDAQ: OMTR) to Equal Weight from Overweight.
Seagate Technology (NYSE: STX) was downgraded to Sell from Hold at Matrix.
Goldman Sachs downgraded CB Richard Ellis Group (NYSE: CBG) and Health Care Property (NYSE: HCP) to Neutral from Buy and Weingarten Realty (NYSE: WRI) to Sell from Neutral.