Analyst downgrades: S, TSO, VRSN, HCP and RECN

Posted Sep 26th 2007 11:10AM by Eric Buscemi

MOST NOTEWORTHY: Sprint Nextel, Tesoro, VeriSign, Healthcare Property and Resources Connection were today's noteworthy downgrades:

Goldman downgraded shares of Sprint Nextel Corporation (NYSE: S) to Neutral from Buy to reflect continuing turnaround delays, macro headwinds and competition.
Tesoro Corporation (NYSE: TSO) was downgraded to Neutral from Outperform at Credit Suisse, citing increased concerns regarding West Coast margins.
The firm also lowered VeriSign Inc (NASDAQ: VRSN) to Neutral from Outperform, as they believe the company's reorganization could require more time than investors anticipate.
Friedman Billings downgraded Healthcare Property (NYSE: HCP) to Market Perform from Outperform on valuation. Shares were also downgraded to Neutral from Buy at UBS.
Resources Connection (NASDAQ: RECN) was downgraded to Hold from Buy at Stifel, to Market Perform from Outperform at JMP Securities and to Peer Perform from Outperform at Bear following its Q1 report.

OTHER DOWNGRADES:

Walgreen (NYSE: WAG) was downgraded to Neutral from Overweight at JMP Securities.
JP Morgan downgraded Staples Inc (NASDAQ: SPLS) to Underweight from Neutral.
UBS downgraded Under Armour Inc (NYSE: UA) to Neutral from Buy.
Bear downgraded CNOOC Ltd (NYSE: CEO) to Underperform from Peer Perform.