Analyst downgrades: TD, CYT, CRNT, MU and NVT
Posted Oct 3rd 2007 11:00AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Johnson Controls (JCI)
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MOST NOTEWORTHY: Toronto Dominion, Cytec Industries, Ceragon Networks, Micron and Navteq were today's noteworthy downgrades:
- CIBC downgraded shares of Toronto Dominion (NYSE: TD) to Sector Performer from Outperformer following the Commerce Bancorp (NYSE: CBH) acquisition, as they see integration risks and believes the deal will limit the company's ability to buyback stock.
- Cytec Industries (NYSE: CYT) was downgraded to Hold from Buy at Jefferies, as they believe near-term risks to demand and margins could bring a better entry point by 1H08. Target lowered to $75 from $79.
- Collins Stewart downgraded shares of Ceragon Networks (NASDAQ: CRNT) to Underperform from Buy on valuation and uncertainties surrounding the stock, which include the NEC infringement issue and increased competition.
- Micron Technology (NYSE: MU) was downgraded to Accumulate from Buy at ThinkEquity. The firm is cautious on the sustainability of PC related demand and questions component order levels relative to PC sell through.
- Banc of America downgraded shares of Navteq Corporation (NYSE: NVT) to Neutral from Buy following Nokia's (NOK) proposed buyout.
OTHER DOWNGRADES:
Tags: analyst, bam, brookfield asset management, BrookfieldAssetManagement, cbh, ceragon, commerce, crnt, cyt, cytec, downgrade, gamestop, gme, jci, johnson controla, JohnsonControla, micron, mu, navteq, nvt, rio, td, toronto dominion, TorontoDominion
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