Analyst downgrades: TRID, CMCSA, LVLT, ABK and MBI

MOST NOTEWORTHY: Trident Microsystems, Comcast, Level 3 Communications, Ambac Financial and MBIA Inc were today's noteworthy downgrades:

Jefferies downgraded shares of Trident Microsystems Inc (NASDAQ: TRID) to Hold from Buy and lowered their target to $9 from $20 following the company's mixed quarter as they expect TRID to lose share in the TV market and face increasing price pressure. Shares were also downgraded to Hold from Buy at Deutsche Bank. Oppenheimer lowered Trident to Neutral from Buy, citing disappointing December guidance, delay in TV ramp, and expectations that 2008 will be a peak year for TV chip ramp revenues.
CIBC downgraded shares of Comcast Corporation (NASDAQ: CMCSA) to Sector Performer from Outperformer following the weak Q3 results to reflect increasing competition in telco video, slower broadband growth and the weakening economy.
JP Morgan downgraded Level 3 Communications Inc (NASDAQ: LVLT) to Neutral from Outperform following disappointing Q3 results and guidance.
Friedman Billings downgraded shares of Ambac Financial Group Inc (NYSE: ABK) and MBIA Inc (NYSE: MBI) to Market Perform from Outperform citing lack of near-term catalysts and uncertainty surrounding the credit markets.

OTHER DOWNGRADES:

Banc of America lowered its rating on Eli Lilly and Company (NYSE: LLY) to Neutral from Buy.
WestLB downgraded GlaxoSmithKline PLC (NYSE: GSK) to Sell from Add.
Societe Generale downgraded France Telecom (NYSE: FTE) to Hold from Buy.
Franklin Resources Inc (NYSE: BEN) was downgraded to Market Perform from Outperform at Friedman Billings and at Keefe Bruyette.