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Analyst downgrades: HSY, COGN, RMD and ARTE

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MOST NOTEWORTHY: Hershey Foods, Cognos, Resmed and Artes Medical were today's noteworthy downgrades:
  • Hershey (NYSE: HSY) was downgraded to Underperform from Peer Perform at Bear Stearns. Bear believes the new CEO will be under intense pressure to improve operating performance, which will likely lead to higher R&D and marketing spending.
  • Cognos (NASDAQ: COGN) was downgraded to Equal Weight from Overweight at Morgan Stanley following the acquisition by IBM (NYSE: IBM).
  • ABN Amro lowered its rating on Resmed (NYSE: RMD) to Hold from Buy on valuation following the recent rally.
  • Cowen downgraded Artes Medical (NASDAQ: ARTE) to Neutral from Buy following the company's disappointing Q3 report.
OTHER DOWNGRADES:
Symbol Lookup
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DJIA+17.4610,023.42
NASDAQ+7.122,112.44
S&P 500+2.671,069.30

Last updated: November 08, 2009: 07:30 PM

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