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Analyst downgrades: NYT, FNLY and AXA

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MOST NOTEWORTHY: New York Times, Finlay Enterprises and AXA were today's noteworthy downgrades:

  • Banc of America downgraded shares of New York Times Co. (NYSE: NYT) to Sell from Neutral and lowered their target to $14 from $21, as they believe the luxury categories, which represent 28% of NYT's national ad revenue, are not recession proof and that the company is also vulnerable to a cyclical contraction in the financial services sector.
  • B. Riley lowered its rating on Finlay Enterprises (NASDAQ: FNLY) to Sell from Neutral to reflect the weak consumer environment, higher gold prices, and lower sales expectations for Bailey.
  • Goldman downgraded shares of AXA (NYSE: AXA) to Sell from Buy and added AXA to their Conviction Sell List on valuation and the company's exposure to the equity markets.

OTHER DOWNGRADES:

Symbol Lookup
IndexesChangePrice
DJIA-223.328,280.74
NASDAQ-49.201,796.52
S&P 500-26.91896.42

Last updated: July 04, 2009: 02:46 PM

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