Analyst downgrades: Oil and gas explorers, GSIC and GZPFY
Posted Dec 14th 2007 10:47AM by Eric Buscemi
Filed under: Analyst Upgrades and Downgrades
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MOST NOTEWORTHY: Oil and gas explorers and producers, GSI Commerce and Gazprom Neft were today's noteworthy downgrades:
- Credit Suisse downgraded Devon Energy (NYSE:DVN) and Forest Oil (NYSE:FST) to Neutral from Outperform following a reduction in the firm's 2008 natural gas outlook.
- Jefferies downgraded shares of GSI Commerce (NASDAQ:GSIC) to Hold from Buy as they have become more cautious on margins given the company's increasingly heavy online discounting through this holiday season.
- Gazprom Neft (OTC:GZPFY) was downgraded to Sell from Hold at Deutsche Bank on valuation, as they believe the recent rally is not supported by fundamentals.
OTHER DOWNGRADES:
Tags: DVN, FST, Gazprom, GSIC, GZPFY, MI, MTD, MUR
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