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MOST NOTEWORTHY: Barclays, Grant Prideco and Force Protection were today's noteworthy downgrades:
- Goldman downgraded shares of Barclays PLC (NYSE: BCS) to Sell from Neutral and added the stock to their Conviction Sell List citing credit concerns. They believe negative headlines on writedowns will continue to weigh on shares.
- Banc of America downgraded shares of Grant Prideco (NYSE: GRP) due to its acquisition by National Oilwell Varco (NYSE: NOV).
- Collins Stewart downgraded shares of Force Protection (NASDAQ: FRPT) to Underperform from Buy after the company did not receive MRAP vehicles ordered last night. They believe shares are likely to trade at book value of $3.58 or lower in the short term and set a target price of $2.90.
OTHER DOWNGRADES:
- Keefe Bruyette removed Navigators Group (NASDAQ: NAVG) from its Best Ideas List.
- Morgan Stanley downgraded Petro-Canada (NYSE: PCZ) to Underweight from Equal Weight.
- Jefferies downgraded Exelon (NYSE: EXC) to Hold from Buy.
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