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MOST NOTEWORTHY: FBR Capital Markets, Altus Pharmaceuticals and Energias de Portugal were today's noteworthy downgrades:
- Jefferies downgraded shares of FBR Capital Markets (NASDAQ: FBCM) to Hold from Buy and lowered their target to $9 from $14 as they believe the company's investment banking activity will continue to be limited due to the current market conditions for capital raising.
- Wachovia downgraded shares of Altus Pharmaceuticals (NASDAQ: ALTU) to Market Perform from Outperform following Genentech's (NYSE: DNA) return of all North American marketing rights to ALTU-238.
- Energias de Portugal (OTC: EDPFY) was lowered to Hold from Buy at Citigroup, as they see no valuation catalysts in the near-term.
OTHER DOWNGRADES:
- JP Morgan removed Teekay LNG (NYSE: TGP) from its Focus List.
- Goldman downgraded ORIX Corp. (NYSE: IX) to Neutral from Buy.
- Friedman Billings downgraded VeraSun Energy (NYSE: VSE) to Market Perform from Outperform.
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