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MOST NOTEWORTHY: Garmin, Express Scripts and ArQule were today's noteworthy downgrades:
- Deutsche Bank downgraded shares of Garmin Ltd. (NASDAQ: GRMN) to Hold from Buy and lowered their target to $90 from $125 after channel checks at CES raised concerns about competitive pressure in the U.S. and pricing. Deutsche sees increasing uncertainty for 2008.
- Express Scripts (NASDAQ: ESRX) was lowered to Market Perform from Outperform based on valuation and risk to 2008 guidance.
- Banc of America downgraded shares of ArQule (NASDAQ: ARQL) to Neutral from Buy following the departure of CEO Dr. Stephen Hill, to reflect greater execution risk and uncertainty.
OTHER DOWNGRADES:
- Keefe Bruyette downgraded IberiaBank (NASDAQ: IBKC) to Underperform from Market Perform.
- JMP Securities lowered Red Lion Hotels (NYSE: RLH) to Market Outperform from Strong Buy.
- Bear Stearns downgraded Family Dollar (NYSE: FDO) to Underperform from Peer Perform.
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