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MOST NOTEWORTHY: Air Products, Eaton and Pharmaceutical Product Development were today's noteworthy downgrades:
- Jefferies downgraded shares of Air Products (NYSE: APD) to Hold from Buy and lowered their target to $105 from $112 as they believe investors should wait for a better entry point given the company's more cyclical growth portfolio. They see downside risks to its electronics, chemicals and equipment businesses.
- Eaton Corp. (NYSE: ETN) was downgraded to Neutral from Buy at Goldman due to its high exposure to the U.S. economy.
- Baird downgraded Pharmaceutical Product Development (NASDAQ: PPDI) to Neutral from Outperform as its 2008 development guidance appears full and margins look full.
OTHER DOWNGRADES:
- Goldman downgraded the U.S. non-life insurance sector to Neutral from Attractive and removed Synchronoss (NASDAQ: SNCR) from its Conviction Buy List.
- ING downgraded Fortis (OTC: FORSY) to Hold from Buy.
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