Analyst downgrades: CSCO, VM and RL

MOST NOTEWORTHY: Cisco Systems, Virgin Mobile and Polo Ralph Lauren were today's noteworthy downgrades:

JP Morgan downgraded shares of Cisco Systems Inc (NASDAQ: CSCO) to Neutral from Overweight following its Q2 results, as they believe the company's international exposure is not enough to offset slowing in North America and Europe. Shares were also downgraded to Neutral from Outperform at Baird, citing the meaningful slowdown in fundamentals.
Lehman downgraded Virgin Mobile USA Inc (NYSE: VM) to Equal Weight from Overweight based on reduced visibility following its Q4 report.
Polo Ralph Lauren Corporation (NYSE: RL) was lowered to Hold from Buy at Citigroup, as they believe the company is facing fundamental challenges in key markets and a lack of visibility on the Japanese market. They see more upsideelsewhere.

OTHER DOWNGRADES:

Bear Stearns downgraded BT Group Plc (NYSE: BT) to Peer Perform from Outperform.
Think Equity lowered Napster Inc (NASDAQ: NAPS) to Accumulate from Buy.
UBS downgraded Elbit Systems Ltd (NASDAQ: ESLT) to Neutral from Buy.

Tags: BT, BT Group, BtGroup, Cisco, Cisco Systems, CiscoSystems, CSCO, downgrades, Elbit Systems, ElbitSystems, ESLT, inthenews, NAPS, Napster, Polo Ralph Lauren, PoloRalphLauren, RL, Virgin Mobile, VirginMobile, VM