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MOST NOTEWORTHY: The Telecom Services sector, Watsco and Key Corp were today's noteworthy downgrades:
- Credit Suisse downgraded the Telecom Services sector to Market Weight from Overweight as they believe trends could weaken in 2008 given increasing wireless competition and the difficult economic environment. The broker downgraded Verizon (NYSE: VZ) and AT&T Corp. (NYSE: T) to Neutral from Outperform in conjunction with the sector downgrade.
- Oppenheimer downgraded Watsco (NYSE: WSO) to Perform from Outperform citing lack of near-term catalysts, further weakening in its core business, and weak 2008 earnings guidance.
- RBC Capital lowered Key Corp. (NYSE: KEY) to Underperform from Sector Perform citing further credit deterioration following the company's outlook.
OTHER DOWNGRADES:
- Thomas Weisel lowered Coach (NYSE: COH) to to Market Weight from Overweight.
- Citigroup downgraded PPG Industries (NYSE: PPG) to Hold from Buy.
- BNP Paribas downgraded the China Telecom sector to Neutral from Overweight.
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