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MOST NOTEWORTHY: World Wrestling, Novo Nordisk and Nestle were today's noteworthy downgrades:
- B. Riley downgraded shares of World Wrestling Entertainment (NYSE: WWE) to Neutral from Buy on valuation with the stock only 1% below their target price. However, B. Riley admits shares may move higher during the next 30-35 days, due to the upcoming WrestleMania event in Orlando, FL.
- Novo Nordisk (NYSE: NVO) was downgraded to Neutral from Buy at Merrill on valuation and a lack of near-term catalysts; shares were also lowered to Peer Perform from Outperform at Bear Stearns.
- ING lowered Nestle (OTC: NSRGY) to Hold from Buy as they expect organic growth to slow in 2008.
OTHER DOWNGRADES:
- Banc of America downgraded Paychex (NASDAQ: PAYX) to Neutral from Buy.
- HSBC downgraded Repsol SA (NYSE: REP) to Neutral from Overweight.
- Del Monte Foods (NYSE: DLM) was downgraded to Market Perform from Outperform at Wachovia.
