Analyst downgrades: International Paper, Dynavax Tech, Telecom Italia

MOST NOTEWORTHY: International Paper, Dynavax Tech and Telecom Italia were today's noteworthy downgrades:

JP Morgan downgraded International Paper (NYSE: IP) to Neutral from Overweight and said its purchase of Weyerhaeuser's (NYSE: WY) containerboard business will shift the company's focus back to North America and result in a less attractive product mix given increased OCC exposure.
Merriman downgraded shares of Dynavax Tech (NASDAQ: DVAX) to Neutral from Buy after the company's hepatitis B vaccine was placed on clinical hold.
Merrill cut Telecom Italia (NYSE: TI) to Neutral from buy as they expect stronger competition and regulatory measures to cut prices.

OTHER DOWNGRADES:

Bear Stearns (NYSE: BSC) was downgraded to Neutral from Accumulate at Buckingham.
ViewPoint Financial (NASDAQ: VPFG) was lowered to Market Perform from Outperform at Keefe Bruyette.
Bear downgraded Siemens (NYSE: SI) to Peer Perform from Outperform.

Tags: analyst, bear stearns, BearStearns, bsc, downgrade, dvax, dynavax, international paper, InternationalPaper, ip, si, siemens, telecom italia, TelecomItalia, ti, viewpoint, vpfg, weyerhauser, wy