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MOST NOTEWORTHY: Credit Suisse, Bank of America and Bear Stearns were today's noteworthy downgrades:
- UBS downgraded Credit Suisse (NYSE: CS) to Neutral from Buy to reflect the company's higher-than-expected write-downs in Q1.
- Merrill cut Bank of America (NYSE: BAC) to Sell from Neutral and lowered their estimates to reflect a higher credit loss outlook as they now estimate Bank of America's loan provision will rise to $15B in 2008 from $8.4B in 2007.
- Sandler O'Neil downgraded Bear Stearns (NYSE: BSC) to Sell from Hold citing share premium to deal value of $10.00.
OTHER DOWNGRADES:
- Citigroup lowered Gap (NYSE: GPS) to Hold from Buy.
- Tiffany & Co (NYSE: TIF) was downgraded to Perform from Outperform at Oppenheimer.
- JP Morgan downgraded Philips Electronics (NYSE: PHG) to Neutral from Overweight.
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