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MOST NOTEWORTHY: First Solar, Pride International and EnerSys were today's noteworthy downgrades:
- Friedman Billings downgraded First Solar (NASDAQ: FSLR) to Underperform from Market Perform citing margin risk concerns, as the company aggressively pursues utility-scale projects in the US. The firm said risks are not reflected in share valuation near $300 and could be a source of disappointment but could also lead to downside EPS risk.
- Wachovia said Pride International (NYSE: PDE) has the least potential EPS upside vs. peers given the company has contracted the highest percentage of its floater days into 2012E. Additionally, the firm views a takeout by Seadrill as unlikely. Shares were cut to Underperform from Market Perform.
- Merriman downgraded shares of EnerSys (NYSE: ENS) to Neutral from Buy as they believe the strong Q4 results were driven by a one-time benefit from lead procurement mechanics and that data does not support the company's sustained margin expansion story.
OTHER DOWNGRADES:
Nuclear power is on the comeback trail
Apple backs AT&T in continuing spat with Verizon
Closing Bell: The recession is still over, still... do you feel it?
