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MOST NOTEWORTHY: J Crew, Ryanair and Sigma Designs were today's noteworthy downgrades:
- Citigroup downgraded shares of J Crew (NYSE:JCG) to Sell from Hold following the company's lowered guidance as they expect slowing sales to push shares lower. The firm cut their target to $34 from $42. Wachovia downgraded J Crew to Market Perform from Outperform based on lower growth rate forecast, sourcing costs, and competitive pressures.
- Ryanair (NASDAQ:RYAAY) was cut to Neutral from Buy at UBS to reflect the rise in fuel costs and lower face prices.
- RBC Capital downgraded Sigma Designs (NASDAQ:SIGM) to Sector Perform from Outperform following the Q1 report and cited pricing pressure.
OTHER DOWNGRADES:
- Piper downgraded Costco (NASDAQ:COST) to Neutral from Buy.
- Ashland (NYSE:ASH) was cut at JP Morgan to Underweight from Neutral.
- Friedman Billings cut Southwestern Energy (NYSE:SWN) to Market Perform from Outperform and removed the stock from the Top Picks list.
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