Analyst downgrades: CTXS, ACAD and TRGL

Posted Jun 17th 2008 11:57AM by Eric Buscemi
Filed under: Analyst Upgrades and Downgrades

MOST NOTEWORTHY: Citrix Systems, Acadia Pharmaceuticals and Toreador Resources were today's noteworthy downgrades:

Friedman Billings downgraded Citrix Systems (NASDAQ: CTXS) to Market Perform from Outperform citing the departure of key executive John Burris, head of CTXS's sales and services organization. The firm lowered the target to $37 from $43.
Banc of America cut Acadia Pharmaceuticals (NASDAQ: ACAD) to Sell from Buy following news the company's Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint.
Jefferies downgraded shares of Toreador Resources (NASDAQ: TRGL) to Underperform from Hold as they believe the breakdown in negotiations to sell a portion of the company's Black Sea interests raises concerns over financing and development efforts.

OTHER DOWNGRADES:

Calgon Carbon (NYSE: CCC) was downgraded to Sell from Hold at Morgan Joseph.
Deutsche Bank downgraded W-H Energy Services (NYSE: WHQ) to Hold from Buy.
Cinemark (NYSE: CNK) and WPP Group (NASDAQ: WPPGY) were downgraded to Equal Weight from Overweight at Morgan Stanley.