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MOST NOTEWORTHY: UBS AG, Coventry Health, Express Scripts and Medco Health were today's noteworthy downgrades:
- Credit Suisse downgraded shares of UBS (NYSE:UBS) to Neutral from Outperform as they believe UBS will have difficulty rebuilding the franchise and do not expect a quick recovery for its private bank unit.
- Wachovia downgraded Coventry Health (NYSE:CVH) to Market Perform from Outperform citing concerns regarding visibility around higher than expected inpatient/outpatient costs following reduced 2008 guidance.
- UBS downgraded Express Scripts (NASDAQ:ESRX) and Medco Health to Neutral from Buy citing the Pfizer (NYSE:PFE)/Ranbaxy settlement, which reduces the likelihood of a generic Lipitor launch in 2010.
OTHER DOWNGRADES:
- Goldman downgraded ENI SpA (NYSE:E) to Neutral from Buy and removed the stock from the Pan-Europe Conviction Buy List.
- Huntsman (NYSE:HUN) was downgraded to Underperform from hold at Jefferies.
- Commercial Metals (NYSE:CMC) was cut at Citigroup to Hold from Buy.
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