MOST NOTEWORTHY: Tronox, Willis Group and Synovus FInancial were today's noteworthy downgrades:
- Lehman downgraded Tronox (NYSE: TRX) to Underweight from Equal Weight citing increased costs in freight, process, and energy costs, and end market weakness.
- Citigroup downgraded shares of Willis Group (NYSE: WSH) to Hold from Buy as they believe the acquisition of Hilb, Rogal and Hobbs (NYSE: HRH) will limit margins and stock upside through 2009. Citigroup lowered their target price to $36 from $40.
- Morgan Keegan downgraded Synovus Financial (NYSE: SNV) to Market Perform from Outperfrom citing concerns related to potential losses to the construction and development portfolio and a likely dividend cut.
OTHER DOWNGRADES:
- Tween Brands (NASDAQ: TWB) and Gymboree (NASDAQ: GYMB) were downgraded to Market Perform from Outperform at Friedman Billings.
- Jefferies cut Asset Acceptance (NASDAQ: AACC) to Underperform from Hold.
- Merill downgraded Orient-Express (NYSE: OEH) to Underperform from Neutral.
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