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Analyst downgrades: Nova Chemical, Tomkins Plc, OfficeMax

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MOST NOTEWORTHY: Nova Chemical, Tomkins Plc and Office Max were today's noteworthy downgrades:

  • Citigroup downgraded shares of Nova Chemical (NYSE: NCX) to Sell from Hold as they believe the ethylene cycle is trending downward due to economic uncertainty. Citigroup lowered their target to $21 and $25 and added the stock to the Top Picks Live List as a Sell.
  • Goldman cut Tomkins Plc (NYSE: TKS) to Sell from Neutral as they believe the slowing economy could impact sales.
  • Piper downgraded shares of OfficeMax (NYSE: OMX) to Neutral from Buy following the negative pre-announcement by competitor Office Depot (NYSE: ODP) on concerns of deteriorating industry fundamentals. Piper lowered their target on OfficeMax to $11 from $22.

OTHER DOWNGRADES:

Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 11, 2009: 11:40 PM

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