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MOST NOTEWORTHY: Veraz , Cisco Systems and tw telecom were today's noteworthy downgrades:
- Jefferies downgraded shares of Veraz (NASDAQ: VRAZ) to Underperform from Hold after the company pre-announced a Q2 miss, as they are concerned about the company's ability to execute a turnaround. Jefferies lowered their target to 85c from $2.50.
- Credit Suisse cut Cisco Systems (NASDAQ: CSCO) to Neutral from Outperform as they believe carriers may reduce spending given the slowing economic growth. Credit Suisse lowered their target price to $24 from $31.
- JP Morgan downgraded tw telecom (NASDAQ: TWTC) to Underweight from Overweight on concerns enterprise trends will continue to deteriorate.
OTHER DOWNGRADES:
- Eaton (NYSE: ETN) and Altra Holdings (NASDAQ: AIMC) were lowered to Neutral from Buy at Merrill Lynch.
- ASML Holdings (NASDAQ: ASML) was downgraded to Reduce from Hold at Petercam.
- Informatica (NASDAQ: INFA) was cut at Piper to Neutral from Buy.
- Lev Pharmaceutials (OTC: LEVP) was downgraded to Hold from Buy at Jefferies.
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