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MOST NOTEWORTHY: Varian, Chipotle Mexican Grill and McDonald's were today's noteworthy downgrades:
- Thomas Weisel downgraded shares of Varian (NASDAQ:VARI) to Market Weight from Overweight following the company's Q3 results to reflect manufacturing relocation issues and the slowdown in organic growth. The firm lowered their target to $47 from $70.
- Jefferies cut Chipotle Mexican Grill (NYSE:CMG) to Hold from Buy following the company's in-line Q2 results, as they believe consumer headwinds and commodity inflation are likely to pressure EPS in coming quarters. The firm lowered their target to $80 from $100.
- Deutsche Bank downgraded McDonald's (NYSE:MCD) to Hold from Buy as they believe higher beef costs and slower traffic could drive reduced profitability and limit upside. The firm reduced their target to $63 from $67.
OTHER DOWNGRADES:
- AT&T (NYSE:T) was lowered to Neutral from Overweight at JP Morgan.
- Baird cut Citrix Systems (NASDAQ:CTXS) to Neutral from Outperform.
- Raymond James (NYSE:RJF) was lowered to Market Perform from Outperform at Wachovia.
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