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MOST NOTEWORTHY: STMicroelectronics, Biogen Idec, American Community Bank and Crosstex Energy were today's notable downgrades:
- Lehman downgraded STMicroelectronics (NYSE: STM) to Underweight from Overweight, as they expect the company to underperform its peers.
- UBS downgraded Biogen Idec Inc (NASDAQ: BIIB) to Sell from Neutral, citing valuation and their belief that there would be no significant premium if the company was bought.
- American Community Bancshares (NASDAQ: ACBA) was downgraded to Hold from Buy at Stifel, based on valuation.
- Goldman Sachs downgraded Crosstex Energy Inc (NASDAQ: XTXI) to Neutral from Buy, citing valuation.
OTHER DOWNGRADES:
- PepsiAmericas Inc (NYSE: PAS) was downgraded to Underweight from Neutral by HSBC.
- Amodcs Ltd (NYSE: DOX) was removed from the Conviction Buy List by Goldman Sachs.
- Citigroup assumed coverage of Tenneco Inc (NYSE: TEN) with a Sell from a Hold.
- Morgan Stanley downgraded LDK Solar (NYSE: LDK) to Equal Weight from Overweight.
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