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Analyst downgrades: U.S. banking sector, HBC, TWMC and MIPS

MOST NOTEWORTHY: The U.S. banking sector, HSBC Holdings, Trans World and Mips Technologies were today's noteworthy downgrades:

CIBC downgraded the U.S. Banks sector to Underweight from Market Weight as they see another leg down as investors shift focus away from write-downs to the impact the write-downs will have on risk-weighted assets and capital ratios.
Morgan Stanley downgraded shares of HSBC Holdings Plc (NYSE: HBC) to Equal Weight from Underweight, as they believe the company may have to set aside more money for bad loans in the U.S.
B. Riley downgraded shares of Trans World Entertainment Corporation (NASDAQ: TWMC) to Neutral from Buy, as they believe the downside risk should the Bob Higgins acquisition proposal fall through outweighs the potential upside should the bid be raised or should another bidder emerge.
B. Riley also downgraded Mips Technologies Inc (NASDAQ: MIPS) to Neutral from Buy following the company's Q1 results to reflect the company's deteriorating balance sheet and licensing business softness.

OTHER DOWNGRADES:

Lehman downgraded Federal National Mortgage Association (NYSE: FNM) and Federal Home Loan Mortgage Corporation (NYSE: FRE) to Equal Weight from Overweight.
Bear Stearns downgraded Wyeth (NYSE: WYE) to Peer Perform from Outperform.
Concur Technologies Inc (NASDAQ: CNQR) was downgraded to Market Perform from Outperform at Piper.
Citigroup downgraded shares of E-Trade Financial Corporation (NASDAQ: ETFC) to Hold from Buy.

MOST NOTEWORTHY: Caliper Life Sciences, Network Appliance, EMC Corp, Concur Tech and TechTarget were today's noteworthy initiations:

Caliper Life Sciences Inc (NASDAQ: CALP) was initiated at Piper Jaffray with an Outperform rating and $8 target. Piper believes the company's collection of acquisitions offers a diverse portfolio targeting a $1.2B segment of the life science tools market.
Credit Suisse resumed coverage of Network Appliance Inc (NASDAQ: NTAP) and EMC Corporation (NYSE: EMC) with Neutral ratings and a $28 target and $20 target, respectively, as they have concerns of near-term demand risk.
Concur Technologies (NASDAQ: CNQR) was started at Jefferies with a Buy rating and $40 target, as they believe the company is changing the landscape of employee expense management by integrating travel and expense reimbursement and feels shares deserve a premium valuation.
Oppenheimer sees limited upside from current levels at TechTarget Inc (NASDAQ: TTGT) and would consider an entry point in the low-to-mid teens. The firm started shares with a Neutral rating and $17 target.

OTHER INITIATIONS:

Banc of America initiated K Swiss Inc (NASDAQ: KSWS) with a Sell rating and $20 target.
Stephens initiated Comverge Inc (NASDAQ: COMV) with an Equal Weight rating and $29 target and Badger Meter Incorporated (AMEX: BMI) with an Overweight rating and $39 target.
JMP Securities resumed coverage of DemandTec Inc (NASDAQ: DMAN) with a Market Outperform rating and $16 target.