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MOST NOTEWORTHY: Alcoa, Publicis Groupe and Fresenius were today's noteworthy downgrades:
- JP Morgan downgraded shares of Alcoa (NYSE: AA) to Neutral from Overweight as they do not believe the company is a takeover target. The firm thinks investors could be disappointed with the new CEO's strategic direction as well as near-term earnings.
- Societe Generale cut Publicis (OTC: PUBGY) to Sell from Buy on valuation following the recent rally and macroeconomic concerns.
- UBS downgraded Fresenius (NYSE: FMS) to Neutral from Buy citing valuation, but added shares to its Short-Term Buy list citing potential upward EPS revisions when the company reports on July 3.
OTHER DOWNGRADES:
- Annaly Capital (NYSE: NLY) and Microchip (NASDAQ: MCHP) were lowered to Neutral from Overweight at JP Morgan.
- Soleil downgraded Steris (NYSE: STE) to Sell from Hold.
- Goldman added National Grid (NYSE: NGG) and Marshall & Ilsley (NYSE: MI) to its Conviction Sell List and removed Las Vegas Sands (NYSE: LVS) from the Conviction Buy List.
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