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Analyst downgrades: GTOP, DFS and MSA

MOST NOTEWORTHY: Genitope Corp, Discover Financial and Mine Safety Appliances were today's noteworthy downgrades:
  • Genitope Corp (NASDAQ: GTOP) was downgraded to Underperform from Sector Perform at RBC Capital following MyVax's failure to meet its Phase III trial endpoint.
  • Calyon downgraded shares of Discover Financial (NYSE: DFS) to Neutral from Buy citing the weak macro environment.
  • Soleil downgraded Mine Safety Appliances (NYSE: MSA) to Hold from Buy at Soleil on valuation..
OTHER DOWNGRADES:

Analyst initiations: Pharmaceutical stocks, RIGL and CELL

MOST NOTEWORTHY: Global pharmaceutical stocks, Rigel Pharmaceuticals and Brightpoint were today's noteworthy initiations:
  • Bernstein initiated global pharmaceutical stocks with a Cautious view. The firm initiated Merck & Co Inc (NYSE: MRK), Schering Plough Corporation (NYSE: SGP) and Wyeth (NYSE: WYE) with Outperform ratings, as well as Bristol-Myers Squibb Company (NYSE: BMY) and Eli Lilly & Company (NYSE: LLY) with Market Perform ratings.
  • CIBC resumed coverage of Rigel Pharmaceuticals Inc (NASDAQ: RIGL) with a Sector Outperformer rating and $16 target. The firm expects near-term upside to be driven by positive phase 2 results of R788 in rheumatoid arthritis, expected in December, and thinks the company's strong scientific platform will support long-term appreciation.
  • Bear Stearns started Brightpoint Incorporated (NASDAQ: CELL) with an Outperform rating and $20 target, as they are positive on Brightpoint's merger with Dangaard given the significant synergies and diversification it provides.
OTHER INITIATIONS:

Analyst downgrades 4-20-07: CBRL, COF, LUV and SGP downgraded today

MOST NOTEWORTHY: Schering-Plough Corp (SGP), Southwest Airlines Co (LUV), Capital One Financial Corp (COF), Robert Half International Inc (RHI) and Heartland Express, Inc (HTLD) were today's more noteworthy downgrades:
  • Schering-Plough Corp (NYSE: SGP) was downgraded to Market Perform from Strong Buy at Raymond James, to Neutral from Overweight at HSBC and to Hold from Buy at AG Edwards on valuation.
  • Capital One Financial (NYSE: COF) was cut to Market Perform from Outperform at Freidman Billings and to Neutral from Buy at Merrill Lynch following its first quarter miss.
OTHER DOWNGRADES:
  • Jefferies downgraded shares of RightNow Technologies (NASDAQ: RNOW) to Hold from Buy with a $17 target. William Blair downgraded RightNow to Market Perform from Outperform based on the company's sales organization changes and weak bookings.
  • Shares of CBRL Group, Inc (NASDAQ: CBRL) were downgraded at JP Morgan to Neutral from Overweight based on difficult near-term fundamentals and limited visibility.
  • Baird cut HNI Corp (NYSE: HNI) to Underperform from Neutral.
  • Brean Murray downgraded Genitope (NASDAQ: GTOP) to Sell from Hold.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 10, 2012: 10:28 PM

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