MOST NOTEWORTHY

• Intel Corporation (NASDAQ: INTC) was downgraded to Neutral from Buy at Merrill Lynch, which cited valuation.
• European investment banks were downgraded by Societe Generale on concerns that investment banking revenue will decline. Deutsche Bank AG (NYSE: DB) was downgraded to Sell from Hold. Credit Suisse Group (NYSE: CS) was downgraded to Sell from Buy, and UBS AG (NYSE: UBS) was downgraded to Hold from Buy.
• American Express Company (NYSE: AXP) was downgraded to Neutral from Buy by Merrill Lynch, which cited slower consumer spending.
• ImClone Systems Incorporated (NASDAQ: IMCL) was downgraded to Market Perform from Outperform at Friedman Billings, which lowered their estimates following feedback regarding the FLEX study announcement.

• Business Objects ADS (NASDAQ: BOBJ) was downgraded to Neutral from Buy by First Albany.
• Roper Industries Inc (NYSE: ROP) was downgraded to Market Perform from Outperform by Friedman Billings.
• Fluor Corporation (NYSE: FLR) was downgraded to Hold from Buy by Citigroup.
• National CineMedia Inc (NASDAQ: NCMI) was downgraded to Underweight from Equal Weight by Morgan Stanley.

Analyst downgrades: INTC, European investment banks, AXP and IMCL originally appeared on BloggingStocks on Fri, 14 Sep 2007 10:20:00 EST. Please see our terms for use of feeds.