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Analyst downgrades: First Solar, Pride International, EnerSys

MOST NOTEWORTHY: First Solar, Pride International and EnerSys were today's noteworthy downgrades:

  • Friedman Billings downgraded First Solar (NASDAQ: FSLR) to Underperform from Market Perform citing margin risk concerns, as the company aggressively pursues utility-scale projects in the US. The firm said risks are not reflected in share valuation near $300 and could be a source of disappointment but could also lead to downside EPS risk.
  • Wachovia said Pride International (NYSE: PDE) has the least potential EPS upside vs. peers given the company has contracted the highest percentage of its floater days into 2012E. Additionally, the firm views a takeout by Seadrill as unlikely. Shares were cut to Underperform from Market Perform.
  • Merriman downgraded shares of EnerSys (NYSE: ENS) to Neutral from Buy as they believe the strong Q4 results were driven by a one-time benefit from lead procurement mechanics and that data does not support the company's sustained margin expansion story.

OTHER DOWNGRADES:

  • Citigroup lowered Intuit (NASDAQ: INTU) to Hold from Buy.
  • UBS downgraded Nucor (NYSE: NUE) to Neutral from Buy.
  • Smart Modular (NASDAQ: SMOD) was downgraded at Oppenheimer to Perform from Outperform.
  • The Airlines Sector was cut by Soleil to Neutral from Outperform.

Analyst downgrades 9-11-07: OCR, MAS, SMOD and VDSI

MOST NOTEWORTHY: Omnicare, Masco, Smart Modular and VASCO Data Security were today's noteworthy downgrades:
  • Matrix downgraded shares of Omnicare (NYSE: OCR) to Hold from Buy to reflect the company's very weak performance and higher than average risk.
  • Merrill Lynch downgraded Masco Corp (NYSE: MAS) to Sell from Neutral to reflect expectations for a decline in U.S. housing starts and remodeling in 2008. The broker recommends swapping into Texas Industries (NYSE: TXI).
  • Smart Modular (NASDAQ: SMOD) was downgraded to Market Outperform from Strong Buy at JMP Securities following the Q4 pre-announcement.
  • VASCO Data Security (NASDAQ: VDSI) was downgraded to Market Perform from Outperform at Friedman Billings on valuation.
OTHER DOWNGRADES:
  • RAIT Financial Trust (NYSE: RAS) was downgraded to Underperform from Sector Perform at RBC Capital.
  • KMG America (NYSE: KMA) was downgraded to Market Perform from Outperform at Friedman Billings on valuation.

Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 12, 2009: 09:00 AM

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