Circuit City Stores (CC), select airline stocks and General Electric (GE) were today's noteworthy downgrades:
- Citigroup downgraded shares of Circuit City Stores NYSE: CC) to Hold from Buy and lowered their target to $17 from $26 following management's second guidance cut in one month; the firm thinks there is more bad news to come. The electronics-retailer was also downgraded to Market Perform from Outperform at Raymond James and to Neutral from Buy at Robinson Humphries. Circuit City was cut to Sell from Hold at Soleil.
- General Electric (NYSE: GE) was removed from Goldman Sachs' Americas Conviction Buy list on valuation.
OTHER DOWNGRADES:
- Prudential expects Sprint Nextel Corp's (NYSE: S) company-specific problems to continue and weigh on shares and downgraded the phone-giant to Underweight from Neutral.
- Banc of America downgraded shares of LSI Corp (NYSE: LSI) to Neutral from Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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