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Analyst downgrades: ANAD, AXL and CAT

MOST NOTEWORTHY: Anadigics, American Axle and Caterpillar were today's noteworthy downgrades:

  • Stephens downgraded shares of Anadigics (NASDAQ: ANAD) following the company's Q2 results, as they believe shares could trade sideways until the macro environment improves. The firm lowered their target to $9 from $14. Jefferies downgraded shares to Hold from Buy to reflect the company's lower than expected outlook. The firm lowered their target to $9 from $15.
  • Deutsche Bank cut American Axle (NYSE: AXL) to Hold from Buy to reflect the risk associated with the company's exposure to General Motors (NYSE: GM) and Chrysler. The firm lowered their target price to $7.50 from $11.
  • JP Morgan downgraded Caterpillar (NYSE: CAT) to Neutral from Overweight based on increasing macro headwinds and likely multiple pressure.

OTHER DOWNGRADES:

Analyst upgrades 9-4-07: KELYA, IRM, CVTI and the biotech sector

MOST NOTEWORTHY: Kelly Services, Iron Mountain, Covenant Transportation and the biotech sector were today's noteworthy upgrades:
OTHER UPGRADES:

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Last updated: November 22, 2008: 07:57 AM

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