MOST NOTEWORTHY: WebEx Communications, Inc (WEBX), Avaya Inc (AV), Tractor Supply Co (TSCO), Nokia (NOK) and Mattel, Inc (MAT) were some of today's noteworthy downgrades:
- Wachovia downgraded shares of WebEx Communications Inc (NASDAQ: WEBX) to Market Perform from Outperform to reflect the company's pending acquisition by Cisco Systems (CSCO).
- Bank of America cut Avaya Inc (NYSE: AV) to Neutral from Buy with a $13 target after taking in account the company's acquisition of Ubiquity Software Corp Plc. The firm believes sales may miss consensus for the next few quarters, while gross operating margins could disappoint.
- CIBC downgraded Tractor Supply Co (NASDAQ: TSCO) to Sector Performer from Sector Outperformer. The firm sees some moderate upside for shares of TSCO but says it will be incrementally more difficult to achieve without a major fundamental driver in the near-term.
- WestLB AG downgraded shares of Nokia (NYSE: NOK) to Reduce from Hold.
- Mattel Inc (NYSE: MAT) was cut to Market Perform from Outperform at BMO Capital on valuation.
OTHER DOWNGRADES:
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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