MOST NOTEWORTHY: Some of the more notable downgrades today include Alcatel-Lucent (ALU), AstraZeneca plc (AZN), GlaxoSmithKline plc (GSK) and Motorola, Inc (MOT):
- Goldman Sachs downgraded shares of Alcatel-Lucent (NYSE: ALU) to Neutral from Buy on integration issues, as the firm does not expect a sales recovery before Q3.
- JP Morgan cut both AstraZeneca plc (NYSE: AZN) and GlaxoSmithKline plc (NYSE: GSK) to Underweight from Neutral on valuation.
- RBC downgraded Motorola Inc (NYSE: MOT) to Sector Perform from Outperform; following Motorola's pre-announcement, the firm expects shares to trade sideways for the balance of the year.
OTHER DOWNGRADES:
- Bank Of America downgraded Aeropostale, Inc (NYSE: ARO) to Neutral from Buy with a $42 target based on valuation.
- RF Micro Devices, Inc (NASDAQ: RFMD) was cut to Sector Perform from Outperform at CIBC citing the risk from Motorola; the firm believes RFMD's story outside of Motorola remains strong and consistent but sees downside to FY08 targets given MOT's contribution to RFMD's top line.
- Raymond James downgraded Yamana Gold Inc (NYSE: AUY) to Outperform from Strong Buy. UBS also downgraded Yamana to Reduce from Neutral.
- Citigroup cut Allegheny Energy, Inc (NYSE: AYE) to Hold from Buy with a $53 target.
- Lehman downgraded International Rectifier Corp (NYSE: IRF) to Equal Weight from Overweight and a $40 target.
- Raytheon Co (NYSE: RTN) was downgraded to Sell from Neutral at Goldman based on valuation.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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