MOST NOTEWORTHY: Papa John's (PZZA), Wynn Resorts (WYNN), SourceForge (LNUX), Cathay Pacific (CPCAY) and Arthur J. Gallagher (AJG) were today's noteworthy downgrades:
- Matrix downgraded shares of Papa John's (NASDAQ: PZZA) to Hold from Strong Buy to reflect minimal improvement to fundamentals and negative free cash flow trends.
- Wynn Resorts (NASDAQ: WYNN) was downgraded to Peer Perform from Outperform based on valuation as the firm believes shares fully reflect solid Las Vegas & Macau fundamentals and the company's development pipeline.
- SourceForge (NASDAQ: LNUX) was cut to Underperform from Market perform at JMP Securities, with a $3 target, following the disappointing results.
- Arthur J. Gallagher (NYSE: AJG) was cut to Underperform from Peer Perform at Bear Stearns as they believe margin expansion will be lower than expected, softening insurance pricing will impact organic growth, and cites managements acquisition desires over aggressive repurchases...
OTHER DOWNGRADES:
- Morgan Stanley cut Arch Coal (NYSE: ACI) to Underwieght from Overweight.
- JP Morgan downgraded Sonic (NASDAQ: SONC) to Neutral from Overweight.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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