MOST NOTEWORTHY:

• 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.

• Merrill Lynch downgraded Cathay Pacific (OTC: CPCAY) to Sell from Buy on valuation.

• 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...

• PolyMedica (NASDAQ: PLMD) was downgraded to Hold from Buy.

• Merrill downgraded Polo Ralph Lauren (NYSE: RL) to Neutral from Buy.

• Morgan Stanley cut Arch Coal (NYSE: ACI) to Underwieght from Overweight.

• JP Morgan downgraded Sonic (NASDAQ: SONC) to Neutral from Overweight.

Analyst downgrades 8-29-07: ACI, PZZA, RL and WYNN originally appeared on BloggingStocks on Wed, 29 Aug 2007 10:43:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• Citigroup believes Arthur J. Gallagher (NYSE: AJG) is at a disadvantage to smaller rivals who accept contingent commissions and lacks the global presence of larger competitors, and started shares with a Sell rating and $25 target.

• Friedman Billings believes Akamai (NASDAQ: AKAM) can leverage its broad product portfolio, global network deep pockets and extensive track record to remain the leader in the content delivery market, starting shares with an Outperform.

• Keefe Bruyette started coverage of three railcars with a Buy rating: Greenbrier (NYSE: GBX), Wabtec Corporation (NYSE: WAB) and FreightCar America (NASDAQ: RAIL)...

• Citigroup started Goodyear Tire (NYSE: GT) with a Buy rating.

• CIBC initiated Praxair (NYSE: PX) with a Sector Performer rating.

• Crucell NV (NASDAQ:CRXL) was initiated with an Outperform rating at Lehman.

• FTN Midwest initiated RadioShack (NYSE: RSH) with a Neutral rating.

• Cowen initiated Penwest Pharmaceuticals (NASDAQ: PPCO) with an Outperform rating.

Analyst initiations 7-18-07: AKAM, GT, RAIL and RSH originally appeared on BloggingStocks on Wed, 18 Jul 2007 11:31:00 EST. Please see our terms for use of feeds.