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Analyst downgrades: HBC, WPPGY and AWRE

MOST NOTEWORTHY: HSBC Holdings, WPP Group and Aware were today's noteworthy downgrades:
  • Morgan Stanley downgraded HSBC Holdings (NYSE: HBC) to Underweight from Equal Weight to reflect expected losses at the company's U.S. unit.
  • ABN Amro cut WPP Group (NASDAQ: WPPGY) to Hold from Buy as they expect slowing top-line growth from stagnant marketing budgets.
  • Merriman downgraded shares of Aware (NASDAQ: AWRE) to Neutral from Buy after DSL royalty revenue declined for a third straight quarter.
OTHER DOWNGRADES:

Analyst initiations 5-01-07: CACH, CHS, JPM and SIRF

MOST NOTEWORTHY: Chico's FAS (CHS), Cache, Inc (CACH), JPMorgan Chase & Co (JPM) and National City Corp (NCC) were today's noteworthy initiations:
  • Thomas Weisel started Chico's FAS (NYSE: CHS) with a Market Weight rating and $26 target citing near-term mix pressure, lower margin potential and lower square footage growth.
  • Thomas Weisel also initiated shares of Cache, Inc (NASDAQ: CACH) with an Overweight rating and $21 target, citing a significant sales opportunity driven by new categories and demographics.
  • AG Edwards believes the risk/reward for JP Morgan & Chase Co (NYSE: JPM) is balanced, assuming coverage with a Hold rating.
OTHER INITIATIONS:
  • Merriman initiated shares of Aware, Inc (NASDAQ: AWRE) with a Buy rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 11, 2012: 05:13 AM

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