MOST NOTEWORTHY:

• 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.

• Goldman removed McDonald's (NYSE: MCD) from its Conviction Buy List.
  
• Suntrust downgraded Goodrich Petroleum (NYSE: GDP) to Reduce from Neutral.
  
• Merrill lowered Grupo Aeroportuario (NASDAQ: OMAB) to Neutral from Buy.

Analyst downgrades: HBC, WPPGY and AWRE originally appeared on BloggingStocks on Fri, 09 May 2008 11:10:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• 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.

• Lehman resumed coverage of National City Corp (NYSE: NCC) with an Overweight rating and $41 target...

• Montgomery & Co initiated SiRF Technology Holdings Inc (NASDAQ: SIRF) with a Buy rating and $32 target.

• Merriman initiated shares of Aware, Inc (NASDAQ: AWRE) with a Buy rating.

• Xinhua Finance Media Ltd (NASDAQ: XFML) was started with a Buy rating at W.R. Hambrecht.

• Matrix USA initiated shares of Florida East Coast Industries Inc (NYSE: FLA) with a Strong Sell rating.

Analyst initiations 5-01-07: CACH, CHS, JPM and SIRF originally appeared on BloggingStocks on Tue, 01 May 2007 11:19:00 EST. Please see our terms for use of feeds.