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Analyst downgrades: EMC, ACGY, CASY, WGOV, SEE and COCO

MOST NOTEWORTHY: Acergy, Casey's General and Corinthian Colleges were today's noteworthy downgrades:
  • Citigroup downgraded shares of Acergy (NASDAQ: ACGY) to Sell from Hold as they see risk to the company's backlog and believes the recent share rally is not supported by business operations.
  • Casey's General (NASDAQ: CASY) was downgraded at Friedman Billings to Underperform from Market Perform citing headwinds that include weak gas comps.
  • Banc of America downgraded shares of Corinthian Colleges (NASDAQ: COCO) to Neutral from Buy as they believe the post-legislation lending overhang will limit further share upside until COCO can show its students can access federal funds with minimal disruption.
OTHER DOWNGRADES:
  • Bernstein cut EMC Corp (NYSE: EMC) to Market Perform from Outperform.
  • Baird lowered Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform.
  • Merrill downgraded Sealed Air (NYSE: SEE) and Bemis (BMS) to Sell from Neutral.

Analyst upgrades: AstraZeneca, Massey Energy, Freeport McMoRan

MOST NOTEWORTHY: AstraZeneca, Massey Energy and Freeport McMoRan were today's noteworthy upgrades:

  • Dresdner Kleinwort upgraded shares of AstraZeneca (NYSE: AZN) to Buy from Hold following the company's settlement with Ranbaxy on the Nexium patent.
  • Massey Energy (NYSE: MEE) was raised to Overweight from Neutral at Massey Energy citing the company's leverage to metallurgical coal prices in 2009.
  • Freeport McMoRan (NYSE: FCX) was upgraded at HSBC to Overweight from Neutral on valuation.

OTHER UPGRADES:

Symbol Lookup
IndexesChangePrice
DJIA+49.9111,496.57
NASDAQ-29.522,282.78
S&P 500+0.361,260.68

Last updated: July 20, 2008: 03:00 AM

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