MOST NOTEWORTHY: Embarq Corp (EQ) and Boston Scientific Corp (BSX) were today's most notable downgrades:
- Goldman Sachs downgraded Embarq Corp (NYSE: EQ) to Sell from Neutral based on valuation and potential margin dilution.
- Boston Scientific Corp (NYSE: BSX) was downgraded to Peer Perform from Outperform at Bear Stearns based on regulatory and competitive challenges.
OTHER DOWNGRADES:
- Despite expectations of strong Q4 results and 2007 guidance, Needham downgraded Garmin Ltd (NASDAQ: GRMN) to Hold from Buy based on valuation, as they believe the multiple the market is willing to give the stock is likely to decline as PNDs continue to increase as a percentage of revenue.
- Roth Capital downgraded China BAK Battery Inc (NASDAQ: CBAK) to Hold from Buy.
- DA Davidson downgraded Weyerhaeuser Co (NYSE: WY) to Neutral from Buy.
- BMO Capital Markets downgraded Brady Corp (NYSE: BRC) to Market Perform from Outperform.
- Wachovia downgraded Boyd Gaming Corp (NYSE: BYD) to Market Perform from Outperform, expecting weakness in 2007 from the Las Vegas locals market and Atlantic City.
- Penn National Gaming Inc (NASDAQ: PENN) was downgraded to Hold from Buy at Deutsche Bank citing valuation.
Analyst summaries provided by
TheFlyOnTheWall.com (subscription required).
Analyst upgrades:
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