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MOST NOTEWORTHY: Forest Laboratories Inc (FRX), The St. Joe Co (JOE) and Tyco Int'l Ltd (TYC) topped today's list of downgrades:- Following the withdrawal of Orapem, Forest Laboratories Inc (NYSE: FRX) was downgraded to Sell from Hold at Citigroup, with a $47 target, given the company's dependence on two products and early stage pipeline.
- The St. Joe Co (NYSE: JOE) was downgraded to Underperform from Market Perform at Wachovia, citing valuation and secondary-home sale activity which continues to pressure steady primary-home activity in core markets; BB&T also downgraded St. Joe, to Hold from Buy on valuation.
- Deutsche Bank downgraded Tyco Int'l Ltd (NYSE: TYC) to Hold from Buy on valuation with a $33 target, as they find shares fairly valued heading into the separation.
OTHER DOWNGRADES:
- Bank of America downgraded Alltel Corp (NYSE: AT) to Neutral from Buy on valuation and lowered its target to $58 from $66.
- UBS downgraded Sohu.com Inc (NASDAQ: SOHU) to Neutral from Buy, with a $28 target, following second-quarter results. Lehman Brothers downgraded Sohu.com to Equal Weight from Overweight on the news.
- Merrill Lynch downgraded Centerne Corp (NYSE: CNC) to Sell from Neutral.
- Merrill also downgraded Ingersoll-Rand Co Ltd (NYSE: IR) to Neutral from Buy, citing weakness in the residential market and execution uncertainty for the downgrade.
- Bank of America downgraded Post Properties Inc (NYSE: PPS) to Sell from Hold following the company's Q4 report and guidance.
- BB&T downgraded Oakley Inc (NYSE: OO) to Hold from Buy on valuation.
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