Oppenheimer downgraded shares of Chelsea Therapeutics (NASDAQ:CHTP) to Perform from Outperform after their survey suggested physicians believe currently available generic treatments are adequate in neurogenic orthostatic hypotension, which could impact the company's lead drug Droxidopa.
Clearwire (NASDAQ:CLWR) was cut to Sell from Hold at Citigroup on valuation, as they estimate fair value at $13.
OTHER DOWNGRADES:
Goldman downgraded Kellogg (NYSE:K) to Neutral from Buy and Hershey Foods (NYSE:HSY) to Sell from Neutral.
MOST NOTEWORTHY: VeraSun Energy (VSE), BioFuel Energy (BIOF), Electronic Arts (ERTS) and Take-Two Interactive Software (TTWO) were today's noteworthy initiations:
Citigroup initiated shares of VeraSun Energy (NYSE: VSE) and BioFuel Energy with Buy ratings, as the firm believes the ethanol industry is reaching an inflection point as profitability should be much improved in 2008.
BioFuel (NASDAQ: BIOF) was also initiated with a Hold rating at AG Edwards on valuation and an Overweight rating at JP Morgan, who believes BioFuel has good growth prospects but trades at a discount relative to peers.
Electronic Arts (NASDAQ: ERTS) was initiated with a Neutral rating at Cowen, citing the company's rich valuation and mixed growth outlook.
Cowen resumed coverage of Take-Two Interactive Software (NASDAQ: TTWO) with an Outperform rating, as the firm believes TTWO is positioned for a strong 2H07 given the Grand Theft Auto IV and other titles...
OTHER INITIATIONS:
CDC Corporation (NASDAQ: CHINA) was initiated with a Buy rating and $12 target at Montgomery.
Oppenheimer started shares of Chelsea Therapeutics (NASDAQ: CHTP) with a Buy rating and $12 target.
Banc of America initiated shares of Charming Shoppes (NASDAQ: CHRS) with a Neutral rating and $11 target.
Raymond James initiated shares of Geokinetics (AMEX: GOK) with a Market Perform rating.
King Pharmaceuticals (NYSE: KG) was initiated at Goldman Sachs with a Neutral rating and $19 target.
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MOST NOTEWORTHY: Airlines, Chelsea Therapeutics and Clearwire were today's noteworthy downgrades:
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