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Analyst downgrades: BTI, DVW, PCBC, VLCM and AMMD

MOST NOTEWORTHY: British American Tobacco, Covad Communications, Pacific Capital, Volcom and American Medical Systems were today's noteworthy downgrades:
  • Goldman downgraded shares of British American Tobacco (NYSE: BTI) to Neutral from Buy on valuation.
  • Covad Communications (NYSE: DVW) was lowered to Hold from Buy at Jefferies. The firm downgraded shares after Platinum Equity Holdings agreed to acquire the company.
  • Keefe Bruyette downgraded Pacific Capital Bancorp (NASDAQ: PCBC) to Market Perform from Outperform following its Q3 credit loss pre-announcement.
  • ThinkEquity reduced Volcom (NASDAQ: VLCM) to Accumulate from Buy following its reduced guidance.
  • American Medical Systems (NASDAQ: AMMD) was downgraded to Market Perform from Outperform at Raymond James and at Piper Jaffray. Piper downgraded shares following the lower-than-expected Q3 results. Shares were also downgraded to Hold from Buy at Stifel following the weak Q3 report.
OTHER DOWNGRADES:

Analyst upgrades: PII, EW, BE and FORSY

MOST NOTEWORTHY: Polaris Industries, Edwards Lifesciences, BearingPoint and Fortis were today's noteworthy upgrades:
  • Rochdale upgraded Polaris Industries (NYSE: PII) to Buy from Hold, as they have increased confidence in the company's ability to achieve estimates.
  • Piper upgraded shares of Edwards Lifesciences (NYSE: EW) as they believe the bad news is behind the company with a U.S. turnaround expected in 2008.
  • Jefferies raised shares of BearingPoint (NYSE: BE) to Hold from Underperform on valuation as they believe the risk/reward is neutral following the recent pullback.
  • Fortis (OTC: FORSY) was upgraded to Outperform from Peer Perform at Bear Stearns. The firm upgraded shares on valuation as they believe the recent weakness is overdone.
OTHER UPGRADES:

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 11, 2012: 07:27 AM

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