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Analyst downgrades: MRK, AZN, MI, ONT and ZION

MOST NOTEWORTHY: Merck, On2 Technologies and Zions Bancorp were today's noteworthy downgrades:

UBS downgraded Merck & Co Inc (NYSE: MRK) to Neutral from Buy citing slowing Gardasil trends and vaccine supply issues.
Merriman cut On2 Technologies Inc (AMEX: ONT) to Neutral from Buy to reflect the reduced visibility into financials and management changes.
Baird downgraded shares of Zions Bancorporation (NASDAQ: ZION) to Neutral from Outperform to reflect deteriorating credit quality and growing capital concerns. The firm lowered their target price to $32 from $43.

OTHER DOWNGRADES:

AstraZeneca Plc (NYSE: AZN) was downgraded to Hold from Buy at Deutsche Bank.
JP Morgan lowered Marshall & Ilsley Corporation (NYSE: MI) to Underweight from Neutral.
Acme Packet Inc (NASDAQ: APKT) was downgraded to Neutral from Buy at Piper.

Posted Dec 28th 2006 11:27AM by Kevin Shult (RSS feed)
Filed under: Analyst Initiations

MOST NOTEWORTHY: CDC Corporation topped today's modest list of initiations:

Shares of CDC Corp (NASDAQ:CHINA) were initiated by Oppenheimer with a Buy rating and $12 target, as the firm expects CDC to unlock shareholder value by spinning off its software and games business into separately traded companies in the first-half of 2007.

OTHER INITIATIONS:

On2 Technologies (AMEX:ONT) was initiated with a Buy rating and $1.40 target at ThinkEquity, and the firm believes that On2 will capitalize on its continued success in Flash, also noting that Adobe Systems (NASDAQ:ADBE) licenses the company video codec in its Flash player 8.

Soleil believes Middleby Corp (NASDAQ:MIDD) is positioned to benefit from switching to more energy-efficient models in restaurants from the current equipment, and has initiated the Illinois-based company with a Buy rating and $134 target.