MOST NOTEWORTHY: Palm, Inc (PALM), New Century Financial Corp (NEW), Yahoo! (YHOO) and Sirius Satellite Radio Inc (SIRI) were some of today's more notable downgrades.
- JP Morgan downgraded Palm, Inc (NASDAQ: PALM) to Underweight from Neutral citing product line, execution and competition concerns.
- New Century Financial Corp (NYSE: NEW) was downgraded to Underperform from Hold at Jefferies and suspended their estimates as they believe the 10-K filing delay indicates that the company's financial and operating situation continues to deteriorate.
- Matrix USA cut Yahoo! (NASDAQ: YHOO) to Sell from Hold, providing an intrinsic value of $25. They believe strong competition, as well as rising popularity and accessibility of free social and entertainment content, is negatively impacting the company.
- Barrington downgraded Sirius Satellite Radio inc (NASDAQ: SIRI) to Market Perform from Outperform. The firm believes 2007 sub-growth target will lag previous forecasts.
OTHER DOWNGRADES:
- JP Morgan downgraded shares of The Scotts Miracle-Gro Co (NYSE: SMG) to Neutral from Overweight based on SMG's lower fundamental visibility with recent increases in raw materials and the company's underperformance during its peak-season.
- JP Morgan also downgraded Marvell Technology Group Ltd (NASDAQ: MRVL) to reflect dilution concerns from the XScale acquisition, slow end-market growth and stock option uncertainty.
- Jefferies downgraded Humana Inc (NYSE: HUM) to Hold from Buy with a $60 target after checks confirmed concerns that recent budgetary analysis in Washington has heightened the risk for legislation to curb Medicare Advantage program growth.
- RBC cut Mediacomm Communications Corp (NASDAQ: MCCC) to Underperform from Sector Perform based on valuation.
- Wachovia downgraded Atlas Pipeline Partners (NYSE: APL) to Market Perform from Outperform following the company's Q4 shortfall.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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