MOST NOTEWORTHY: Cisco Systems Inc (CSCO), Continental (CAL) and Caterpillar inc (CAT) complete the list of notable downgrades:
- Citing peak employee productivity and margin expansion difficulties, Citigroup downgraded Cisco Systems Inc (NASDAQ: CSCO) from its previous Buy rating and assumed the company with a Hold rating.
- Goldman Sachs downgraded Continental Airlines Inc (NYSE: CAL) to Sell from Neutral on valuation.
- JP Morgan assumed coverage of Caterpillar Inc (NYSE: CAT) with an Underweight rating, downgraded from its previous Neutral rating.
OTHER DOWNGRADES:
- Following CIBC's outlook for the Paper & Forest sector through 2008, the firm downgraded Bowater Inc (NYSE: BOW) to Sector Underperformer from Sector Performer. The broker believes pulp, paper and packaging prices are near cyclical highs.
- Goldman Sachs expects a slowdown in revenue growth and margins in 2007 for TRW Automotive Holdings Corp (NYSE: TRW) and added the company to its America's Conviction Sell List.
- USA Truck Inc (NASDAQ: USAK) was downgraded to Market Perform from Outperform at Morgan Keegan following the trucking company's disappointing Q4, guidance and lack of near-term catalysts.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
MOST NOTEWORTHY: MGM Mirage (MGM), USA Truck, Inc (USAK), Knightsbridge Tankers Ltd (VLCCF), Monolithic Power Systems, Inc (MPWR) and Stanley, Inc (SXE) topped out today's noteworthy upgrade list: 
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