MOST NOTEWORTHY: Vonage Holdings Corp (VG), Boston Scientific Corp (BSX), Sunoco, Inc (SUN) and CV Therapeutics, Inc (CVTX) were some of today's more notable downgrades:
- Vonage Holdings Corp (NYSEL VG) was downgraded to Underperform from Peer Perform at Bear Stearns following the court injunction barring Vonage from using Verizon Communications' (VZ) patented technology.
- Boston Scientific Corp (NYSE: BSX) was cut to Market Perform from Outperform at BMO. Cowen removed Boston Scientific from its Focus List citing superior clinical results from Abbott Laboratories' (ABT) drug-eluting stent, Xience V.
- Deutsche Bank downgraded Sunoco (NYSE: SUN) to Hold from Buy with a $72 target on valuation.
- CV Therapeutics (NASDAQ: CVTX) was downgraded at Deutsche Bank, to Sell from Hold with a $2 target. The downgrade was ahead of the full Ranexa Merlin PIII data to be presented at the American College of Cardiology on Tuesday, March 27th, as the firm believes it will fall short of generating sufficient positive data trends for supporting Ranexa's outlook.
OTHER DOWNGRADES:
- DaimlerChrysler (NYSE: DCX) was removed from JP Morgan's Focus List as the firm believes the potential divestiture of Chrysler is at least partially priced into shares; JP Morgan maintains an Overweight rating on the stock.
- Morgan Stanley cut Progressive Corp (NYSE: PGR) to Underweight from Equal-Weight.
- William Blair downgraded Kronos Inc (NASDAQ: KRON) to Market Perform from Outperform following the company's acquisition.
- Bank of America downgraded Paxar Corp (NYSE: PXR) to Neutral from Buy on news of Avery Dennison Corp's (AVY) acquisition of the company.
- Deutsche Bank cut Tesoro Corp (NYSE: TSO) to Sell from Hold with an $85 target.
- Goldman Sachs cut Volvo (NASDAQ: VOLV) to Neutral from Buy on valuation.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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MOST NOTEWORTHY: Mattel, Volvo, PMI Group, Mosaic and Diamond Foods were today's noteworthy upgrades:
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