Analysts’ downgrades for Tuesday, September 24th:
Access National Corp. (NASDAQ:ANCX) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. Zacks currently has $17.00 target price on the stock.
ATS Automation Tooling Systems (TSE:ATA) was downgraded by analysts at TD Securities from a buy rating to a hold rating. TD Securities currently has C$14.00 price target on the stock.
BlackBerry (NASDAQ:BBRY) was downgraded by analysts at Cormark to a market perform rating.
Calfrac Well Services (TSE:CFW) was downgraded by analysts at Raymond James from an outperform rating to a market perform rating. The firm currently has C$35.00 target price on the stock, down from their previous target price of C$39.00.
CNO Financial Group (NYSE:CNO) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $15.00 target price on the stock.
China TechFaith (NASDAQ:CNTF) was downgraded by analysts at TheStreet from a hold rating to a sell rating. The analysts wrote, “China TechFaith Wireless Comm Tech (CNTF) has been downgraded by TheStreet Ratings from hold to sell. The company’s weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins.”
Cypress Semiconductor Corp. (NYSE:CY) was downgraded by analysts at Topeka Capital Markets from a buy rating to a hold rating. The firm currently has $11.00 target price on the stock, down from their previous target price of $15.00. The analysts wrote, “Cypress preannounced weaker than expected 3Q13 guidance this morning, with a lower revenue outlook reflecting a program push out at a leading Asia handset customer coupled with continued broader Asia handset inventory adjustments. Reflecting seasonality and continued year-end inventory reductions, CY also guided for a seasonal 4Q13 revenue decline and lower gross margin, both below our model expectations. We are adjusting our CY model to now reflect a more intermediate-term revenue recovery. As a result, we are reducing our price target from $15 to $11 and downgrading our rating from Buy to Hold.”
Cypress Semiconductor Corp. (NYSE:CY) was downgraded by analysts at Needham & Company from a buy rating to a hold rating.
Canyon Services (TSE:FRC) was downgraded by analysts at Raymond James from an outperform rating to a market perform rating. They currently have C$13.25 target price on the stock, down from their previous target price of C$14.00.
Starwood Hotels & Resorts Worldwide (NYSE:HOT) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. Zacks currently has $71.00 price target on the stock. Zacks’ analyst wrote, “We are reverting our recommendation on Starwood to Neutral from Outperform given the pressure on revenues. Although Starwood’s second-quarter 2013 earnings per share grew year over year, the decline in revenues concerns us. Still-soft economic conditions in Europe, slowdown in some emerging markets and budget sequestration in the U.S. may limit sales growth, going forward. Although, these markets began to register improving trend, it will take some time to reach the pre-crisis heights. Also, we believe, the positive impact of the strong second-quarter 2013 results, the company’s increased earnings guidance, strong developmental pipeline, significant international exposure, asset disposition strategy and shift to a fee-based business model are reflected at the current level and there is little room for further upside.”
Ocean Rig Udw (NASDAQ:ORIG) was downgraded by analysts at TheStreet from a hold rating to a sell rating. The analysts wrote, “Ocean Rig UDW (ORIG) has been downgraded by TheStreet Ratings from hold to sell. The company’s weaknesses can be seen in multiple areas, such as its disappointing return on equity and weak operating cash flow.”
PVH Corp. (NYSE:PVH) was downgraded by analysts at Keefe, Bruyette & Woods from an outperform rating to a market perform rating.
WellPoint (NYSE:WLP) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $87.00 target price on the stock. Zacks’ analyst wrote, “We are downgrading our recommendation on WellPoint to Neutral based on higher expenses and a reduced revenue guidance for 2013, which is expected to pull down margins in the upcoming period. However, the company reported strong second-quarter earnings that surpassed the Zacks Consensus Estimate as well as the year-ago results on the back of higher revenues and membership. Reduced long-term debt along with increased shareholder equity and asset balance strengthened the balance sheet. Also a leading market position, diversified product portfolio, efficient capital management and strategic acquisitions poise the company for long term growth. However, reduced cash flow and deteriorating debt leverage and benefit expense ratio keeps us concerned. “
Wyndham Worldwide Corp. (NYSE:WYN) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. Zacks currently has $65.00 price target on the stock. Zacks’ analyst wrote, “We are reverting to a Neutral recommendation on Wyndham from Outperform. We believe that the positive impact of the strong second-quarter 2013 results, the company’s increased earnings guidance, a strong developmental pipeline, significant international exposure and transition to a greater fee-for-service-based business are reflected at the current level and there is little room for further upside. Further, excessive exposure to the sluggish European economy and slowdown in business momentum owing to budget sequestration in North America can act as headwinds. Although, these regions have started witnessing improvements, they are yet to reach pre-crisis levels. Expansion into low RevPAR regions and brands, especially in emerging markets, can also keep international RevPAR under pressure in the future.”
Horsehead Holding Corp. (NASDAQ:ZINC) was downgraded by analysts at CJS Securities to a market perform rating.