Analyst downgrades: STO, PT and STEC
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MOST NOTEWORTHY: StatoilHydro, Portugal Telecom and STEC Inc were today’s noteworthy downgrades:
- Deutsche Bank downgraded shares of StatoilHydro (NYSE: STO) to Hold from Buy after the company cut its production forecast.
- Credit Suisse lowered its rating on Portugal Telecom (NYSE: PT) to Underperform from Outperform on competition concerns.
- B. Riley downgraded shares of STEC Inc. (NASDAQ: STEC) to Neutral from Buy on valuation, as they believe the risk/reward is neutral following the recent rally.
OTHER DOWNGRADES:
- Jefferies downgraded Red Hat (NYSE: RHT) to Hold from Buy.
- UBS downgraded Palm Inc. (NASDAQ: PALM) to Sell from Neutral.
- Deutsche Bank lowered Telekom SA (NYSE: TKG) to Hold from Buy.
- Goldman downgraded Trident Microsystems (NASDAQ: TRID) to Neutral from Buy.
Original post by Eric Buscemi
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