Filed under: Analyst reports, Analyst upgrades and downgrades

MOST NOTEWORTHY: Thornburg Mortgage, Whirlpool and Jackson Hewitt were today’s noteworthy downgrades:

• Jefferies downgraded shares of Thornburg Mortgage (NYSE: TMA) to Hold from Buy to reflect the ongoing dislocation of the mortgage markets and lowered their target to $3.75 from $14. While they believe Thornburg will probably survive its current liquidity crisis, they think the company’s capital structure will be impaired further.
• JP Morgan downgraded Whirlpool (NYSE: WHR) to Underweight from Neutral, citing valuation, higher steel prices, the difficult macro environment and competition.
• Stephens cut Jackson Hewitt (NYSE: JTX) to Equal Weight from Overweight to reflect the company’s recent results and concerns over the issues that have impacted the basic business.

OTHER DOWNGRADES:

• Merrill lowered Bank of Montreal (NYSE: BMO) to Sell from Neutral.
• Lehman downgraded PDL BioPharma (NASDAQ: PDLI) to Equal Weight from Overweight.
• Friedman Billings downgraded Tessera (NASDAQ: TSRA) to Market Perform from Outperform.

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This entry was posted on Wednesday, March 5th, 2008 at 6:31 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.