Filed under: Analyst reports, Analyst upgrades and downgrades
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MOST NOTEWORTHY: UCBH Holdings, National Atlantic Holdings and J Sainsbury were today’s noteworthy downgrades:
- Friedman Billings downgraded UCBH Holdings (NASDAQ: UCBH) to Market Perform from Outperform. The firm said the departure of auditor PWC could not have come at a worse time following the recent CFO replacement and the credit-quality-related adverse change to Q4 earnings in the 10-K.
- Citigroup cut National Atlantic Holdings (NASDAQ: NAHC) to Hold from Buy after the company announced plans to merger with a subsidiary of Palisades Safety and Insurance.
- Goldman removed J Sainsbury (OTC: JSAIY) from the Conviction Buy List on fears that stagflation could impact earnings.
OTHER DOWNGRADES:
- Suntrust cut Goodrich Petroleum (NYSE: GDP) to Neutral from Buy.
- Cubist Pharma (NASDAQ: CBST) was downgraded to Market Weight from Overweight at Thomas Weisel.
- ING lowered Banco Bilbao Vizcaya Argentaria (NYSE: BBV) to Hold from Buy.
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