Filed under: Analyst reports, Analyst upgrades and downgrades, Bank of New York (BK), Goldman Sachs Group (GS), TD AmeriTrade Holding (AMTD), Lehman Br Holdings (LEH), Bear Stearns Cos (BSC)
MOST NOTEWORTHY: Goldman Sachs, Lehman and TD AmeriTrade were today’s noteworthy downgrades:
- UBS downgraded Goldman Sachs (NYSE: GS) to Neutral from Buy. The firm believes liquidity problems and de-leveraging in the capital markets will get worst before they get better; UBS also downgraded Bank of New York (NYSE: BK), State Street (NYSE: STT) and Invesco (NYSE: IVZ) to Neutral from Buy.
- Following Bear Stearns’ (NYSE: BSC) downfall, UBS also downgraded Lehman Brothers (NYSE: LEH) to Neutral from Buy and said the company could be the “next on the list” for the confidence/liquidity crisis by some investors.
- TD AmeriTrade (NASDAQ: AMTD) was downgraded to Neutral from buy at UBS and to Market Perform from Outperform at Friedman Billings. Friedman Billings downgraded TD Ameritrade citing slowing client activity as well as margin compression.
OTHER DOWNGRADES:
- JP Morgan cut Portugal Telecom (NYSE: PT) to Underweight from Neutral.
- Goldman downgraded Marathon Oil (NYSE: MRO) and Holly Corp (NYSE: HOC) to Neutral from Buy and removed Frontier Oil (NYSE: FTO) from its Conviction Buy List.
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