Filed under: Analyst upgrades and downgrades, CIT Group (CIT), Gap Inc (GPS), Wells Fargo (WFC), Lehman Br Holdings (LEH)

MOST NOTEWORTHY: Lehman, CIT Group and Auxilium Pharma were today’s noteworthy downgrades:

• Oppenheimer cut Lehman (NYSE: LEH) to Perform from Outperform on valuation, as they see a “protracted challenging capital markets environment.”
• The firm also downgraded CIT Group (NYSE: CIT) to Perform from Outperform, as they believe the company addressed its liquidity concerns too late and will be forced into a fire sale of assets.
• Merriman downgraded shares of Auxilium Pharma (NASDAQ: AUXL) to Sell from Neutral as they believe there were a number of unexpected adverse events in the phase 3 trials of XIAFLEX that could potentially delay the approval and launch. They see significant potential downside in the interim.

OTHER DOWNGRADES:

• Gap (NYSE: GPS) was lowered to Neutral from Buy at UBS.
• Wachovia cut Symmetry Medical (NYSE: SMA) to Market Perform from Outperform.
• Wells Fargo (NYSE: WFC) was downgraded by Baird to Underperform from Neutral.

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This entry was posted on Monday, March 24th, 2008 at 8:42 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.