Analyst downgrades: Concur Tech, Groupe Danone, General Motors

Filed under: Analyst reports, Analyst upgrades and downgrades, General Motors (GM), UAL Corp (UAUA)

MOST NOTEWORTHY: Concur Tech, Groupe Danone and General Motors were today's noteworthy downgrades:

• Piper downgraded shares of Concur Tech (NASDAQ: CNQR) to Neutral from Buy after transferring analyst coverage, as they believe potential upside to estimates is priced into shares while competitive concerns from American Express (NYSE: AXP) are not.
  


• Morgan Stanley downgraded shares of Groupe Danone (OTC: GDNNY) to Equal Weight from Overweight to reflect reduced visibility in the company's core business.
  


• Merrill downgraded General Motors (NYSE: GM) to Underperform from Buy citing the company's deteriorating US auto sales, resulting in a higher cash burn, which could result in a larger than expected capital raise. The firm believes GM capital raise could be in the range of $15 billion and notes that bankruptcy is "not impossible."

OTHER DOWNGRADES:

• Progenics Pharma (NASDAQ: PGNX) was lowered to Underperform from Market Perform at Friedman Billings.
  


• UAL Corp. (NASDAQ: UAUA) was cut to Neutral from Buy at Goldman.
  


• Lehman downgraded Apria Healthcare (NYSE: AHG) to Underweight from Equal Weight at Lincare Holdings (NASDAQ: LNCR) to Equal Weight from Overweight.

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