Analyst downgrades: TXN, SNDK and BRCD

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Analyst downgrades: TXN, SNDK and BRCD
Jul 22, 2008 11:50 AM UTC

Eric Buscemi

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Symbol	Sentiment	Start	Return	Closed
SFI	n/a
SNDK	n/a
ARTC	n/a
GILD	n/a
BRCD	n/a
AGO	n/a
FDRY	n/a
LNVGY	n/a
TXN	n/a

Via BloggingStocks:

Filed under: Analyst upgrades and downgrades, Texas Instruments (TXN), Gilead Sciences (GILD), SanDisk Corp (SNDK)

MOST NOTEWORTHY: Texas Instruments, SanDisk and Brocade were today's noteworthy downgrades:

Merrill Lynch downgraded shares of Texas Instruments (NYSE: TXN) to Neutral from Buy after the company reported lower-than-expected Q3 results due to concerns regarding elevated inventory levels and rising raw material and labor costs. Merrill lowered their target to $27 from $32.

Citigroup cut SanDisk (NASDAQ: SNDK) to Sell from Hold after the company reported a Q2 miss and offered lower-than-expected guidance. Citigroup lowered their target price to $14 from $20.

JMP Securities downgraded Brocade (NASDAQ: BRCD) to Market Perform from Outperform following the company's announcement to buy Foundry Networks, Inc. (NASDAQ: FDRY) for $19.25 per share.

OTHER DOWNGRADES:

ArthroCare (NASDAQ: ARTC) was lowered to Market Perform from Outperform at William Blair.

JP Morgan downgraded Assured Guaranty (NYSE: AGO) and Lenovo Group (LNVGY) to Neutral from Overweight.

iStar Financial (NYSE: SFI) was downgraded to Sell from Buy at UBS.

Goldman removed Gilead Sciences (NASDAQ: GILD) from the Conviction Buy List.

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