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11:33PM (15 mins delay)
Jul 17, 2009 - 4:46 PM EDT
After Biogen (BIIB) reported better than expected earnings yesterday, BMO downgraded the company from Outperform to Market Perform. Goldman Sachs disagreed and maintained its Buy rating on the stock, citing the continuing possibility of a buyout by a larger pharmaceutical company making shares attractive at these prices. In morning trading, investors sided with BMO and shares of Biogen traded lower by a little more than one percent. Wells Fargo cited valuation when the firm downgraded shares of Kinder Morgan Energy (KMP) from Outperform to Market Perform. The firm believes the current price reflects their analyst's distribution growth estimates of 3.6% for 2010. Furthermore, the firm believes the best way to invest in Kinder Morgan is through the management company, Kinder Morgan Management (KMR). Shares of Kinder Morgan Energy declined by about one half of one percent on the downgrade. And Johnson Controls (JCI) drew the attention of analysts at Goldman Sachs and Barclays Capital. Goldman downgraded the company's rating from Neutral to Conviction Sell on valuation and lowered its price target from $19 per share down to $17 per share. The firm's main concern still lies on Johnson Control's reliance on the auto sector. Barclays agreed with Goldman's assessment and lowered its price target from $24 per share down to $19 per share. Shares fell this morning by a little more than one and one half percent on the downgrade. For MarketNewsVideo.com, I'm Vanessa Moore Henry.Source: Market News Video (Jul 17, 2009 - 4:46 PM EDT)
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