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08:09PM (15 mins delay)
Nov 04, 2009 - 2:54 PM EST
This morning, Goldman Sachs downgraded shares of Entergizer Holdings (ENR) from Buy to Neutral as gross margins are not expected to recover as quickly as anticipated. Furthermore, analysts at Goldman believe it is less likely that the company will use free cash flow for buybacks as the M&A picture is heating up. With the downgrade, the firm removed the stock from its Conviction Buy list and lowered its price target to $61 per share. Investors were shaking off the downgrade from Goldman this morning, as shares of Energizer Holdings were up more than two percent today. Piper Jaffray downgraded shares of Maxwell Technologies (MXWL) from Neutral to Underweight citing valuation concerns. After the company missed consensus estimated in the third quarter, analysts at the firm lowered 2010 and 2011 estimates to reflect less growth than previously anticipated. Piper Jaffray still believes the company is positioned well for the long term, but believe the current stock price has climbed too high, too quickly. Shares of Maxwell Technologies fell hard on the downgrade, losing more than ten percent this morning. And a number of investment banks were forced to revise their ratings of Burlington Northern (BNI) following the buyout offer from Berkshire Hathaway (BRK.B). JP Morgan downgraded the stock from Overweight to Neutral, UBS downgraded the stock from Buy to Neutral and BB&T downgraded the stock from Buy to Hold. All three downgrades were in response to the spiking share price yesterday. In morning trading, shares of Burlington Northern were holding firm, just a few dollars below the $100 buyout price. For MarketNewsVideo.com, I'm Sayoko Murase.Source: Market News Video (Nov 04, 2009 - 2:54 PM EST)
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