UPDATE: Wedbush Downgrades Ceradyne to Neutral

Wedbush is out with its report today on Ceradyne

, downgrading CRDN from Outperform to Neutral. In a note to clients, Wedbush writes, "We are downgrading shares of Ceradyne to NEUTRAL from OUTPERFORM and lowering our price target to $42 from $54 following our recent meeting with management. Our downgrade is based on (i) our increased concern over lower demand and margin pressure in recent higher growth markets, (ii) a likely permanent reduction in body armor production volume as the completion of several legacy orders draws near, and (iii) the uncertainty associated with the contribution of new growth markets, including oil and gas." At the time of posting, shares of CRDN were trading at $38.20, down 1.85% from Monday's close.