Listed below are today's Top Downgrades at Benzinga:
Jefferies & Company Downgrades Chipquita Brands CQB to Hold:
Jefferies commented in the report, "Despite management's best efforts to rationalize and grow the business, competitive forces plus a very challenging macro environment in Europe are leading to continued earnings pressure. With no near-term relief visible, and arguably the situation in Europe deteriorating, we are moving to the sidelines and downgrading CQB to Hold from Buy."
Guggenheim Downgrades Apollo Residential AMTG to Neutral:
Guggenheim went on to say “We view AMTG as fairly valued at current levels. Since AMTG is within 5% of our price target and we lack a catalyst to lift the target, we are downgrading the shares...After leveraging the April proceeds, AMTG bought $1.4 billion in agency RMBS and $90.1 million in non-agency RMBS. We think this asset mix as well as a smaller share count of 24.2 million than our 26.3 million assumption should make our estimates achievable.”
JP Morgan Downgrades Fossil FOSL to Neutral::
JP Morgan commented in the report, "Despite the 38% decline in shares post Q1 earnings yesterday, we are downgrading FOSL to Neutral from OW as we see little on the horizon to move shares materially higher over the next 6-9 months. We believe that the FOSL story remains compelling longer term and is by no means broken; however, we feel the business is currently in a period of transition. Growth rates are decelerating, margins are compressing and the set-up has now shifted from that of a “beat and raise” to a “show me” story."
All of Benzinga's Analyst Ratings news can be viewed here.
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