Benzinga's Downgrade Summary for June 14, 2012

Listed below are today's Top Downgrades covered by Benzinga:

Goldman Sachs notes, "We believe BT's decision to invest in high quality UK football rights could lower product differentiation between BT and VMED and also increases the risk of a loss of price rationality in the UK triple play market. The longterm impact of BT's strategic shift on VMED is hard to gauge and depends in part on the terms of potential wholesale agreements. However, given this uncertainty we no longer expect VMED to re-rate to a growth multiple near-term and we downgrade to Neutral from Buy."

Jefferies comments, "Our downgrade is based on higher near-term revenue risk due to potentially stronger Creative Cloud subscription adoption on promotional pricing; a downtick in Creative Professional growth expectations; and a CS6 cycle where adoption looks consistent to only modestly better than recent cycles. We also update our thoughts on risks from open standards in web/ mobile development and prosumer product competition."

BMO Capital Markets comments, "Ongoing global economic instability and soft domestic growth projections are putting downward pressure on equity and commodity markets. We anticipate Pengrowth to have a funding shortfall for the next few years while the Lindbergh SAGD Project is being built. Management plans to sell non-core assets to bridge the funding shortfall, which may be difficult in a buyers' market. While we believe that a long-life, low-decline project like Lindbergh makes sense for Pengrowth, it may be difficult to fund both the development and the current dividend payouts."