Benzinga's Top Downgrades With Color for May 9, 2012

Listed below are today's Top Downgrades at Benzinga:

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 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 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."