Benzinga's Top Downgrades

Analysts at Bank of America downgraded PetSmart PETM from “neutral” to “underperform.” The target price for PetSmart has been lowered from $77 to $60. PetSmart's shares closed at $69.37 yesterday. Analysts at Raymond James downgraded The Travelers Companies TRV from “outperform” to “market perform” and removed the target price of $95. Travelers' shares closed at $85.50 yesterday. Citigroup downgraded International Business Machines IBM from “buy” to “neutral.” IBM's shares closed at $197.77 yesterday. Analysts at JP Morgan downgraded Medtronic MDT from “overweight” to “neutral.” The price target for Medtronic has been lowered from $69 to $64. Medtronic's shares closed at $58.08 yesterday.