Today's noteworthy downgrades include: Anglo American (AAUKY) downgraded to Underweight from Equal Weight at Barclays... Bank of Hawaii (BOH) downgraded to Neutral from Buy at DA Davidson... Canadian National (CNI) downgraded to Hold from Buy at Desjardins... Cash America (CSH) downgraded to Underperform from Neutral at Macquarie... Constellation Brands (STZ) downgraded to Neutral from Buy at SunTrust... Eversource (ES) downgraded to Neutral from Buy at UBS... Gran Tierra (GTE) downgraded to Sector Performer from Outperformer at CIBC... Houghton Mifflin (HMHC) downgraded on valuation at Stifel... Lennox (LII) downgraded to Neutral from Buy at Nomura... Mattel (MAT) downgraded on weak outlook at Argus... Newfield Exploration (NFX) downgraded to Hold from Buy at Societe Generale... Noble Energy (NBL) downgraded to Hold from Buy at Societe Generale... Oceaneering (OII) cut to sell following recent rally at Jefferies... Phibro Animal Health (PAHC) downgraded to Underweight from Equal Weight at Morgan Stanley... Pioneer Natural (PXD) downgraded to Sell from Hold at Societe Generale... Republic Airways (RJET) downgraded to Hold from Buy at Evercore ISI... Rhino Resources (RNO) downgraded to Sell from Hold at Stifel... Rio Tinto (RIO) downgraded to Equal Weight from Overweight at Barclays... SABMiller (SBMRY) downgraded to Underperform from Neutral at Credit Suisse... Shake Shack (SHAK) downgraded to Hold from Buy at Stifel... Stonegate Mortgage (SGM) downgraded to Market Perform at Keefe Bruyette... Torchmark (TMK) downgraded to Underweight from Overweight at Barclays... Ultra Clean (UCTT) downgraded to Hold from Buy at Craig-Hallum.

Wells Fargo analyst Joseph O'Dea lowered the firm's price target on Lennox to $520 from $545 and keeps an Overweight rating on the shares. A solid Q1 and full year raise still saw Lennox's stock down 2% vs. XLI down 80bps, the firm says. Wells thinks a lighter potential R454B tailwind in 2025 and M&A uncertainty overhang are two reasons. In the firm's view, growth potential remains compelling.

The company states: "On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of $80 million to $90 million on a mid-teens percentage increase in revenue."

Reports Q1 revenue $599.1M, consensus $587.4M. Roderick A. Larson, CEO, stated, "We are encouraged by our first quarter 2024 results. Our adjusted EBITDA was higher than guided, on better-than-expected activity levels across our businesses. Compared to the same quarter last year, our consolidated first quarter 2024 operating income was 37% higher on a 12% increase in revenue, with higher revenue in all of our business segments and improved operating income in each segment except for our Offshore Projects Group (OPG). These results, when combined with our backlog and current levels of bidding activity, support our unchanged guidance for the year."

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Consensus $19.72. Backs FY24 revenue up 7%, consensus $5.12B. Sees FY24 free cash flow $500M-$600M.

BofA analyst Alexander Perry raised the firm's price target on Mattel to $26 from $25 and keeps a Buy rating on the shares after the company reported Q1 losses that were ahead of the firm's forecast on significant gross margin upside. Following the report, the firm is raising its calendar 2024 EPS forecast to $1.44 from $1.40, which reflects a 2% sales increase in Q2 as Mattel laps channel destocking from last year, a 3% decline in sales in Q3 given tough Barbie comps, and relatively flat Q4 sales given expected share gains and shelf expansion for key brands at retail through holiday.