Today's noteworthy downgrades include: AkzoNobel (AKZOY) downgraded to Neutral from Buy at Citi... Biogen (BIIB) downgraded on 'diminished' growth prospects at Baird... Clean Harbors (CLH) downgraded to Market Perform from Outperform at Raymond James... DealerTrack (TRAK) downgraded to Market Perform from Outperform at Wells Fargo... Diana Shipping (DSX) downgraded to Sell from Hold at Evercore ISI... Flowserve (FLS) downgraded to Hold from Buy at BB&T... Foresight Energy (FELP) downgraded to Neutral from Buy at Natixis... Globant (GLOB) downgraded to Neutral from Buy at Citi... GrubHub (GRUB) downgraded to Market Perform from Outperform at Cowen... Intesa Sanpaolo (ISNPY) downgraded to Neutral from Conviction Buy at Goldman... Manitowoc (MTW) downgraded to Sell from Neutral at Goldman... Mylan (MYL) downgraded to Market Perform from Outperform at Cowen... Natixis (NTXFY) downgraded to Sell from Neutral at Goldman... Navistar (NAV) downgraded to Sell from Neutral at Goldman... Omnicare (OCR) downgraded to Neutral from Overweight at JPMorgan... Republic Airways (RJET) downgraded to Hold from Buy at Deutsche Bank... SFX Entertainment (SFXE) downgraded on likelihood of decline in bid at Stifel... Terex (TEX) downgraded to Sell from Neutral at Goldman... Ultragenyx (RARE) downgraded to Equal Weight from Overweight at Morgan Stanley... Linear Technology (LLTC) downgraded to Neutral from Long-Term Buy at Hilliard Lyons... Patterson-UTI (PTEN) downgraded to Accumulate from Buy at Global Hunter.

Goldman Sachs upgraded AkzoNobel to Neutral from Sell with a price target of $70, up from $66. The company's Q1 adjusted EBITDA topped estimates, but shares fell 7% intraday due to a higher-than-expected operating expense guidance given on the earnings call, the analyst tells investors in a research note. Investors have expressed disappointment in the higher-than-expected costs, stating that more could be done to offset higher wage inflation, though despite the higher opex outlook, the Q2 and FY24 EBITDA guidance ranges given by management still bracket consensus, the firm added.

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