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Fly News Breaks for March 21, 2016
INTC, AV, X, NTAP, MEMP, EVEP, ARP
Mar 21, 2016 | 10:13 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Atlas Resource Partners (ARP), EV Energy (EVEP) and Memorial Production (MEMP) downgraded to Sell at Citi by analyst Faisel Khan, who said upstream master limited partnerships will continue to face an "extremely challenging" 2016 amid low liquidity and high levels of debt. 2. NetApp (NTAP) downgraded to Underperform at Macquarie with analyst Rajesh Ghai saying NetApp's core mid-range Enterprise installed base continues to be a target of of pure play Flash players but is also likely to be further exposed as Hyper Converged Infrastructure gains steam in 2016. 3. U.S. Steel (X) downgraded to Underperform at Jefferies by analyst Seth Rosenfeld, who said valuations in the steel space are "increasingly hard to justify" following the recent rally. The analyst expects steel pricing to lose momentum into summer. 4. Aviva (AV) downgraded to Market Perform at Bernstein with analyst Edward Houghton saying the company lacks a longer-term growth plan and will end up using excess capital on acquisitions rather than returning it to shareholders. 5. Intel (INTC) downgraded to Underperform at Bernstein by analyst Stacy Rasgon, who said the lack of a Q1 preanounncement does not mean the company is "out of the woods," and it is still possible that the quarter comes in below guidance. The analyst also believes Q2 numbers appear too high, even if Q1 is fine. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
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