Raymond James analyst Budd Bugatch downgraded Herman Miller (MLHR) to Market Perform from Outperform, Knoll (KNL) to Outperform from Strong Buy, and Steelcase (SCS) to Market Perform from Strong Buy. While the analyst likes the business models and the long-term prospects for each company, he's taking a step back pending evidence that the potential some industry weakness in the next 9-12 months "either will not occur or be short-lived." The stocks may be able to be bought at lower prices if industry challenges cause some interim downshifts in revenues and earnings, Bugatch tells investors in a research note. He points out the Business and Institutional Furniture Manufacturers Association reported Wednesday that August incoming orders fell year-over-year by 2.7%. This was the second negative incoming order rate in the past three months, says Bugatch.