Today's noteworthy downgrades include: American Capital Mortgage (MTGE) downgraded to Sell from Neutral at UBS... BorgWarner (BWA) downgraded to Neutral at Baird... Cameron (CAM) downgraded to Hold from Buy at Societe Generale... Consolidated Edison (ED) downgraded to Hold from Buy at Argus... FMC Corporation (FMC) downgraded to Neutral from Buy at Longbow... GameStop (GME) downgraded to Sell from Hold at Benchmark Co.... IDEXX (IDXX) downgraded to Market Perform from Outperform at Raymond James... SQM (SQM) downgraded to Sector Perform from Outperform at Scotia Howard Weil... Seventy Seven Energy (SSE) downgraded to Equal Weight from Overweight at Stephens... Teradata (TDC) downgraded to Neutral from Overweight at Atlantic Equities.

Scotiabank lowered the firm's price target on Consolidated Edison to $85 from $91 and keeps an Underperform rating on the shares. Interest rates remain stubbornly high, which has weighed on the sector's valuation, the analyst tells investors. The firm views both Canadian and North American utility stocks as undervalued but sees upside for Canadian utility stocks following their steady underperformance compared to its U.S. peers. Fundamentally, Scotiabank remains bullish on the group's long-term earnings outlook given the tailwinds driving its strong rate base growth.