KeyBanc analyst Kenneth Zener last night downgraded Stanley Black & Decker to Sector Weight from Overweight without a price target. The analyst has taken a more selective posture on the household appliances space "as macro catalysts wane." Further, he sees limited valuation upside as "earnings momentum weakens." Stanley's upside catalysts of tool share gains and rising margins are balanced by downside catalysts of slowing industrial indicators and weaker non-U.S. trends, Zener tells investors in a research note. He awaits an upward earnings catalyst to get constructive on Stanley Black & Decker shares.