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Fly News Breaks for February 26, 2016
BBY, PRAA, GG, AWR, SWN
Feb 26, 2016 | 10:21 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Southwestern Energy (SWN) downgraded to Underperform and Underweight at Jefferies and Stephens, respectively, following the company's Q4 earnings report. Jefferies analyst Jonathan Wolff double downgraded the stock citing "great concern" about the company's financial position. Stephens analyst Will Green added that the company's restructuring, which will lead to a leaner company, leaves a lot of long-term uncertainty. 2. American States Water (AWR) downgraded to Sell at Ladenburg by analyst Richard Verdi following the company's weaker-than-expected Q4 results. 3. Goldcorp (GG) downgraded to Sell and Hold at Deutsche Bank and TD Securities, respectively, due to the company's weak production outlook and a $3.9B impairment charge in Q4. 4. PRA Group (PRAA) downgraded to Market Perform and Neutral at JMP Securities and Janney Capital, respectively, following the Q4 report and impaired long-term targets. JMP Securities David Scharf said he would like to see lower allowances, a path to greater U.S. core purchasing, and a positive resolution of the OCC guidance before he expects a material increase in the multiple. 5. Best Buy (BBY) downgraded to Neutral at Piper Jaffray by analyst Peter Keith, who expects downside risk to FY17 guidance following the retailer's Q4 results. He adds that the consumer electronics product cycle has become "remarkably tepid." 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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