Downgrades: RDS, EHTH, CELL Friday, October 2, 2:06 PM ET
This morning, Benchmark downgraded shares of Royal Dutch Shell (RDS.A) from Hold to Sell as the firm believes Wall Street EPS estimates for 2010 are too high. The firm has set a price target of $42 per share, almost twenty five percent below Thursday's closing price.
Investors were unmoved by the downgrade, as shares of Royal Dutch Shell remained close to even this morning.
Investment firm Merriman, Curhan Ford downgraded shares of eHealth (NASDAQ:EHTH) to Neutral as marketing costs continue to climb. With marketing costs currently accounting for almost forty percent of revenue, the firm is concerned about the sensitivity of the business model.
In morning trading, shares of eHealth were trading lower, off more than four percent.
And Piper Jaffray downgraded shares of Brightpoint (CELL) from Buy to Neutral on valuation concerns. Shares of Brightpoint have gained more than forty percent since late-July and currently trade near the firm's valuation level. However, Piper Jaffray is bullish on Brightpoint in the long term, as it expects year-over-year sales to show double digit increases and thirty five percent gross margins growth over the same time span.
Shares of Brightpoint were trading lower following the downgrade, off more than two and a half percent.
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