Downgrades: EP, LMT, DVN Wednesday, October 21, 1:39 PM ET
This morning, Citigroup downgraded shares of El Paso (NYSE:EP) from Buy to Hold as it sees production declining by two percent in 2010. While some production declines are expected to be offset by gains at the Haynesville field, those will not be enough to drive the stock higher. With the downgrade, Citigroup set a price target of $12 per share.
In morning trading, shares of El Paso were trading lower, off about one percent.
Investment firm Collins Stewart downgraded shares of Lockheed Martin (NYSE:LMT) from Buy to Hold as the firm remains concerned over the shift from higher margin F-16 and F-22 jets to lower margin F-35 jets. Also expected to hamper earnings in 2010 is the increased pension expense.
Shares of Lockheed dipped following the downgrade, falling more than two and a half percent so far.
And Morgan Stanley downgraded shares of Devon Energy (NYSE:DVN) from Overweight to Equal Weight on valuation concerns. The share price has already climbed to the point that any recovery in early 2010 is priced in, leaving little room for further appreciation when and if the recovery does occur. With the downgrade, Morgan Stanley removed its price target noting better investment options exist in the sector.
In morning trading, shares of Devon were falling, off about one half of one percent.
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