Downgrades: TAP, DPTR, ARO Thursday, November 5, 2:06 PM ET
This morning, Goldman Sachs downgraded shares of Molson Coor Brewing (NYSE:TAP) from Buy to Neutral as third quarter earnings disappointed. The brewing company reported sales fell almost three percent in the quarter as consumers remain cautious in the uncertain economy. Goldman lowered its 2010 EPS estimates to $3.60 and set a price target of $53 per share.
In morning trading, shares of Molson Coors Brewing were trading lower, off more than two and a half percent.
Wells Fargo downgraded shares of Delta Petroleum (NASDAQ:DPTR) from Market Perform to Underperform as liquidity issues are cause for concern. The banks have put strict capex limits of $10 million per quarter, effectively restraining the company's ability solve its declining production issues. With the downgrade, Wells Fargo has reduced its valuation range to between zero and $1 per share.
Shares of Delta Petroleum sank on the downgrade, losing more than ten percent of its value.
And KeyBanc downgraded shares of Aeropostale (NYSE:ARO) from Buy to Hold on valuation. KeyBanc upgraded shares of Aeropostale in January and the share price has since doubled in value. While the firm is bullish on the long term prospects for the clothing retailer, analysts at KeyBanc see near-term opportunities elsewhere in the sector.
Shares of Aeropostale were hit hard by the downgrade, falling more than thirteen percent this morning.
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