Nomura downgraded shares of Philip Morris (NYSE:PM) this morning from Buy to Neutral as the firm believes the current share price has fully realized the positive fundamentals derived from the spin off from the Altria Group (NYSE:MO). Despite the downgrade, the firm believes Philip Morris has outperformed peers this year and made strong gains to market share since the spin off last year.
In morning trading, shares of Philip Morris were trading lower by about one half of one percent.
Shares of Motorola (MOT) fell this morning as Goldman Sachs lowered its rating from Buy to Neutral. The firm said this was a valuation call, as the share price was approaching the previously set price target of $7 per share. However, despite the downgrade, the firm did applaud the company's efforts to reduce losses through aggressive cost-cutting measures.
Shares of Motorola sank in early trading, down more than five percent so far today.
And shares of semiconductor manufacturer ASML Holdings (NASDAQ:ASML) received a downgrade this morning from Piper Jaffray, as the firm lowered its rating from Overweight to Neutral. Their analysts believe that Intel's (NASDAQ:INTC) good news has driven the entire sector considerably higher and not much more can be expected in the near term. With the downgrade, the firm set a price target of $24 per share.
This morning, shares of ASML Holdings were trading lower, off about one and a half percent.
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