Shares of Coventry Health (CVH) were downgraded this morning by Goldman Sachs. The firm reduced its rating from Neutral to Sell on valuation concerns, as the stock is currently trading at a forward PE multiple that outpaces the sector by twenty five percent. Furthermore, with gains in excess of 150% since the March lows, Goldman feels the share price is starting to get ahead of earnings.
In morning trading, shares of Coventry Health were falling, off more than three and a half percent.
UBS downgraded shares of Verizon Communications (NYSE:VZ) from Buy to Neutral. The firm expects the company to miss its 2009 earnings growth targets and sees the wireline business continuing its downward trend. With the downgrade, the firm lowered its price target from $34 per share down to $32.
Shares of Verizon were heading lower Wednesday morning, off more than two and a half percent so far.
And Goldman Sachs downgraded shares of General Mills (NYSE:GIS) from Buy to Neutral as it feels the analyst community is expecting too much from the company. With consensus earnings estimates already exceeding the company's guidance, little upside exists. Goldman maintained its $66 price target despite the downgrade.
Shares of General Mills were off about one and a half percent following the downgrade.
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