This morning, Goldman Sachs downgraded shares of Pioneer Natural Resources (NYSE:PXD) from Buy to Neutral citing valuation. The stock has rallied more than twenty five percent since the middle of December, outperforming the sector and the S&P 500. While the firm downgraded the stock, Goldman did note that it is positive on the company in the long term.
In morning trading, shares of Pioneer Natural Resources were lower on the news, off more than one and a half percent so far.
JP Morgan downgraded shares of Big Lots (NYSE:BIG) from Overweight to Neutral as the stock only offers average upside relative to its peers. The firm notes that much of the 2010 upside is already priced into the stock and urges investors to take some profits off the table. However, with the downgrade, JP Morgan raised its price target from $30 per share up to $32.
Shares of Big Lots were trading lower on the news, off more than three percent in morning trading.
And KBW downgraded shares of Washington Federal (WFSL) from Outperform to Market Perform. The bank's earnings fell short of the consensus estimates yesterday, prompting the downgrade from KBW this morning. Following the weak results, KBW lowered its 2010 EPS estimates to thirty five cents per share, noting the deterioration of the loan portfolio, a flattening yield curve and the inability to make an accretive acquisition with the FDIC thus far.
Shares of Washington Federal were trading lower on the downgrade, falling almost four percent so far today.
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