This morning, Citigroup downgraded shares of SPX Corporation (SPW) from Buy to Hold based on valuation. The firm believes Wall Street consensus estimates for 2010 are too high and investors could be surprised as the company reports earnings. With the downgrade, Citigroup set a new price target of $59 per share.
In morning trading, shares of SPX Corporation were trading lower, off more than two and a half percent.
Janney Montgomery Scott downgraded shares of Regal Entertainment (NASDAQ:RGC) from Buy to Neutral, also citing valuation. The firm is concerned Wall Street estimates are too high for 2010 as the movies scheduled to be released in the second half of the year seem weaker. The firm continues to rate competitor Cinemark (NYSE:CNK) with a Buy rating as more upside exists based on the current share price.
Shares of Regal Entertainment were trading lower this morning following the downgrade, off about three quarters of one percent.
And UBS reduced its estimates on Molson Coors Brewing (NYSE:TAP) as costs are expected to increase in 2010 with the Winter Olympics coming to Canada. The company is expected to boost its spending, but with sales volumes still soft in the United States, earnings could be impacted. In the report, UBS maintains its Buy rating, but sets its price target at $55 per share.
In morning trading, shares of Molson Coors were trading lower, off almost one percent following the report from UBS.
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