This morning, Goldman Sachs downgraded shares of Apache (NYSE:APA) from Buy to Neutral on valuation concerns. The stock has already priced in lower production cost for oil and Goldman has set a price target of $128 per share.
In morning trading, shares of Apache were drifting lower, off about three quarters of one percent.
Bank of America downgraded shares of Iconix Brand (NASDAQ:ICON) from Buy to Neutral as growth is a concern. The firm sees a challenging environment for organic growth during the second half of the year which could disappoint investors. With the downgrade, Bank of America lowered its price target from $18 per share down to $15.
Shares of Iconix were falling on the news, off almost two percent this morning.
And Qualcomm (NASDAQ:QCOM) saw its price target reduced by Credit Suisse from $45 per share down to $40. The firm is concerned that chip margins will be impacted this year and have lowered its 2010 EPS estimates to $2.17 per share.
Shares of Qualcomm were trading modestly lower on the news, off about one quarter of one percent.
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