This morning, Goldman Sachs downgraded shares of Graco (NYSE:GGG) from Neutral to Sell on concerns of a strengthening US dollar. With the dollar making strong moves in recent weeks, analysts at Goldman Sachs are concerned earnings will fall as overseas sales will carry less weight on the quarterly reports. With the downgrade, the firm set a price target $26 per share.
Shares of Graco were trading lower on the news, off more than four and a half percent.
And Oppenheimer downgraded shares of H&R Block (NYSE:HRB) from Outperform to Perform this morning after an "uninspiring" start to the tax season. Analysts at Oppenheimer suspect that the company's business is being impacted by tax filers choosing to use Intuit's (NASDAQ:INTU) Turbo Tax software. With the downgrade, the firm lowered its price target to $26 per share.
Shares of H&R Block were hit hard by the news, falling just about five percent so far today.
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