This morning, Goldman Sachs downgraded shares of Joy Global (JOY) from buy to neutral as uncertainty remains with the underlying commodity prices. In the report, Goldman set a new $60 price target. Shares of Joy Global were lower by 2.4% on the downgrade.
Sterne Agee downgraded shares of Occidental Petroleum (NYSE:OXY) to neutral citing valuation. The stock is approaching the firm's $97 price target, reducing the risk/reward profile. Shares of OXY were lower by 0.9% on the news.
And Bank of America downgraded shares of US Airways (LCC) to underperform as the proposed merger with AMR could reduce shareholder value in the near term as the effect of synergies is a longer term proposition. In the report, Bank of America lowered its price target to $16 per share. US Airways was lower on Wednesday, falling 3.7%.
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