This morning, JP Morgan downgraded shares of Staples (NASDAQ:SPLS) from overweight to neutral as secular pressures are mounting within the sector. With the downgrade, JP Morgan set a $15 price target. Shares of Staples were lower by 0.9% on the news.
Oppenheimer downgraded shares of OmniVision (NASDAQ:OVTI) from outperform to perform as competition within the sector could result in lower margins for the company. Shares of OmniVision were sharply lower on Friday, falling more than 15% so far.
And UBS reduced its EPS estimates on shares of Apache (NYSE:APA) following the announcement that the company had sold certain Egyptian assets. In the report, UBS set a $90 price target. Shares of Apache were higher by 7.5% on the news.
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