This morning, Morgan Stanley downgraded shares of Abbvie (NYSE:ABBV) from overweight to equal weight citing valuation. The stock is approaching the firm's $57 price target, reducing the risk/reward profile for investors in the near term. Shares of Abbvie were lower on the news, falling 4.1% so far.
And Oppenheimer downgraded shares of Semtech (NASDAQ:SMTC) from outperform to perform following the company's revised guidance announcement. In the report, Oppenheimer lowered its EPS estimates as well. Shares of Semtech were sharply lower on Thursday, falling more than 14% so far.
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