This morning, BMO Capital reduced its price target on shares of M&T Bank (NYSE:MTB) to $115 as delays surrounding the Hudson City Bancorp (HCBK) merger are concerning. In the report, BMO lowered its EPS estimates, but maintained its market perform rating. Shares of MTB were lower by 1.9% following the report.
Bank of America downgraded shares of Avon Products (AVP) from buy to neutral as the company's turnaround efforts may take longer than originally anticipated. In the report, Bank of America seta price target of $18.50. Shares of AVP were lower on Wednesday, falling 1.3% so far.
Jefferies downgraded shares of El Paso Electric (NYSE:EE) from buy to hold as delays to the Montana Power Station will lower expected earnings. In the report, Jefferies set a $37 price target. Shares of El Paso Electric were lower by 2.1% today.
And Nomura downgraded shares of Global Payments (NYSE:GPN) to a neutral rating as the stock is approaching the firm's $66 price target. Shares of GPN were lower by 1.9% on the news.
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