This morning, Jefferies lowered its price target on shares of Bank of New York Mellon (NYSE:BK) to $36 after the company revised its own guidance lower. In the report, Jefferies notes that the company is seeing higher expenses and slowing growth. Jefferies maintained its hold rating on the stock. Shares of Bank of New York Mellon were higher, despite the report, climbing 0.7% today.
Wedbush Morgan lowered its price target on shares of Cree (NASDAQ:CREE) to $73 as increased competition in the sector is squeezing margins. In the report, Wedbush reduced its EPS estimates, but maintained its outperform rating. Shares of Cree were higher as well today, climbing 6.2% so far.
And Wells Fargo downgraded shares of Superior Energy (NYSE:SPN) from outperform to market perform on concerns that market share could deteriorate over the next several quarters. Shares of Superior Energy were lower by 1.9% on the news.
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