This morning, JP Morgan downgraded shares of Clorox (NYSE:CLX) from neutral to underweight citing valuation. In the report, JP Morgan notes that the stock is trading at a P/E ratio of 20 which is very high compared to the sector. Shares of Clorox were lower on the news, falling 1.8% so far.
RBC Capital downgraded shares of Baker Hughes (BHI) from outperform to sector perform as margin growth could slow in 2014. With the downgrade, RBC set a $60 price target. Shares of Baker Hughes were lower on Wednesday, falling 1.5%.
And BMO Capital downgraded shares of Eli Lilly (NYSE:LLY) from market perform to underperform as the clinical pipeline will likely yield lower results in 2014. With the downgrade, BMO set a $50 price target. Shares of Eli Lilly were lower by 0.8% today.
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