On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Banco Popolare (BPSAY) downgraded to Neutral from Buy at UBS... Century Aluminum (CENX) downgraded at Morgan Stanley... Global Power Equipment (GLPW) downgraded to Market Perform at William Blair... Ivanhoe Mines (IVPAF) downgraded to Equal Weight from Overweight at Morgan Stanley... JD Wetherspoon (JDWPY) downgraded to Hold from Buy at Jefferies... MEI Pharma (MEIP) downgraded to Market Perform from Outperform at Wells Fargo... NICE Systems (NICE) downgraded to Market Perform from Outperform at JMP Securities... Progressive (PGR) downgraded to Neutral from Buy at Goldman... Tim Participacoes (TSU) downgraded to Reduce from Overweight at HSBC... ZAGG (ZAGG) downgraded at Craig-Hallum.
NICE Systems downgraded to Market Perform from Outperform at JMP Securities JMP Securities downgraded NICE Systems to Market Perform citing a more balanced risk/reward following the 50% rally in shares over the past six months. JMP sees a lack of catalysts to drive the valuation multiple higher. Shares of the Big Data player closed yesterday unchanged at $59.80.
NICE Systems price target raised to $69 from $60 at Oppenheimer Oppenheimer increased its price target on NICE as the firm is more confident in the company's growth prospects and strategic opportunities. The firm thinks the company is executing well and believes that its multiple can expand further. It keeps an Outperform rating on the shares.