SouFun price target lowered to $15 from $18 at Brean Capital Brean Capital lowered its price target on SouFun to $15 from $18 citing the company's aggressive plan announced yesterday to maintain its market standing in listing services and soften its recent resistance by secondary listing agencies. The firm expects top line growth and margins to be negatively impacted, but continues to view it as a long-term story for investors and keeps its Buy rating on the stock.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AG Mortgage (MITT) downgraded to Market Perform from Outperform at Keefe Bruyette... Brookfield Renewable (BEP) downgraded to Underperform from Neutral at Credit Suisse... Emera (EMRAF) downgraded to Equal Weight from Overweight at Barclays... Fibria Celulose (FBR) downgraded to Neutral from Buy at Citigroup... First Marblehead (FMD) downgraded to Neutral from Buy at Compass Point... First Security (FSGI) downgraded to Market Perform from Outperform at Raymond James... Gap (GPS) downgraded to Market Perform from Outperform at FBR Capital... Intelsat (I) downgraded to Underweight from Equal Weight at Morgan Stanley... LivePerson (LPSN) downgraded to Neutral from Outperform at Credit Suisse... MercadoLibre (MELI) downgraded on valuation, difficult comps at Stifel... Midway Gold (MDW) downgraded to Underperform from Outperform at RBC Capital... Numerex (NMRX) downgraded to Market Perform from Outperform at Northland... Portland General Electric (POR) downgraded to Neutral from Overweight at JPMorgan... Rackspace (RAX) downgraded to Outperform from Buy at CLSA... Rosetta Resources (ROSE) downgraded to Sector Weight from Overweight at KeyBanc... SouFun (SFUN) downgraded to Hold from Buy at Deutsche Bank... Verizon (VZ) downgraded to Underperform from Neutral at Macquarie.
SouFun downgraded to Hold from Buy at Deutsche Bank Deutsche Bank downgraded SouFun to Hold saying the recent share rally is unwarranted given the business model transition. Deutsche expects the company's margins to deteriorate and cut its price target for shares to $7.20 from $9.50.