Stocks Downgrades: FDO, TAP, VIT, REN, BYI
Monday, March 07, 2022 12:04 PM



U.S. stocks edged higher on Monday as a flurry ofacquisition activity boosted optimism about share prices and oil prices easedfrom earlier highs sparked by tensions in the Middle East.

The Dow Jones industrial average rose 38.14 points, or 0.31percent, at 12,208.02. The Standard & Poor's 500 Index was up 3.15 points,or 0.24 percent, at 1,324.30.

Nomura downgraded Family Dollar (NYSE: FDO) to Neutral fromBuy, following the company's rejection of a hostile takeover offer from NelsonPeltz’s Trian Fund Management LP, saying it substantially undervalues itsbusiness, and adopted a defense to discourage unsolicited offers. The stock istrading at $50.85, up 0.61 percent.

Molson Coor's (NYSE:TAP) has been downgraded to Hold fromBuy by Argus citing the company's weak near-term outlook following thedisappointing Q4 report. TAP is currently trading down 0.57 percent at $43.99.

BMO Capital downgraded VanceInfo (NYSE: VIT) to MarketPerform from Outperform with a $30 target. The firm believes that there is nowa greater risk that the company will reduce its 2011 margin guidance, while thegrowth of most of the company's top five clients is decelerating. The shares ofthe company are trading at $30.36, down 5.48 percent.

Resolute Energy (NYSE: REN) has been downgraded to Neutralfrom Buy at SunTrust. The downgrade came after the firm cited weak 2011production guidance. The company expects 2011 production to be between 2.95 and3.05 million equivalent barrels of oil. REN is trading down by 2.14 percent at$ 17.87.

Janney downgraded Bally Technologies (NYSE: BYI) to Neutralfrom Buy, based on increased competition in the replacement market, heavydiscounting, and concerns that the Canada systems contract may not occur in2012. The shares of BYI are trading at $36.45, low 4.78 percent.


 

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