NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Carlyle Group (CG - Get Report) was downgraded at Citigroup to neutral from buy and given a $29 price target. Funding costs are elevated, private equity investments are tougher to make and valuation is rich, Citigroup said.
CenterPoint Energy (CNP) was downgraded at UBS to neutral from buy. Price target is $26. Catalysts are priced in and valuation is fair, UBS said.
Crocs (CROX - Get Report) was downgraded at Sterne Agee to underperform. Bad management and a lack of transparency, Sterne Agee said. An undisclosed licensing agreement with an ex-CROX-executive haven, Backjoy.com, has spooked investors, Sterne Agee also said. Price target $10.Curtiss-Wright (CW) was downgraded at Bank of America/Merrill Lynch to neutral from buy. Price target is $46. Recent appreciation of the S&P 500 leaves little near-term upside, so the downgrade was because of valuation, BofA/Merrill said. Quest Diagnostics (DGX) was upgraded at Maxim Group to buy from hold. $73 price target. New management team is cutting costs and working to restore growth, Maxim Group said. FirstEnergy (FE) was downgraded to hold at TheStreet Ratings. Fusion-io (FIO) was downgraded at Benchmark to hold from buy. $13 price target. Company will likely have to cut pricing to grow sales, Benchmark said. Fusion-io was downgraded at Stifel Nicolaus to hold from buy. Gross margin outlook is concerning, Stifel Nicolaus said. Fusion-io was downgraded at Merrill Lynch to neutral. Limited visibility and margin erosion, Merrill Lynch said. Even if revenues grow, new market entrants will push down prices and shrink FIO margins, Merrill Lynch said.
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