CHANGE IN RATINGSBJ Services ( BJS) downgraded at Goldman Sachs to Sell from Neutral based on severe margin challenges caused by collapse in pressure pumping pricing and slowdown in drilling activity. Believe that structural pressure pumping overcapacity could persist into the next upcycle, limiting upside. Price target cut to $8 from $10. Genentech ( DNA) downgraded at Oppenheimer to Perform. Believe the deal with Roche is done at $95.
Paychex ( PAYX) estimates reduced through 2010, target cut at Barclays Capital. Weak economy and lower interest rates will weigh on results. Equal-weight rating and new $25 price target. PPG Industries ( PPG) downgraded at Credit Suisse to Underperform from Neutral based on further weakening demand in end markets. Lowered target price to $30 from $40.