DA Davidson Downgrades Preferred Bank (PFBC) to Neutral; $10 PT May 16, 2008 11:25AM

DA Davidson downgrades Preferred Bank (Nasdaq: PFBC) from Buy to Neutral and lowers its price target from $20 to $10.

The firm believes that the economic downturn has gotten too pronounced "even for this well capitalized". DA Davidson considers Preferred Bank's construction portfolio and notes that this segment has now become a source of credit issues for the company.

DA Davidson lowered its FY08 and FY09 EPS estimate from $1.39 and $2.64 to $0.70 and $1.94, respectively. This compares to the current Street estimates of $1.49 for FY08 and $2.22 for FY09. The firm said the lowered estimates are the result of an "increase in projected credit costs." Trading at a 48% discount to its peer group, the firm feels this valuation is "appropriate due to the risk profile of the bank's construction portfolio.

Preferred Bank operates as an independent commercial bank in California.


CL King Downgrades Audiovox (VOXX) to Accumulate May 16, 2008 10:49AM

CL King downgrades Audiovox Corp. (Nasdaq: VOXX) from Strong Buy to Accumulate with a $13 price target.

Audiovox Corporation and its subsidiaries engage in the design and marketing of electronic products worldwide.


FTN Midwest Downgrades Savings & Loans May 16, 2008 10:26AM

FTN Midwest downgrades Center Financial Corp (Nasdaq: CLFC), Sterling Financial (Nasdaq: STSA), and UCBH Holdings (Nasdaq: UCBH) from Buy to Neutral.

Shares of CLFC are down 2.54%, STSA down 4.12% and UCBH shares dips 5.54% in early trading.

NOTE - STSA and UCBH are in the S&P 600 SmallCap.


Matrix USA Rating Changes 5/16 May 16, 2008 09:33AM

Matrix USA Rating Changes 5/16

Upgrades:
Aircastle (NYSE: AYR) from Hold to Strong Buy; Automatic Data Processing (NYSE: ADP) from Hold to Buy; Barr Pharmaceuticals (NYSE: BRL) from Sell to Strong Buy; Cablevision (NYSE: CVC) from Sell to Hold; Devon Energy (NYSE: DVN) from Sell to Hold; Dynamex (NASDAQ: DDMX) from Sell to Hold; EW Scripps (NYSE: SSP) from Sell to Hold; Great Wolf Resorts (NASDAQ: WOLF) from Sell to Hold; Huntsman (NYSE: HUN) from Sell to Hold; MGE Energy (NASDAQ: MGEE) from Hold to Buy; MTR Gaming Group (NASDAQ: MNTG) from Hold to Buy; Pioneer Drilling (NYSE: PDC) from Sell to Hold; Preformed Line Products (NASDAQ: PLPC) from Sell to Buy; Ralcorp Holdings (NYSE: RAH) from Hold to Buy; Royal Caribbean Cruises (NYSE: RCL) from Hold to Buy; Sapient (NASDAQ: SAPE) from Hold to Buy; Steinway Musical Instruments (NYSE: LVB) from Sell to Hold; Vectren (NYSE: VVC) from Hold to Buy; Waste Connections (NYSE: WCN) from Hold to Buy; and Wendy’s International (NYSE: WEN) from Sell to Hold.

Downgrades:
Airtran Holdings (NYSE: AAI) from Buy to Hold; CH Robinson Worldwide (NASDAQ: CHRW) from Buy to Hold; Cognizant Tech Solutions (NASDAQ: CTSH) from Buy to Hold; Constellation Energy Group (NYSE: CGE) from Buy to Hold; Core Mark Holding (NASDAQ: CORE) from Buy to Sell; Curtiss-Wright (NYSE: CW) from Buy to Hold; Gentek (NASDAQ: GETI) from Hold to Sell; Google (NASDAQ: GOOG) from Buy to Hold; Imperial Sugar (NASDAQ: IPSU) from Hold to Sell; Interwoven (NASDAQ: IWOV) from Strong Buy to Buy; Key Energy Services (NYSE: KEG) from Strong Buy to Hold; LSI (NYSE: LSI) from Buy to Hold; Maidenform Brands (NYSE: MFB) from Buy to Hold; Miller Industries (NYSE: MLR) from Buy to Hold; Move Inc. (NASDAQ: MOVE) from Buy to Hold; Newpark Resources (NYSE: NR) from Sell to Strong Sell; Noveluus Systems (NASDAQ: NVLS) from Strong Buy to Hold; Silicon Image (NASDAQ: SIMG) from Strong Buy to Buy; Sprint Nextel (NYSE: S) from Buy to Hold; Titanium Metals (NYSE: TIE) from Strong Buy to Hold; and Tractor Supply (NASDAQ: TSCO) from Buy to Hold.


Caris & Co Downgrades Response Genetics (RGDX) to Above Average May 16, 2008 09:24AM

Caris & Co downgrades Response Genetics (Nasdaq: RGDX) from Buy to Above Average. Price target dropped to $5.

Response Genetics, Inc. is engaged in the research and development of its clinical diagnostic tests for cancer based on its technologies.


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