Oct 27, 2009 (MarketNewsVideo.com via COMTEX News Network) -- This morning, BMO Capital downgraded shares of Palm (PALM) from Market Perform to Underperform as the firm is concerned that the new Android operating system by Google will push Palm's operating system further down in the rankings. With Apple and Research in Motion already holding the top two spots, Google's entrance into the sector has the potential to push Palm into the fourth position. BMO expects Palm to deliever weaker than expected sales results in 2010 and has lowered its price target from $11 per share to $10.
Shares of Palm fell in morning trading, off more than four percent so far today.
And Spectra Energy (SE) saw its shares downgraded from Hold to Sell by Citigroup. The firm believes shares have become overvalued as investors have driven shares higher by more than twenty percent since mid-July. Furthermore, analysts at Citi are concerned about the potential currency and commodity price risks going forward. With the downgrade, the firm set a price target of $18 per share.
In morning trading, shares of Spectra Energy fell by about two percent following the downgrade.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910Downgrades102709&mv=1.
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