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Investment Analysts’ downgrades for Friday, February 21st:

Alamos Gold (NYSE:AGI) was downgraded by analysts at Dundee Securities to a neutral rating.

Belo Sun Mining (CVE:BSX) was downgraded by analysts at Scotiabank from an outperform rating to a sector perform rating. The firm currently has C$0.60 price target on the stock, down from their previous price target of C$0.75.

Chemtrade Logistics (TSE:CHE.UN) was downgraded by analysts at Scotiabank from an outperform rating to a sector perform rating. The firm currently has C$22.00 target price on the stock.

Capstone Mining Corp (TSE:CS) was downgraded by analysts at BMO Capital Markets from an outperform rating to a market perform rating.

GlaxoSmithKline plc (NYSE:GSK) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. Zacks currently has $51.00 target price on the stock. Zacks’ analyst wrote, “We are downgrading Glaxo to Underperform from Neutral. Glaxo announced that it expects to report revenue growth of approximately 2% with core earnings growth of 4%-8% (both at CER) in 2014 on an ex-divestment basis. The guidance issued by the company is lower than our expectation. We are concerned about the challenges faced by the company in the form of generic competition and pricing pressure. Additionally, we believe that any strict action enforced by the Chinese government will significantly impact the top line. In view of these challenges along with currency headwinds, we believe that Glaxo is overvalued at current levels. Thus, we advise investors to avoid the stock. Glaxo carries a Zacks Rank #5 (Strong Sell).”

IAMGOLD Corp (NYSE:IAG) was downgraded by analysts at Cormark to a reduce rating.

Inter Pipeline Fund (TSE:IPL.UN) was downgraded by analysts at TD Securities from a buy rating to a hold rating. The firm currently has C$29.00 target price on the stock, up from their previous target price of C$28.00.

PartnerRe (NYSE:PRE) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. The firm currently has $106.00 price target on the stock.

Shutterfly (NASDAQ:SFLY) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. Zacks currently has $51.00 target price on the stock. Zacks’ analyst wrote, “Despite decent fourth quarter 2013 results, we downgrade our recommendation on Shutterfly Inc. to Neutral from Outperform due to its cautious outlook for 2014. Though earnings beat the Zacks Consensus Estimate by 10%, they declined year over year. Revenues were up 16.8% year over year and managed to beat the consensus mark by 0.68%. The results reflect strong performance at both the Consumer and Enterprise segments. We are encouraged by the company’s opportunistic acquisitions and improved offerings in the growing mobile e-commerce segment. Management also expects personalized print products to continue to benefit the company, driven largely by aggressive promotions, affordable prices and simplicity of usage. However, the company expects to report a loss in 2014 due to the termination of the Costco partnership. Also, depreciation and equipment costs for expansion and acquisition of manufacturing facilities are expected to adversely impact profitability in 2014. “

Seagate (NYSE:STX) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $53.00 price target on the stock.

Syngenta AG (NYSE:SYT) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. The firm currently has $66.00 price target on the stock. Zacks’ analyst wrote, “Syngenta reported mixed 2013 results. Earnings per ADR came in at $3.86, down 13.5% year over year. Revenues inched up 5% year over year due to a mix of volume and prices improvement. Increase in costs reduced the margins for the company. Syngenta expects foreign exchange transactions to hamper earnings in the coming quarters. Additionally, international operations of the company expose it to various geo-political risks. Product launches, in order to gain market share, raise the company’s legal as well as compliance costs. Moreover, resources that are spent on new products and technological developments may prove futile. Last year’s drought increased the company’s costs. Based on these factors, we downgrade our recommendation on the company to Underperform from Neutral.”

Transalta (TSE:TA) was downgraded by analysts at TD Securities from a buy rating to a hold rating. The firm currently has C$14.00 target price on the stock, down from their previous target price of C$16.50.

Teranga Gold Corp (TSE:TGZ) was downgraded by analysts at GMP Securities from a hold rating to a reduce rating.

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