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Equities Research Analysts’ downgrades for Wednesday, July 2nd:

Arrium (ASX:ARI) was downgraded by analysts at Deutsche Bank from a top pick rating to a sell rating.

Bristol-Myers Squibb (NYSE:BMY) was downgraded by analysts at Barclays from an overweight rating to an equal weight rating. The firm currently has $46.00 target price on the stock, down from their previous target price of $65.00.

Beazer Homes USA (NYSE:BZH) was downgraded by analysts at Sterne Agee from a buy rating to a neutral rating.

El Paso Pipeline Partners, L.P. (NYSE:EPB) was downgraded by analysts at Goldman Sachs from a neutral rating to a sell rating.

Harley-Davidson (NYSE:HOG) was downgraded by analysts at Raymond James from an outperform rating to a market perform rating.

Hormel Foods Corp. (NYSE:HRL) was downgraded by analysts at Credit Suisse from an outperform rating to a neutral rating. Credit Suisse currently has $50.00 price target on the stock, up from their previous price target of $49.00. They noted that the move was a valuation call. The analysts noted that the move was a valuation call.

Independent Bank Co.(MI) (NASDAQ:IBCP) was downgraded by analysts at Keefe, Bruyette & Woods from an outperform rating to a market perform rating. Keefe, Bruyette & Woods currently has $14.50 target price on the stock. The analysts wrote, “We are transferring coverage of Independent Bank Corporation from Christopher McGratty, trimming our target to $14 from $14.50 and lowering our rating to Market Perform from Outperform. “While we commend management on its efforts to de-risk the balance sheet, shore up its capital structure and rid itself of credit issues, we believe the next leg of the Independent story may take some time to play out. Given this outlook, along with the recent out-performance in the shares, we feel moving to Market Perform is the appropriate call at this time.”

Millennial Media (NYSE:MM) was downgraded by analysts at Evercore Partners from an overweight rating to an equal weight rating.

Targa Resources Partners (NASDAQ:NGLS) was downgraded by analysts at Barclays from an overweight rating to an equal weight rating. They currently have $68.00 target price on the stock, up from their previous target price of $65.00.

Targa Resources Partners (NASDAQ:NGLS) was downgraded by analysts at Wells Fargo & Co. to a market perform rating.

Omega Healthcare Investors (NYSE:OHI) was downgraded by analysts at Goldman Sachs from a buy rating to a neutral rating.

Companhia de Saneamento Basico (NYSE:SBS) was downgraded by analysts at Scotiabank from an outperform rating to a sector perform rating.

Trimble Navigation Limited (NASDAQ:TRMB) was downgraded by analysts at Janney Montgomery Scott from a buy rating to a neutral rating. The firm currently has $36.00 price target on the stock, down from their previous price target of $40.00.

U.S. Bancorp (NYSE:USB) was downgraded by analysts at Robert W. Baird from an outperform rating to a neutral rating. The firm currently has $44.00 target price on the stock.

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