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Analysts’ downgrades for Thursday, September 4th:

Ameresco (NASDAQ:AMRC) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. Zacks currently has $9.60 price target on the stock.

Hugo Boss (NASDAQ:BOSSY) was downgraded by analysts at HSBC from an overweight rating to a neutral rating.

Baytex Energy Corp (NYSE:BTE) was downgraded by analysts at TheStreet to a hold rating.

Companhia Brasileira de Distribuicao (NYSE:CBD) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. The firm currently has $47.00 target price on the stock. Zacks’ analyst wrote, “We are downgrading our recommendation on Companhia Brasileira de Distribuicao to Underperform from Neutral as the company is facing constant margin pressure owing to its aggressive pricing strategy started since May 2013. The strategy focused on lowering its selling prices, which has helped it to win customers albeit at the cost of sacrificing its gross margins. Though the company reported double-digit sales growth in the second quarter of 2014, driven by World Cup sales, new store openings and positive same-store sales growth gross margin contracted 30 basis points from the prior-year quarter to 26%. Tough macroeconomic conditions and currency translation headwinds also remain overhangs. In fact, we do not expect macroeconomic conditions and consumer sentiment to recover over the near term.”

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $26.90 target price on the stock.

CONN'S (NASDAQ:CONN) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $28.90 price target on the stock.

Copa Holdings, (NYSE:CPA) was downgraded by analysts at Morgan Stanley from an overweight rating to an equal weight rating. They currently have $142.00 target price on the stock, down from their previous target price of $163.00. The analysts wrote, “We cut CPA’s numbers to reflect a more negative margin impact from a ~50% capacity reduction in Venezuela. We assume 15.8% EBIT margin in the 2H14e and 17.5% in 2015e (down from 18% and 20% previously). Our CPA route analysis since mid-2013 (see pages 6-7) shows a ~50% cut in Venezuelan capacity, redeployed to other countries in South (Brazil, Chile, Peru), Central (Costa Rica, Nicaragua, Cuba, Dominican Republic), and North America (Mexico, US, Canada). Despite successful capacity relocation, we see a negative margin impact on CPA, with lower Venezuela sales given its higher fares and positive FX translation at the official rate. With lower earnings/margins next year, we see limited catalysts for CPA, despite an attractive 13x P/E.”

3D Systems (NYSE:DDD) was downgraded by analysts at Canaccord Genuity from an outperform rating to a sector perform rating.

HCI Group (NYSE:HCI) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $46.10 price target on the stock.

Henkel Ag And Co. Kg (NASDAQ:HENKY) was downgraded by analysts at Commerzbank AG to a buy rating.

HollyFrontier Corp (NYSE:HFC) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. Zacks currently has $47.50 price target on the stock.

Koppers Holdings (NYSE:KOP) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $34.80 price target on the stock.

Douglas Dynamics (NASDAQ:PLOW) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $21.90 target price on the stock.

Progress Software (NASDAQ:PRGS) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. They currently have $25.90 price target on the stock.

Raven Industries (NASDAQ:RAVN) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $24.00 target price on the stock. Zacks’ analyst wrote, “We are downgrading our recommendation on Raven Industries from Neutral to Underperform with a target price of $24. Raven’s earnings declined 8.7% year over year to $0.21 per share in its fiscal second quarter. For the fiscal third quarter, Raven expects double-digit y-o-y declines in net income. Revenue growth in the quarter will also remain challenging due to transitional impact of higher-scale production of Project Loon balloons and planned runoff in contract manufacturing. Furthermore, the North American agricultural equipment environment is expected to remain sluggish for the next four quarters. Fluctuation in exchange rate, increased competition and volatile raw-material costs will also hurt Raven’s earnings. “

Redwood Trust (NYSE:RWT) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $18.30 target price on the stock.

Take-Two Interactive Software (NASDAQ:TTWO) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. The firm currently has $25.30 price target on the stock.

UFP Technologies (NASDAQ:UFPT) was downgraded by analysts at Zacks from a neutral rating to an underperform rating. They currently have $21.90 target price on the stock.

Westlake Chemical (NYSE:WLK) was downgraded by analysts at Zacks from an outperform rating to a neutral rating. The firm currently has $100.20 target price on the stock.

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