Investment Analysts’ downgrades for Tuesday, September 20th:

Affiliated Managers Group (NYSE:AMG) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Affiliated Managers’ mounting expenses are expected to hurt the company’s bottom line as the company continues to invest in affiliates. Further, intangible assets, which form a substantial part of its balance sheet, face the risk of impairment. Moreover, high debt level can restrict the company from procuring additional finance and might drag it into a relatively disadvantageous position. Nonetheless, the company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations.”

Amphenol Corp. (NYSE:APH) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “The diversification in end markets, with a consistent focus on technology innovation and customer support, enable Amphenol to post strong results. A balanced organic and inorganic growth model, a lean and flexible cost structure, and an agile and entrepreneurial management team add to its strengths. With strong second-quarter 2016 results, Amphenol offered a bullish guidance for 2016 on the back of accretive acquisitions and solid demand. The company has a positive earnings history in the trailing four quarters. Estimates have also remained steady in the last 30 days ahead of the third-quarter results. However, increasing cost of raw materials, cut-throat competition and foreign currency risks remain headwinds in a challenging macroeconomic environment. Huge operating costs through sustained R&D efforts often impact its return on investments. In addition, continued acquisition binge is also expected to be a drag on operating results.”

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Avery Dennison Corp. (NYSE:AVY) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Following the strong operating performance in the second quarter 2016, Avery Dennison raised its adjusted earnings per share guidance to a new range of $3.80–$3.95 for 2016. Its endeavor to reduce fixed costs, localize material sourcing and responding more quickly to changes in customer needs will aid growth. The company's recent acquisition of Mactac will add capacity to support growth for both graphics and tapes. It will also gain from constant focus on productivity, capital discipline, execution of strategies, cost control and share repurchases. These are well reflected in the company’s positive record of earnings surprises in recent quarters. However, Avery Dennison anticipates that the negative impact of currency translation will reduce full year 2016 net sales by around 2.5% and pretax earnings by roughly $18 million. Challenging comparisons, weak demand in Europe and China also remain concerns.”

Chunghwa Telecom (NYSE:CHT) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Chunghwa unveiled a disappointing guidance for certain important metrics for full-year 2016. Both operating and non-operating income and net income are expected to decline for 2016. Moreover, stringent pricing pressure, oversaturated and competitive telecom market and telecom regulatory changes are some of the near-term risks. However, Chunghwa seems to dominate the Taiwanese telecom market with its presence in 80% of the broadband market and almost 35% of the wireless market. The company also intends to raise its market share in the 4G market in Taiwan to 40% aiming to add a net of 2 million 4G wireless subscribers in 2016. Chunghwa is expanding its fiber-based high-speed next-generation FTTx (fiber to the home/building) offerings. The company is installing large-scale fiber-to-the-home (FTTH) and fiber-to-the-building (FTTB) access infrastructure. “

Colgate-Palmolive (NYSE:CL) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Colgate is in good shape given its continued focus on product innovation, along with globally recognized brands and presence in both developed and emerging economies, which enables it to capture growth opportunities and boost profitability. Further, the company’s international brand recognition and innovative strategies underscore its inherent strength. The company’s cost savings programs are also delivering impressive results as evident from improving operating margins. In 2016, the company anticipates to deliver robust organic sales growth backed by new products across categories and geographical regions, which should translate into double-digits organic earnings per share growth. However, the company expects macroeconomic headwinds and currency woes to linger in 2016. Also, stiff competition remains a threat. Estimates have been largely stable ahead of the company’s third-quarter earnings release.”

Cintas Corp. (NASDAQ:CTAS) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Cintas procures raw materials from a wide variety of domestic and international suppliers, making it susceptible to market risks which are beyond its control. In addition, Cintas faces stiff competition from national, regional and local companies on various factors such as design, price, quality, service and convenience to the customers. As such, the company has to continually invest in value drivers to fend competition, which further weakens its profitability. Moreover, persistent challenging macroeconomic environment has mostly driven customers to perform certain in-house services instead of outsourcing these services to Cintas, which have resulted in loss of businesses. However, Cintas’ investment strategy takes a holistic view of the rapidly evolving market and deploys a dynamic capital allocation approach to focus on the relative value of the various sectors within the broader industry.”

Domino’s Pizza (NYSE:DPZ) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Domino's Pizza has considerable international presence and is thus highly vulnerable to fluctuations in exchange rates. Despite the weakening of the U.S. dollar in the first half of 2016 compared to the prior year, currency headwinds are expected to keep profits under pressure. In fact, the company expects foreign currency to have an $8 million to $12 million year-over-year impact on pretax earnings in 2016. Moreover, higher labor costs and expenses related to sales initiatives are likely to remain headwinds. Nonetheless, the company has been posting positive comps over the past four quarters, and its digital ordering system, focus on re-imaging and other sales initiatives are expected to help it sustain the momentum. Meanwhile, the company has mixed record of earnings surprises in recent quarters. However, soft consumer spending environment in the U.S. restaurant space may dent sales.”

Darden Restaurants (NYSE:DRI) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Darden provided a weak guidance for fiscal 2017 earnings at the fiscal fourth quarter conference call. Moreover, though the company posted positive comps across all brands in the fiscal fourth quarter, the figures compared unfavorably with the prior-quarter comps. The company also witnessed a decline in sales across all its segments in the quarter. Going forward, sales initiatives like simplifying kitchen systems, menu innovation coupled with technology-driven moves should boost the top line. Estimates have been mostly stable lately ahead of Darden’s first-quarter fiscal 2017 earnings release. Meanwhile, the company has positive record of earnings surprises in recent quarters. However, we are yet to see sustained improvement in its flagship brand, Olive Garden. Moreover, Darden’s rising labor costs and a non-franchised business model might dampen profits, while a soft consumer spending environment could keep comps under pressure.”

DST Systems (NYSE:DST) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “DST Systems is one of the leading global providers of sophisticated information processing software and systems to the financial services industry, primarily mutual funds and investment managers. Off late, estimates for the company have been stable. We opine that DST Systems’ business volume and massive scale of operation in Financial Services will attract new customers. We also expect steady contributions from acquisitions to support revenue growth. Continued share buybacks and dividend payments should provide further tailwinds. Nonetheless, persistent decline in registered accounts, ongoing consolidation in the U.S. financial services market and stiff competition may put its fundamentals under pressure.”

Encana Corp. (NYSE:ECA) was downgraded by analysts at Scotia Howard Weill from a sector perform rating to an underperform rating.

Estee Lauder Companies (NYSE:EL) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Estee Lauder Companies’ aggressive marketing investments and continued product innovation are encouraging.  The company has been reporting higher top line and margins backed by its strategic initiatives. Going ahead, the company’s strategic initiatives to boost sales and the growing global beauty sector are expected to boost results. Though Estee Lauder expects growth opportunities in product categories in fiscal 2017, economic challenges will likely persist. Hence the company remained cautious while providing its guidance for the year.”

Ericsson (NASDAQ:ERIC) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Ericsson has had a choppy run so far – with two earnings misses, one beat and one quarter of in-line results – over the trailing four quarters. Soft emerging market conditions, completion of major projects in Europe and adverse currency translation have been hurting top-line performances over the past few quarters. During second-quarter 2016, weakening currencies across some of the major Latin America markets and floating of the Nigerian currency proved to be major dampeners. Also, budget cuts by telecom operators are denting the company’s performance as carriers across Europe, Russia and Brazil curtailed investments in wireless products. Moreover, escalating restructuring expenses may pose as significant headwinds ahead. However, on the positive side, a constant rise in demand for 4GLTE and dominant position in the TV & Media business are expected to drive growth.”

First Horizon National Corp. (NYSE:FHN) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “First Horizon continues to face revenue challenges with muted growth in interest income and fee income. The slow rise in interest rates will continue to limit significant expansion in margin. Further, the company is burdened with several litigations which may result in substantial high legal expenses. Additionally, regulatory issues keep us cautious. Nevertheless, the company is well poised to benefit from its organic and inorganic growth strategies. Recently, the company acquired restaurant franchise loans from GE Capital. This transaction is expected to be instantly accretive to First Horizon’s earnings per share. The company is also set to gain from its takeover of TrustAtlantic Financial Corp., completed last year.”

Starwood Hotels & Resorts Worldwide (NYSE:HOT) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Starwood has significant international presence and is therefore highly vulnerable to fluctuations in exchange rates. Moreover, declining revenues from the company’s residential business due to the sale of Bal Harbor remain a concern, which could continue to hurt the top line in the near term. Further, estimates have been going down ahead of Starwood’s third quarter earnings release. Nonetheless, acquisition by Marriott bode well as it would lead to the creation of world's largest hotel company. Moreover, aggressive expansion and the company's asset disposition strategy should drive growth. Also, the company has mostly positive record of earnings surprises in recent quarters. However, political uncertainties in Europe and in some parts of Africa and the economic slowdown in China are expected to keep the top line and operating margins under pressure.”

Hill-Rom Holdings (NYSE:HRC) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Post a promising third quarter by Hill-Rom, we are upbeat about the company to remain on a solid growth trajectory over the near term. The company’s year-over-year outcome was impressive along with record level of gross margin. Based on several positive catalysts, we expect the company to expand geographically in the coming quarters. Notably, in the last reported quarter, Hill-Rom posted strong growth in both Asia-Pacific and the U.S. While we remain impressed with the company’s increased bottom-line guidance for fiscal 2016, the revenue guidance was quite discouraging. Moreover, Hill-Rom’s persistent poor performance in the International front, especially in the Middle East and Latin America keeps us concerned. Unfortunately no near term improvement can be expected in the existing capital crunch condition that eventually led to economic and political downturns in these economies.”

Henry Schein (NASDAQ:HSIC) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “We are disappointed with Henry Schein lowering the upper end of the previously provided EPS guidance range for 2016. Meanwhile, foreign currency fluctuations and competitive headwinds continue to impede the company’s business. However, on a positive note, Henry Schein’s impending acquisition of Marrodent should help it tap into the abundant dental market opportunities in Poland. We are also encouraged by the company’s recent strong share gains in both North American and overseas markets. Its recent investment in Custom Automated Prosthetics – a U.S. digital laboratory supply company offering CAD/CAM equipment and zirconia materials, buoys optimism. However, the company’s weakness in North American Dental sales was less than expectation. The year-over-year deterioration in Henry Schein’s gross margin figure on account of higher cost of sales also depresses us.”

Healthways (NASDAQ:HWAY) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “We believe that Healthways has a substantial pipeline of potential contracts with new and existing customers in both domestic and international markets, which should drive growth. The recently completed organizational restructure is expected to generate cost savings from full-year 2017, which will boost profitability. Meanwhile, estimates have been going up after posting stable second-quarterly results. We note that the company has positive record of earnings surprises in recent quarters. However, declining revenues are a concern. Significant competition in population health management solutions market also remains a major concern.”

Interactive Brokers Group (NASDAQ:IBKR) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Interactive Brokers’ Electronic Brokerage segment witnessed a decline in its August monthly metrics on a year-over-year basis. Further, the company’s dependence on Market Making segment for dividend payments remains a matter of concern, given the dismal performance of the same over the last few quarters. Also, intensifying competitive environment is likely to keep the company’s near-term profitability under pressure. Nonetheless, the company seems well positioned to capitalize on the available opportunities on the back of its better-than-peer positioning, adoption of technology and optimization of resource allocation in global electronic networks.”

International Business Machines Corp. (NYSE:IBM) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “IBM’s revenues are likely to remain affected in the near term due to the long drawn business transition to higher-growth markets that are not yielding enough to offset declines in traditional segments yet. Intensifying competition in the cloud computing & data analytics arena add to its woes. Nonetheless, IBM’s investments in cloud computing, Big Data, mobile and security have started to gain steam. In the last reported quarter, “Strategic Imperatives” revenues of $8.3 billion formed over 40% of total revenue with Cognitive solutions reporting growth of 3.5%. Also, IBM’s history of strategic acquisitions/deals, which has increased its scale of operations globally, will bolster growth. Additionally, collaborations with the likes of Workday will boost the company's top-line growth in the near term.. “

Imax Corp. (NYSE:IMAX) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “IMAX  has had a disappointing run at the box office over the past few months. The below-par box-office performance of movies like Alice Through the Looking Glass and Teenage Mutant Ninja Turtles: Out of the Shadows have hurt the company. However, the company's focus on the Chinese movie market is highly encouraging. The deal inked with Wanda Cinema Line in Aug 2016 will not only reinforce its Chinese presence but also generate huge revenues for IMAX. Conversely, due to its expanding international presence, the company is considerably exposed to foreign exchange-related risks . Apart from foreign exchange risks, the company's profits may also suffer due to stiff competition.”

Inovio Pharmaceuticals (NASDAQ:INO) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Inovio, a development-stage biopharmaceutical company, is focused on the development of treatments targeting various cancer forms and infectious diseases. Inovio received a huge setback when Roche decided to discontinue its collaboration with the company for the development of hepatitis B DNA immunotherapy, INO-1800. Following the decision, the company has resolved to develop INO-1800 independently. We note that being a development-stage company, Inovio depends largely on government grants and contracts for the development of its candidates. Thus, inability to secure sufficient funding could hinder its pipeline progress. Moreover, most of Inovio’s pipeline candidates are in early stages of development and thus, quite a few years away from entering the market, if at all. However, we are positive on the company’s progress with its lead cancer candidate, VGX-3100, which is expected to move into a late-stage study late in 2016.”

Ironwood Pharmaceuticals (NASDAQ:IRWD) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Ironwood’s key marketed drug, Linzess has blockbuster potential, if approved for additional indications. We are also encouraged by Ironwood's partnership deals for the development and commercialization of Linzess in different territories. However, Ironwood is dependent on Linzess for growth. Notably, any Linzess-related pipeline/regulatory setbacks would weigh heavily on the stock, given that the rest of its pipeline is mostly mid-stage in nature. Moreover, Linzess' target market has quite a few players, with other companies working on bringing new products to market.”

Intuitive Surgical (NASDAQ:ISRG) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Intuitive Surgical reported impressive second quarter 2016 results. We believe incremental spending on product development and higher investment on expanding the company’s footprint in international markets (particularly in Europe) are prudent moves that will drive long-term growth. Further, growing adoption of the da Vinci system among physicians for general surgery and thoracic procedures is a key growth catalyst. Moreover, the integrated Table Motion product has gained significant traction within a short span of time, which will boost top-line growth. However, management’s guidance for the second half of the year disappointed us. Gross margin is also forecasted to decline in the back half. Moreover, higher spending on product development can weigh on margin in the near term.”

Tyco International (NYSE:JCI) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Johnson Controls’ merger with Tyco has created a leading global multi-industrial company named Johnson Controls International plc. The combined company is expected to generate revenues of $30 billion annually. Johnson Controls expects market expansion, acquisitions and strategic contracts to improve its performance and boost earnings. However, currency headwinds and stiff competition are some concerns. Johnson Controls’ earnings estimates have inched down lately, albeit still significantly higher than 30 days ago. The company has a mostly positive record of earnings surprises in recent quarters.”

Johnson & Johnson (NYSE:JNJ) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “J&J’s Pharma segment is performing well despite challenges like generic competition for a few products, currency impact and lower HCV revenues. Contribution from new as well as core products, share buybacks and the restructuring initiative should help drive results. We believe J&J’s diversified business model, deep pipeline, lack of cyclicality and strong financial position will continue helping the company pave its way through tough situations. We expect the company to continue pursuing bolt-on acquisitions and deals to boost its portfolio. J&J has a deep and promising pipeline with a good new product launch record. However, challenges for the company remain in the form of generic competition, pricing pressure and pipeline setbacks. “

JPMorgan Chase & Co. (NYSE:JPM) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “JPMorgan's energy exposure will remain an overhang in the near-term, with management expecting incremental reserve build this year. Moreover, top line growth is likely to remain challenged in the near-term owing to continued pressure on fee income. Also, with the enforcement of new banking regulations, additional pressure on fee income is expected in the near term. However, the company is expected to witness a rise in interest income driven by solid loan growth. Further, synergies from improving retail banking performance and cost-containment efforts will help the company improve its profitability.”

ArcelorMittal SA (NYSE:MT) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Estimates for ArcelorMittal have been stable of late. ArcelorMittal remains highly focused on reducing debt, lowering costs and improving efficiency. Moreover, it is looking to sell its non-core assets and increase focus on important operations. However, ArcelorMittal continues to contend with soft economic conditions in Europe and China, volatility in steel prices and tough competition. Moreover, China, which has built up a massive excess steel capacity, still remains a concern.”

MGIC Investment Corp. (NYSE:MTG) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “MGIC Investment’s insurance in force has been witnessing growth owing to the addition of high quality new insurance. Notably, in the second quarter the metric rose 5.2% year-over-year. Per the August operating statistics, the company’s insurance in force grew 4.6% year over year. Going ahead, we expect this metric to rise further. Also, positive credit trends, low expense ratio are tailwinds. Moreover, an improving housing market as well as declining delinquency will boost the company’s earnings in the coming quarters. While, the Zacks Consensus Estimate for 2016 remained stable over the last 60 days, the same has been moving north for 2017 over the same time frame. However, a competitive environment and pressure to maintain capital at required level will reduce the company’s capital flexibility.”

Metso Oyj (OTC:MXCYY) was downgraded by analysts at Credit Suisse Group AG from an outperform rating to a neutral rating.

Oracle Corp. (NYSE:ORCL) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Oracle's first-quarter 2017 results failed to impress us. Although cloud revenue growth was strong, weak on-premise software revenues dragged down the results. Oracle is in the middle of a business transition from licensing to cloud which will be accretive to long term growth. However, it is a drag on the financials at present. Adding to that, Oracle seems to have hit a bad patch as far as litigation is concerned. Earlier this year, it lost a JAVA APIs lawsuit against Alphabet’s Google and another Itanium software lawsuit against HPE. Although, Oracle is set to to re-appeal against these verdicts, the adverse decisions will remain an overhang on the stock. Nevertheless, the ongoing momentum at SaaS and PaaS provides signficant growth opportunity. The introduction of Generation2 IaaS data centers are expected to improve Oracle’s competitive prowess against Amazon Web Services and will drive market share going ahead.”

QEP Resources (NYSE:QEP) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “With a diversified asset base, exposure to emerging plays and quality acreage in multiple basins, this mid-cap onshore-focused E&P offers a compelling value. Since its split from Questar Corp. in 2010, QEP has established a strong track record of production growth, while maintaining a competitive cost structure. The split of its midstream segment is expected to further enhance shareholder worth. However, the natural gas-heavy production mix currently clouds QEP’s value and is the main factor behind our cautious stance. Moreover, the oil price slump has adversely affected the group’s earnings and cash flows. Consequently, until the external environment challenges subside, we see limited upside for QEP shares from current levels.”

Royal Dutch Shell PLC (NYSE:RDS.A) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Predictably, the commodity price slump has adversely affected Royal Dutch Shell’s earnings and cash flows, particularly at its upstream unit. Furthermore, lost reserves/production from the group's assets in Nigeria amid militant attacks and heightened risk related to the company’s remaining operations in the country cannot be ignored either. We also expect Shell ADRs to remain soft due to its major natural gas focus and lofty capital spending. Moreover, the $50 billion BG acquisition is likely to put pressure on the company's balance sheet. Considering these headwinds, we expect Shell to perform below the industry, which gives investors little reason to hold the stock.”

Republic Services (NYSE:RSG) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Republic Services is focused on enhancing its operations by streamlining the cost structure, improving revenue quality and seeking growth through profitable investment opportunities. The company is realigning its field support functions by combining two organizational layers into one and expects these initiatives to contribute about $25 million of annual cost savings from 2018. Republic Services reaffirmed its earlier 2016 adjusted earnings per share and adjusted free cash flow guidance. The company has a positive earnings history in the trailing four quarters. Earnings estimates have also remained steady over the last 30 days. However, it remains exposed to commodity price headwinds and protracted weakness in special waste, industrial volumes and tight municipal budgets, which will likely have a negative impact on earnings. Margins are also expected to remain constrained in the future quarters as well.”

Scana Corp. (NYSE:SCG) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “SCANA Corp. is a stable, relatively strong and regulated electric utility, supported by regional demographics and a favorable electric utility rate.  Going forward, we expect modest growth to continue thanks to the utility’s improving electric margins and rate increases. We are also bullish about the steady progress of new electric generation plants and nuclear expansion projects. However, construction costs and delays could impact the timing of rate base growth, earnings, cash flow and the quality of the balance sheet. Further, SCANA’s sensitivity to changes in coal, gas, oil and other commodity prices pose as risks.”

Silicon Motion Technology Corp. (NASDAQ:SIMO) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Silicon Motion has a decent earnings surprise history, with three strong earnings beats over the four trailing quarters. The company raised its revenue guidance for the full year, driven by surging demand for SSD controllers. Going forward, Silicon Motion believes strong momentum of its embedded storage products markets will continue to prosper, fuelled by present industry trends. This apart, the previously completed Shannon acquisition is boosting enterprise and industrial SSD solutions sales – especially in Chinese markets – thereby, positioning it well for long-term growth. Strategic product launches and strong commitment toward R&D activities is also expected to contribute to the company’s strength. However, escalating operating expenses, intensifying competition in USB flash drive controller markets and overall sluggishness in global wireless & broader semiconductor markets remain as concerns for Silicon Motion.”

Shaw Communications (NYSE:SJR) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Shaw Communications’ recent divestiture of its subsidiary Shaw Media Inc. to Corus Entertainment Inc., places Shaw Communications as a pure-play Canadian telecom company with a solid growth profile. Further, venture into the Canadian wireless market will be beneficial for it. The company’s recent launch of mobile TV platform – FreeRange TV and its SmartWiFi and SmartSecurity Services should gain traction. The company is also launching high speed internet services and is entering into tie-ups to boost cloud suit. However, the company’s operation in a highly competitive wireless market with incumbents like Rogers Communications, TELUS Corp. and BCE witnessed losses in its video, Internet and landline phone business. Moreover, considerable debt, escalating capital expenditure, deteriorating cash position, rolling out of new brands and advertising promotion is likely to escalate expenses going ahead and may act as headwinds.”

S&P Global (NYSE:SPGI) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “After completing with its portfolio restructuring, McGraw-Hill Financial rechristened as S&P Global is now focusing on its core business that would help it emerge as a leader among rating providers, benchmark providers, and analytics in the global capital and commodity markets. In addition, to aid its goal of emerging as a leader in the global analytics arena, the company has also made strategic investments. All these endeavors have helped the company to continue with its positive earnings surprise streak for the fourteenth quarters in row, when it reported second-quarter 2016 results. However, McGraw-Hill’s results could be hampered by lower volume of debt securities issued in capital markets. Recently, the company released its global bond issuance forecast. The company expects global issuance in 2016 to fall 3.8% in comparison to its previous forecast of nearly 2%.”

Stericycle (NASDAQ:SRCL) was downgraded by analysts at Zacks Investment Research from a hold rating to a strong sell rating. According to Zacks, “Stericycle has a negative earnings surprise history, having missed estimates twice in the trailing four quarters. The recent spate of acquisitions is leading to higher overheads and integration-related expenses, which are weighing on margins. The company faces aggressive price wars that erode its profitability. Evolving environmental rules and regulations remain another headwind. Stericycle also lowered its earnings guidance for 2016 due to macroeconomic challenges. In the past, the company was forced to reduce prices for LQ customers due to competitive pressures, which could be repeated in the future. This forces us to be bearish on the stock to some extent. However, Stericycle’s network is the largest in the industry and provides it with routing efficiencies for its vehicles from the customer sites to the collection and processing facilities. This network is difficult to replicate and allow Stericycle to compete effectively.”

Statoil ASA (NYSE:STO) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Though Statoil ASA is fairly active in its development operations, we remain apprehensive as the company’s production has been facing hiccups of late. The company has lowered its spending and its financial flexibility is getting increasingly restricted. The currently weak commodity price environment adds to the woes. With crude prices anticipated to remain weak throughout 2016, Statoil’s revenues and earnings will likely remain stressed. Moreover, with major projects scheduled to be commissioned in coming years any project delays and capital spending deferrals may adversely affect the company’s profitability. Considering these factors, we see Statoil as a risky bet that ordinary investors should exit.”

Teladoc (NYSE:TDOC) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Teladoc has incurred significant losses in each quarter since 2013. As of Dec 31, 2015, it had an accumulated deficit of $130.5 million. These losses pertain to substantial investments made for growth. For full-year 2016, it is expected to report a net loss per share of $1.47 to $1.52. Nevertheless, the company is witnessing steady business growth with insurers and customers increasingly embracing telehealth. Teladoc’s organic growth initiative remains on track. With four acquisitions completed since its inception, the insurer has expanded its distribution capabilities and broadened its service offering. Its buyout of HealthiestYou is expected to further solidify its leadership position. The company also boasts an impressive clientele.”

TE Connectivity (NYSE:TEL) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “TE Connectivity has been suffering from sluggishness in industrial markets. Further, weakness in oil & gas markets and the derivative impact of lower oil prices hurt the company’s operations and are expected to remain formidable headwinds, going forward. Also, adverse currency fluctuations and high restructuring expenses have been straining the company’s results. Going forward, TE Connectivity believes that its industrial, data & devices, and communications businesses will continue to be marred by softness in the Chinese economy. The company also expects weakness in Communication segment to continue. However, TE Connectivity has a decent earnings surprise history, beating estimates thrice in the trailing four quarters. Strong performance of the sensors & harsh environments business and a rebound in transportation business remain strong growth drivers for the company.”

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