Investment Analysts’ downgrades for Wednesday, January 3rd:

Aduro BioTech (NASDAQ:ADRO) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

Aegion (NASDAQ:AEGN) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Aegion has undertaken strategic actions targeted to generate more predictable and sustainable long-term earnings growth. However, this will lead to higher restructuring charges in the near term. Further, higher input costs and interest expenses will dent margins. Aegion continues to witness surge in new orders driven by continued momentum across key markets for all the three segments. It will also benefit from the demand in the North America CIPP rehabilitation business, improved pressure pipe markets penetration, sustained margins in cathodic protection business as well as momentum in Energy Services. The stock has underperformed the industry in the past year.”

Agenus (NASDAQ:AGEN) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

Arrow Financial (NASDAQ:AROW) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Boeing (NYSE:BA) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Boeing's share price has outperformed the industry's rally over the last year. Notably, Boeing is the largest aircraft manufacturer in the world in terms of revenue, orders and deliveries, and one of the largest aerospace and defense contractors. In this regard, the company’s 20-year market outlook forecasts commercial jetliner demand to increase by 3.6%. Boeing expects single-aisle jets to be the major driver behind this demand growth. Meanwhile, India appears to be another promising market for Boeing as the country is expected to become the world’s fastest growing aviation market. Yet, this aerospace company continues to face challenges from stiff competition as well as falling delivery numbers. Moreover, deferred production cost for its 787 Dreamliner's remains a cause of concern for Boeing.”

Blackline (NASDAQ:BL) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Blackbaud (NASDAQ:BLKB) was downgraded by analysts at BidaskClub from a buy rating to a hold rating.

CF Industries (NYSE:CF) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “CF Industries has outperformed the industry it belongs to over the past six months. CF Industries is well positioned to gain from its efforts to boost production capacity. It is also likely to benefit from higher nitrogen demand driven by healthy corn plantations. Low natural gas prices have been an advantage for CF Industries. The company’s nitrogen business is enjoying the benefit of abundant natural gas supply, driven by an increase in production of North America. However, CF Industries remains exposed to pricing pressure and has a debt-laden balance sheet. The company is also exposed to challenging agriculture market fundamentals.”

Rockwell Collins (NYSE:COL) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Rockwell Collins continues to be the foremost global supplier of communications and avionics equipment for both commercial and military customers. A diversified portfolio, comprising commercial and government customers, cushions it from risks of reduced orders from either customer group. Moreover, United Technologies has recently agreed to take over Rockwell Collins, which comes as good news for the latter’s shareholders, who are set to enjoy more than 7% premium in terms of share price. shares outperformed the industry's rally over a last year. The company’s shares outperformed the industry's rally over a last year. However, the company derives a major portion of its revenues from overseas, which exposes it to the risk of currency fluctuations. Moreover it faces steep competition as well as has to bear heavy R&D expenses.”

Columbia Banking System (NASDAQ:COLB) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Corcept Therapeutics (NASDAQ:CORT) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Corcept missed the earnings estimates but beat revenues in the third quarter of 2017. Corcept Cushing's syndrome drug- Korlym is performing well and based on its growth prospects, the company raised its revenue guidance for 2017 in the third quarter. Notably, its efforts to expand Korlym’s label are encouraging and should boost the drug’s commercial potential significantly. The company is evaluating its most advanced candidate CORT125134 in phase II study for Cushing's syndrome and the successful development of its pipeline candidates will further boost the company’s portfolio and will lead to increased sales. Corcept’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Corcept is solely dependent on Korlym for growth. A decline in Korlym sales will largely hinder the company’s growth prospects.”

Centerstate Bank (NASDAQ:CSFL) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

Control4 (NASDAQ:CTRL) was downgraded by analysts at BidaskClub from a buy rating to a hold rating.

Dolby Laboratories (NYSE:DLB) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Dolby's shares have fared better than the industry average in the last six months. Impressive market traction of offerings under three of its new businesses—Dolby Voice, Dolby Vision and Dolby Cinema—are likely to fortify its market footprint, going forward. Based on present industry trends, the company remains confident that Dolby’s growth momentum will continue to accelerate, going forward. Also, the company’s mobile devices unit is expected to benefit from audio and consumer imaging programs, and also higher recoveries. However, stiff competition, price-sensitive nature of the entertainment industry and fluctuations of cinema product sales pose as significant headwinds to the company’s margins. Also, fluctuations in cinema product sales and maturity of the digital cinema market might also hurt the company’s profitability. This apart, high operating expenses could exert pressure on its margins.”

Dril-Quip (NYSE:DRQ) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Dril-Quip’s stock showed significant pricing weaknesses over the last one year. During the aforesaid period, the company’s shares slipped 21.2%, whereas the broader industry lost 19.6%.  Dril-Quip is also facing pressure on top line. Over the past three years (2014–2016), total revenues declined at a CAGR of 23.9%. Lower oil prices than mid-2014 may also hinder the company’s earnings potential. This is because weak crude may lead to lower exploration and production activities, in turn, limiting contracts for the Oil Field Machinery & Equipment industry. Other company-specific risks include new product growth challenges, potential backlog losses and high dependence on its top customers. Additionally, delays in deepwater infrastructure awards may also hinder the company’s growth prospects.”

DSP Group (NASDAQ:DSPG) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Encore Capital Group (NASDAQ:ECPG) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Epizyme (NASDAQ:EPZM) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Epizyme reported loss narrower than expected in the third quarter of 2017. However, the company’s efforts on developing its lead candidate, tazemetostat, for a number of hematological malignancies and genetically defined solid tumors are impressive. Although the company is progressing well with tazemetostat, it is still years away from hitting the market, subject to positive results and subsequent approval by the FDA. Apart from this, the company has very few mid- and early-stage candidates. Unfavorable outcome from any of the development programs could adversely the company’s prospects as well as the stock. However, the company seems to be on track to hold the first interaction with the FDA in the fourth quarter for discussing tazemetostat's non-Hodgkin lymphoma (NHL) program. Additionally, we are optimistic on Epizyme’sattempts to evaluate tazemetostat in combination with anti-PD 1 or PDL-1 agent.”

Eversource Energy (NYSE:ES) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Shares of Eversource Energy returned higher than the industry in last 12 months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers.  Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects.  Moreover, it faces challenges due to severe weather conditions.”

Enstar Group (NASDAQ:ESGR) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

Eaton (NYSE:ETN) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “In the last 24 months, Eaton’s shares have gained higher than the industry.  Eaton’s wide market reach and varied product offerings will ensure continuous revenue generation for the company. Its restructuring activities will drive performance and help Eaton to achieve its guidance for the year. Consistent R&D investments will help it to create new products and provide better electrical solutions to its customers. The free cash flow generation capability is also helping Eaton to move ahead with its share repurchase program. We believe the improvement in end-market conditions is boosting the order book of the company. However, wide operation exposes it to weather calamities, natural disaster, cyber-attacks and security breaches, which adversely impact operation and earnings.”

Fogo De Chao (NASDAQ:FOGO) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

Golden Entertainment (NASDAQ:GDEN) was downgraded by analysts at BidaskClub from a strong-buy rating to a buy rating.

Heska (NASDAQ:HSKA) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

IDACORP (NYSE:IDA) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Shares of IDACORP have gained higher than the industry in the last year.  The utility has plans to invest nearly $1.5 billion over 2017-2021 for transmission and plant expansion projects, which will allow the company to provide efficient services to expanding customer base. Its Board of Directors has been approving annual increase in dividends since 2012 on the back of the company’s consistent performance. IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company.”

ITT (NYSE:ITT) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates all through in the trailing four quarters. Also, the company’s current year estimates have moved north over the past couple of months. The company has been enjoying broad-based strength in transportation and chemical markets, and benefits from the Axtone buyout. The company raised both its earnings and revenue guidance, on the back of order growth and operational momentum. Consequently, ITT’s shares have surpassed the industry average over the past year. However, lower mining activity levels restricted growth at Industrial Process segment. Also, weaker upstream and midstream project activity hurt performance in the oil and gas market. Going forward, softness in aerospace and defense market, restrained client spending and higher commodity costs might restrict the company’s growth meaningfully.”

Illinois Tool Works (NYSE:ITW) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “In the last three months, Illinois Tool Works' shares have outperformed the industry. We believe that the company is well positioned to benefit from its solid product portfolio, strengthening foothold in various end markets and strategic initiatives to improve margins. From 2018 to 2022, the company expects organic revenue growth to be in the 3-5% range, operating margin to be in excess of 25% and earnings per share to grow 8-10% in each year. For 2018, the company anticipates GAAP earnings to be within $7.05-$7.25 per share, organic revenue growth to be 3-4% and operating margin to be 25-25.5%. The projections for 2017 have been reaffirmed, with earnings per share still anticipated to be $6.62-$6.72. However, the company is exposed to headwinds including unfavorable foreign currency movements, industry rivalry, volatilities in input price & supply and economic uncertainties.”

Kimball Electronics (NASDAQ:KE) was downgraded by analysts at BidaskClub from a buy rating to a hold rating.

Lakeland Bancorp (NASDAQ:LBAI) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Landstar System (NASDAQ:LSTR) was downgraded by analysts at BidaskClub from a strong-buy rating to a buy rating.

LyondellBasell Industries (NYSE:LYB) was downgraded by analysts at Vertical Research from a buy rating to a hold rating.

Marchex (NASDAQ:MCHX) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Marchex is a leading mobile and online advertising company that drives millions of consumers to connect with businesses over the phone, delivers the most quality phone calls in the industry, and provides in-depth analysis of those phone calls. Through their robust platform, they offer three critical components for businesses looking to acquire new customers through phone calls. Marchex Call Analytics offers ad campaign measurement and intelligence and their Digital Call Marketplace and Local Leads solutions are designed for advertisers focused on new customer acquisition. The Marchex platform drives, measures and monetizes millions of mobile and online connections through the phone to advertisers each month. Their Digital Call Marketplace combines exclusive and preferred relationships with leading mobile carriers and mobile application developers, such as AT&T, Verizon, and Sprint, with the analytics technology to constantly measure and optimize ad campaign results. “

Seres Therapeutics (NASDAQ:MCRB) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Seres Therapeutics, Inc. offers microbiome therapeutics platform. It is focused on developing Ecobiotic microbiome therapeutics that treats dysbiosis in the colonic microbiome. Seres Therapeutics, Inc. is headquartered in Cambridge, Massachusetts. “

Marcus (NYSE:MCS) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “The Marcus Corporation engages in the lodging and entertainment industries. It operates through two segments: Movie Theatres, and Hotels and Resorts. The Company’s movie theatre division owns or manages screens at locations in several states, as well as a family entertainment center. Marcus’ lodging division owns or manages hotels and resorts in several states, as well as a vacation club. It also provides hospitality management services, including check-in, housekeeping, and maintenance for a vacation ownership development. The Marcus Corporation is headquartered in Milwaukee, Wisconsin. “

Mercury General (NYSE:MCY) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy. “

Mondelez International (NASDAQ:MDLZ) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Mondelez has an attractive portfolio of iconic brands, commanding presence in impulsive categories and fast-growing emerging markets. The company's margins have remained constantly strong backed by cost savings and productivity gains. However, shares of Mondelez underperfomed the industry in the last one year. Mondelez’s volumes have been hurt since 2014 by the elasticity impact from higher pricing and category weakness because of soft consumer demand. Moreover, with a significant portion of its sales coming from the international markets, currency is a significant top-line headwind.”

Medifast (NYSE:MED) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Medifast is a leading manufacturer and distributor of clinically proven healthy living products and programs. It is the brand recommended by more than 20,000 Doctors. Medifast produces, distributes, and sells weight loss and other health-related products through websites, multi-level marketing, telemarketing, franchised weight loss clinics, and medical professionals. The company launched OPTAVIA, an exclusive brand and product line sold through its community of independent Coaches who offer support and guidance to their Clients. In partnership with OPTAVIA Coaches , franchise partners, resellers and its Scientific Advisory Board, Medifast offers comprehensive wellness products and programs that focus on creating sustainable change by helping people learn to incorporate healthy habits into their lives. “

MacroGenics (NASDAQ:MGNX) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “MacroGenics Inc. is a biopharmaceutical company. It is focused on discovering and developing innovative monoclonal antibody-based therapeutics. The Company has a diverse portfolio of product candidates focused in three therapeutic areas: oncology, autoimmune disorders and infectious diseases. MacroGenics Inc. is headquartered in Rockville, Maryland. “

MGP Ingredients (NASDAQ:MGPI) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “MGP Ingredients, Inc. produces and markets ingredients and distillery products to the packaged goods industry. Its Distillery Products segment primarily offers food grade alcohol, fuel grade alcohol, and distillers feed. The company’s Ingredient Solutions segment primarily provides specialty wheat starches and proteins, commodity wheat starches, and commodity vital wheat gluten. MGP Ingredients, Inc. is headquartered in Atchison, Kansas. “

McGrath RentCorp (NASDAQ:MGRC) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “

3M (NYSE:MMM) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “3M's global footprint, diversified product portfolio and the ability to penetrate in different markets have been its forte. At the same time, the company is continuing with its portfolio restructuring efforts by divesting assets that no longer fit in its strategy and continues to make investments in other lucrative markets. Portfolio management, investment in innovation and business transformation are the three key levers on which 3M intends to focus. 3M has outperformed the industry in the past three months. However, given its international presence, adverse foreign currency translations are likely to affect 3M’s ability to realize projected growth rates in sales and earnings. 3M is also facing increased pension expenses as its workforce begins to retire. The related extra costs are a drag on the bottom line. Sustained dollar strength remains another headwind as exports consume a significant part of the company’s operations.”

Manitex International (NASDAQ:MNTX) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “MANITEX INTERNATIONAL INC is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles. Through their subsidiaries, they manufacture and market a comprehensive line of boom trucks and sign cranes. Their boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary, which includes the Noble forklift product line, manufactures and sells a complete line of rough terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. “

Momo (NASDAQ:MOMO) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Momo Inc. provides mobile-based social networking platform primarily in the Peoples Republic of China. Its platform includes mobile applications and related features, functionalities, tools and services. The Company offers two types of mobile game services non-exclusive mobile game services and exclusive mobile game services. It also provides membership subscription and other services which include paid emoticons and mobile marketing services. Momo Inc. is headquartered in Beijing, the Peoples Republic of China. “

Mountain Province Diamonds (NASDAQ:MPVD) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Mountain Province Diamonds Inc. Diamonds is a diamond exploration and development company. It has properties located in Canada’s Northwest Territories. Mountain Province Diamonds Inc., formerly known as Mountain Province Mining Inc., is headquartered in Toronto, Ontario. “

Medical Properties Trust (NYSE:MPW) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional and community hospitals, women’s and children’s hospitals, skilled nursing facilities, ambulatory surgery centers, and other single-discipline healthcare facilities, such as heart hospitals, orthopedic hospitals and cancer centers. “

Everspin Technologies (NASDAQ:MRAM) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Everspin Technologies, Inc. is involved in designing, manufacturing and commercially shipping discrete and embedded Magnetoresistive RAM and Spin-Torque MRAM. It serves data center, cloud storage, energy, industrial, automotive and transportation markets. Everspin Technologies, Inc. is headquartered in Chandler, Arizona. “

Mersana Therapeutics (NASDAQ:MRSN) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Mersana Therapeutics, Inc. is a biotechnology company. It focused on discovering and developing a pipeline of antibody drug conjugates. The company’s product candidates include XMT-1522 and XMT-1536 which are in clinical stage. Mersana Therapeutics, Inc. is based in CAMBRIDGE, United States. “

MTS Systems (NASDAQ:MTSC) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Nexstar Media Group (NASDAQ:NXST) was downgraded by analysts at BidaskClub from a strong-buy rating to a buy rating.

Peoples Bancorp (NASDAQ:PEBO) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Preformed Line Products (NASDAQ:PLPC) was downgraded by analysts at BidaskClub from a strong-buy rating to a buy rating.

Radware (NASDAQ:RDWR) was downgraded by analysts at BidaskClub from a sell rating to a strong sell rating.

SP Plus (NASDAQ:SP) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Union Bankshares (NASDAQ:UBSH) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Vicor (NASDAQ:VICR) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

Controladora Vuela Co Avcn SA CV (NYSE:VLRS) was downgraded by analysts at Santander from a buy rating to a hold rating.

Winmark (NASDAQ:WINA) was downgraded by analysts at BidaskClub from a hold rating to a sell rating.

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