Analyst downgrades: VARI, CMG and MCD

MOST NOTEWORTHY: Varian, Chipotle Mexican Grill and McDonald’s were today’s noteworthy downgrades:

Thomas Weisel downgraded shares of Varian (NASDAQ:VARI) to Market Weight from Overweight following the company’s Q3 results to reflect manufacturing relocation issues and the slowdown in organic growth. The firm lowered their target to $47 from $70.

Jefferies cut Chipotle Mexican Grill (NYSE:CMG) to Hold from Buy following the company’s in-line Q2 results, as they believe consumer headwinds and commodity inflation are likely to pressure EPS in coming quarters. The firm lowered their target to $80 from $100.

Deutsche Bank downgraded McDonald’s (NYSE:MCD) to Hold from Buy as they believe higher beef costs and slower traffic could drive reduced profitability and limit upside. The firm reduced their target to $63 from $67.
OTHER DOWNGRADES:

AT&T (NYSE:T) was lowered to Neutral from Overweight at JP Morgan.

Baird cut Citrix Systems (NASDAQ:CTXS) to Neutral from Outperform.

Raymond James (NYSE:RJF) was lowered to Market Perform from Outperform at Wachovia.
Tags: analyst downgrades, AnalystDowngrades, CMG, CTXS, inthenews, MCD, RJF, T, VARI

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