Equities Research Analysts’ downgrades for Thursday, August 17th:

Broadcom Limited (NASDAQ:AVGO) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Broadcom has outperformed the industry on a year-to-date basis. The company is benefiting from synergies it gained from the merger with Avago, which will continue to drive profitability.  We note that seasonal strength in broadband access and sustained cloud data center spending is positive. The company's expanding portfolio is a key catalyst in the long haul. The company has received U.S. antitrust approval for the buyout of Brocade Communications Systems. The deal had already received approval in Europe and Japan. We believe that this acquisition will definitely boost Broadcom’s top line growth, as it solidifies footprint in the network storage devices market. Meanwhile, estimates have been stable lately ahead of the company's Q3 earnings release. The company has positive record of earnings surprises in recent quarters. However, customer concentration is a signficant headwind.”

Black Diamond Group (TSE:BDI) was downgraded by analysts at National Bank Financial from an outperform rating to a sector perform rating. National Bank Financial currently has C$3.00 price target on the stock, down from their previous price target of C$4.50.

Callidus Capital Corp (TSE:CBL) was downgraded by analysts at National Bank Financial from an outperform rating to a sector perform rating. National Bank Financial currently has C$11.00 target price on the stock, down from their previous target price of C$18.00.

Commerce Bancshares (NASDAQ:CBSH) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Commerce Bancshares’ shares have outperformed the industry in the last three months. The company's efforts to expand its footprint in newer markets, an improving rate scenario and expectation of lesser regulations are expected to boost revenues further. Also, strong loan and deposit balance should support its profitability. Given a solid liquidity position, the company should be able to continue with its steady capital deployment activities. However, rising expenses mainly due to increase in personnel costs and investments in franchise remain a major headwind. Further, a significant exposure to real estate loans remains a near-term concern for the company.”

Cardinal Energy (TSE:CJ) was downgraded by analysts at Scotiabank from an outperform rating to a sector perform rating. Scotiabank currently has C$6.00 price target on the stock, down from their previous price target of C$10.00.

Cargojet (TSE:CJT) was downgraded by analysts at National Bank Financial from an outperform rating to a sector perform rating. National Bank Financial currently has C$53.00 price target on the stock, up from their previous price target of C$51.00.

Cimpress N.V (NASDAQ:CMPR) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Cimpress has outperformed the industry in the last three months. The company is currently shifting its value proposition away from deep discounts and free-offer direct marketing efforts to tap the large market opportunity beyond the traditional base of highly price-sensitive customers. It is making steady progress with investments in new markets and the business strategy is now focused on quality products and delivery, increased customer service and more transparent pricing. However, Cimpress reported dismal fiscal 2017 fourth-quarter results, with wider than expected loss. The company faces significant competition from traditional graphic design and printing companies and other online suppliers. Moreover, increasingly advanced desktop publishing software and more capable desktop printers offer small businesses another cost-effective solution for their marketing needs.”

Element Fleet Management Corp (TSE:EFN) was downgraded by analysts at Raymond James Financial, Inc. from a strong-buy rating to an outperform rating. Raymond James Financial, Inc. currently has C$13.00 price target on the stock, down from their previous price target of C$16.00.

GATX Corporation (NYSE:GATX) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Shares of GATX Corporation have outperformed the industry it belongs to, over the last year, on the back of its strong product portfolio. Moreover, the company has an impressive earnings history having outshined the Zacks Consensus Estimate in each of the past four quarters. We are also impressed by GATX Corporation's efforts to reward investors through share buybacks and dividend payments. However, the company's struggles on the top line front bother us. The company’s tepid outlook for 2017 reflects the tough market conditions. It expects 2017 earnings per share in the band of $4.40-$4.60, much below the 2016 figure. Moreover, GATX is a highly leveraged company.”

Kinaxis (TSE:KXS) was downgraded by analysts at CIBC from an outperform rating to a neutral rating. The firm currently has C$82.00 price target on the stock, down from their previous price target of C$100.00.

Model N (NYSE:MODN) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Model N is a leading provider of revenue management solutions primarily to life sciences and high technology companies. Third-quarter results reflected company's expanding  product portfolio post the Revitas acquisition. Also, a growing customer base, and cost synergies from acquisitions are benefiting the company. The company continues to win deals both in the life sciences and high technology market that will drive top-line growth. Moreover, the transition to cloud-based applications will drive recurring revenue growth in the long term. We note that the company has outperformed the industry on a year-to-date basis. However, lack of international customers, mounting operating loss, continuing cash burn and stretched valuation are major headwinds.”

Oracle Corporation (NYSE:ORCL) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Oracle is benefiting from significant momentum in the SaaS and PaaS offerings. This has also helped in improving the company's competitive position against salesforce.com and Workday. We believe the company’s growing cloud market share will continue to drive top-line growth for the foreseeable future. The stock has outperformed the industry on a year-to-date basis driven by these factors. We believe the company’s growing cloud market share will continue to drive top-line growth for the foreseeable future. Moreover, Oracle continues to win new customers in HCM, ERP and CX. Meanwhile, estimates have been stable lately ahead of the company's Q2 earnings release. The company has mixed record of earnings surprises in recent quarters. However, higher investments on IaaS will affect gross margin expansion in the near-term. Further, a strong U.S. dollar remains a headwind.”

Shutterfly (NASDAQ:SFLY) was downgraded by analysts at Zacks Investment Research from a strong-buy rating to a hold rating. According to Zacks, “Shutterfly’s second-quarter 2017 loss of $0.44 per share was narrower than the Zacks Consensus Estimate of a loss of $0.54 and the prior-year quarter loss of $0.48 per share. Net revenue increased 2% year over year, supported by strong performance of the flagship Shutterfly brand. However, revenues lagged the consensus mark by 0.6%. Shutterfly’s focus on improving operational efficiency through major restructuring bodes well for the long term. Product innovations and improving technology-related offerings are also expected to be solid growth drivers. However, Shutterfly is expected to incur huge restructuring and other costs, which could weigh on margins. Also, susceptibility to seasonality and consumer spending trends raises concern.”

Skyworks Solutions (NASDAQ:SWKS) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Skyworks reported strong third-quarter fiscal 2017 results. Both earnings and revenues increased on a year-over-year basis. Strong demand for Wi-Fi, Zigbee and LTE solutions have helped the company to gain traction. Management provided optimistic guidance for the fourth-quarter. We expect improving growth prospects to help the stock’s momentum in the rest of 2017 and beyond. We note that Skyworks has outperformed the broader market on a year-to-date basis. Further, strategic design wins in IoT, automotive and 5G markets to remain significant positives for the company in the long haul. However, heavy investments in R&D are escalating operating expenses, which is affecting margins. Significant pricing pressure, technological obsolescence and high concentration risks remain additional headwinds.”

Stryker Corporation (NYSE:SYK) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “Stryker exited the second quarter on a solid note, beating the Zacks Consensus Estimate on both counts. Solid performance in the MAKO platform drove revenues. An upbeat guidance for the full year instills investor confidence in the stock. Stryker has a diversified product portfolio. Continued strong demand for hemorrhagic and ischemic stroke products and neuro-powered instruments boosted sales in the neurotechnology segment. Stryker has had an impressive run on the bourse over the last three months, trading above the broader industry. However, volatility in foreign currency exchange is likely to impede revenue growth. Stryker's also faces supply-side headwinds and has been grappling with issues in the spine business for long. Also, China might prove to be a challenging market.”

Vipshop Holdings Limited (NYSE:VIPS) was downgraded by analysts at HSBC Holdings plc from a hold rating to a reduce rating.

Wpp Plc (NASDAQ:WPPGY) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “WPP operates in a highly competitive and fragmented communication services industry. High concentration risks remain a significant headwind for the company. In addition, significant international operations expose it to risk of fluctuation in foreign exchange rates, since most of its revenues come from countries other than the U.K. Brexit could further result in higher tariff and non-tariff barriers to trade between the U.K. and the European Union, lowering productivity of the company. However, WPP outperformed the industry over a year- to- date period.  A geographically superior position in new markets and functional strength in new media and data investment management will likely help WPP in achieving steady revenue growth. It is currently well poised to grow with a strong momentum in the media and advertising industry worldwide.”

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