Top Pre-Market Analyst Downgrades (ADP, T, BA, CTL, CMG, CTXS, COST, MCD, SWIR, TCB, TJX)

These are some of the top pre-market analyst Downgrades and negative calls we are seeing this Thursday Morning:

• Automatic Data Processing (ADP) Cut to Equal Weight at Morgan Stanley.
• AT&T (T) Cut to Neutral at JPMorgan.
• Boeing (BA) Cut to Neutral at Cowen & Co.
• CenturyTel (CTL) Cut to Equal-Weight at Morgan Stanley.
• Chipotle Mexican Grill (CMG) Cut to Hold at Jefferies.
• Citrix Systems (CTXS) Cut to Neutral at Baird.
• Costco Wholesale (COST) Cut to Neutral at JPMorgan.
• McDonald’s (MCD) Cut to Hold at Deutsche bank.
• Sierra Wireless (SWIR) Cut to Underperform at Jefferies and cut to Sector Perform at RBC.
• TCF Financial (TCB) Cut to Underweight at Morgan Stanley
• TJX Companies (TJX) Cut to Neutral at Credit Suisse.

Jon C. Ogg
July 24, 2008