This interesting piece is from Bespoke. So,so typical. They never made me a red cent.
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Lehman (LEH) Downgraded From Outperform to Neutral at Wachovia and Credit Suisse
Two more analysts have thrown in the towel on Lehman. Wachovia had an Outperform rating on Lehman (LEH) since upgrading it on March 15th, 2007. They reiterated the Outperform rating 12 times since then, but today, after declining 61% from the upgrade, Wachovia downgraded the stock to Market Perform. Credit Suisse upgraded Lehman from Neutral to Outperform on October 8th, 2007. After a 54% decline since the 10/8 upgrade, Credit Suisse downgraded the stock to Neutral today. Even after today's 2 downgrades, Lehman still has 7 buy ratings, 10 hold ratings and 2 sell ratings. Are today's multiple downgrades a sign that a reversal is near, or is it just a case of better late than never?
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