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Brokers: Performance Sports Group slashed by Wedbush

Last updated: 10:43 16 Aug 2016 EDT, First published: 05:12 16 Aug 2016 EDT

ice hockey players battling for possession

Wedbush Securities downgraded Performance Sports Group (NYSE:PSG) to ‘neutral’ from an ‘outperform’ rating and halved its price target to US$2.50 from US$5.

On Monday, PSG announced that there would be an “unanticipated delay” in the filing of its 10-K form after the firm’s auditors brought in an independent council to verify PSG’s financial results.

Wedbush said in a note that it has “no choice but to throw in the towel and downgrade PSG” as the possibility of a default on its debts looms.

Elsewhere, diversified Fortune 200 corporation ONEOK, Inc. (NYSE:OKE) had its stock price target raised to US$46 from US$37 by Royal Bank of Canada.

Natural gas specialist Oneok Partners LP (NYSE:OKS), which OKE has a 41.2% interest in, also had its target price upped by RBC by US$3 to US$40.

Home technology and security firm Alarm.Com Holdings Inc (NASDAQ:ALRM) was downgraded to ‘market perform’ from ‘outperform’ by Raymond James.

Not everyone was bearish on the stock though, with banking giant Goldman Sachs raising its target price for the stock to US$30 from US$24 and maintaining its ‘buy’ recommendation.

RMP Energy Inc. (TSE:RMP) received a buy rating from Dundee with a target of C$2.10, up from C$0.94. Dundee expects a takeover to happen, which could deliver significant returns.

Polaris Infrastructure, Inc. (TSE:PIF) had its target priced upped to C$15.50 from C$9.82 with a buy recommendation from Mackie Research Capital. The analyst noted good production potential from Polaris’ new wells.

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