Major Stock Downgrades (VOLC, CAN, MSFT)

Volcano Corporation (NASDAQ:VOLC) shares down 5.75% to $24.10 after it was downgraded at Canaccord Genuity to Hold from Buy  and set a price target of $28.

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Canaccord analyst says, "Operating leverage has been a key component of our positive thesis (we still believe OM leverage is possible in 2011), but we had not counted on financial dilution acting as an offset (i.e., recent $100M convertible offering). Importantly, we think the incremental buyer of VOLC shares is focused on earnings leverage. Also, we have more concerns about the pipeline: 1) VOLC recently announced another delay in the FLIVUS launch to H2/11E (we think it could be delayed further to mid-2012), and 2) we discern more uncertainty regarding OCT’s potential impact on market share within intravascular imaging (IVI)."

Accenture Plc (NYSE:ACN) shares also downgraded by Standpoint Research from Buy to Hold.

Standpoint analyst, Ronnie Moas, says, "ACN, market cap $28 bln, is now fairly valued at 16.6X trailing twelve months earnings and 13.4X estimates for next year. The share buyback (old news), raised guidance and earnings from last week, and today’s ($2.8 bln) contract announcement are already reflected in the share price now trading at an all-time high...We feel that Accenture is fairly valued at these multiples (for a company with annual revenue growth in the mid-single digits). We would lock in the absolute and relative gains on this name since our recommendation was made at this time."

Shares of ACN are flat at $44.38.

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Microsoft Corporation (NASDAQ:MSFT) shares are down 42% to $23.89 after analysts at Goldman Sachs downgraded the stock from Buy to Neutral and reduced the price target by $4 to $28.

The firm also cut EPS estimates by 4%, 3% and 4% in FY2011, FY2012 and FY2013.

The firm said value cannot be unlocked if the "status quo" is maintained. "We have increased caution near term on a more elongated PC refresh cycle, combined with the newer threat of notebook cannibalization from tablets, where Windows does not yet have a presence," the firm states.

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