Bear Stearns Cos., a hold-out on Wall Street amid last summers frenzy of consolidation, could find its solo act hurting its stock price.
On Friday, Guy Moszkowski of Salomon Smith Barney downgraded the company to outperform, from buy, and cut his target price to $65 a share, from $70. He also reduced his earnings outlook for this year to $6.12 per share, from $6.57. Mr. Moszkowski had rated Bear Stearns a buy since initiating converge of the company last April. This rating reflected the stocks upside potential thanks to takeover speculation on Wall Street, he said.