DragonWave (DRWI) (DOW) (CNQR) (DV) (HOT) (HST) (IL) (LYB) Downgraded

DragonWave Inc. (NASDAQ: DRWI), The Dow Chemical Company (NYSE: DOW), Concur Technologies, Inc. (NASDAQ: CNQR), DeVry Inc. (NYSE: DV), Starwood Hotels (NYSE: HOT), Host Hotels & Resorts, Inc. (NYSE: HST), IntraLinks Holdings, Inc. (NYSE: IL) and LyondellBasell (NYSE: LYB) downgraded by analysts.

Concur Technologies, Inc. (CNQR) was downgraded by RBC Capital from an “Outperform” rating to an “Underperform” rating. They have a price target of $30.00 on the company, down from $54.00.

The Dow Chemical Company (DOW) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.

DragonWave Inc. (DRWI) was downgraded by Jefferies (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $3.50 on the company, down from $9.50.

DeVry Inc. (DV) was downgraded by Robert W. Baird from an “Outperform” rating to a “Neutral” rating. They have a price target of $53.00 on the company, down from $71.00.

Starwood Hotels (HOT) was downgraded by Jefferies from a “Buy” rating to a “Hold” rating. They have a price target of $42.00 on the company, down from $68.00.

Host Hotels & Resorts, Inc. (HST) was downgraded by Jefferies from a “Buy” rating to a “Jold” rating.

IntraLinks Holdings, Inc. (IL) was downgraded by Credit Suisse (NYSE:CS) to a “Neutral” rating.

LyondellBasell (LYB) was downgraded by Goldman Sachs (NYSE:GS) from a “Neutral” rating to a “Sell” rating.

Ratings on (ASEI) (CMS) (CVLT) (DRWI) (GBDC) Downgraded

Analysts downgraded their ratings on American Science And Engineering Incorporated (NASDAQ: ASEI), CMS Energy (NYSE: CMS), Commvault Systems (NASDAQ: CVLT), DragonWave Inc (NASDAQ: DRWI) and Golub Capital BDC LLC (NASDAQ: GBDC) today.

Benchmark Co. downgraded American Science And Engineering Incorporated (ASEI) from a “buy” rating to a “hold” rating.

SunTrust (NYSE:STI) downgraded CMS Energy (CMS) from a “buy” rating to a “neutral” rating.

Capstone downgraded Commvault Systems (CVLT) from a “hold” rating to a “sell” rating. They have a price target of $28.00 on the company.

TD Newcrest downgraded DragonWave Inc (DRWI) from a “buy” rating to a “hold” rating.

Wells Fargo & Co. (NYSE:WFC) downgraded Golub Capital BDC LLC (GBDC) from an “outperform” rating to a “market perform” rating.

DragonWave (DRWI) (HEES) (LIFE) (NOK) (RVBD) Get Coverage Initiations from Analysts

DragonWave Inc (NASDAQ: DRWI), H&E Equipment Services, Inc. (NASDAQ: HEES), Life Technologies Corporation (NASDAQ: LIFE), Nokia Co. (NYSE: NOK) and Riverbed Technology, Inc. (NASDAQ: RVBD) now getting coverage initiated by these analysts.

Brigantine initiated coverage on DragonWave Inc (DRWI). They placed a “Hold” rating on the firm.

Northcoast Research initiated coverage on H&E Equipment Services, Inc. (HEES). They have a “Buy” rating on the stock.

Auriga initiated coverage on Life Technologies Corporation (LIFE). They placed a “Buy” rating and a price target of $63 on the company.

ThinkEquity initiated coverage on Nokia Co. (NOK). They started with a “Hold” rating and a price target of $8 on the Nokia.

Morgan Keegan initiated coverage on Riverbed Technology, Inc. (RVBD). They have an “Outperform” rating and a price target of $45 on the business.

Ceragon (Nasdaq:CRNT), DragonWave (Nasdaq:DRWI), Anaren (Nasdaq:ANEN) to Benefit from Wireless Infrastructure Spending

Saying they believe the spend for wireless infrastructure should continue to grow in 2011, Canaccord sees Ceragon (Nasdaq:CRNT), DragonWave (Nasdaq:DRWI) and Anaren (Nasdaq:ANEN) continuing to benefit from it.

Canaccord says, "Based on our proprietary telecom survey, we believe vendors exposed to wireless infrastructure spending and mobile backhaul spending should benefit as carriers increase spending in these key areas to meet growing bandwidth demand. This demand is the result of increased traffic growth from smartphones and connected mobile computing tablets and laptops. For 2011, we prefer smaller cap companies with exposure to growth segments in infrastructure, a diversified customer base, and a defensible business model versus larger cap incumbents. We reiterate our BUY rating for Ceragon Networks (CRNT), DragonWave (DRWI), and Anaren (ANEN). We are increasing our Powerwave (PWAV) estimates but maintain our HOLD rating, and we maintain our HOLD rating on Ericsson (ERIC)."

Ceragon was trading at $13.40, up $0.24, or 1.82 percent, as of 2:48 PM EST. DragonWave was trading at $7.44, up $0.11, or 1.50 percent. Anaren was trading at $21.37, up $0.26, or 1.23 percent.

DragonWave (NASDAQ:DRWI) Gets Crushed on Weak Guidance

With DragonWave (NASDAQ:DRWI) giving weak guidance with little explanation as to the why of it, the share price got hammered Thursday, although the assumption is the plunge in revenue from Clearwire (Nasdaq:CLWR).

Canaccord says, "We maintain our BUY recommendation following DragonWave’s disappointing FQ4 guidance that was provided along with its FQ3 results. As the company did not provide much detail behind the guidance levels, except to say that there is a lack of visibility with current and expected projects, we have to surmise that the primary driver is Clearwire (Nasdaq:CLWR) revenue declining to almost nil, but await the conference call for further detail. We will re-examine our estimates and valuation following the call as we await further information."

Canaccord Genuity reiterates a "Buy" rating on DragonWave, which closed Thursday at $7.25, plummeting $1.41, or 16.28 percent. Canaccord has a price target on them of $11.

DragonWave (NASDAQ:DRWI) Investors Getting More Visibility on Microwave Deployment

DragonWave (NASDAQ:DRWI) investors and shareholders should get a clearer picture on IP microvave deployment this quarter, giving more visibility to its potential as a revenue stream.

Canaccord says, "We reiterate our recommendation and raise our target price based on our DCF and comps analyses as we unveil our F2012 estimates. We are also adding DragonWave to our 2011 Focus List. We believe the number and size of IP microwave deployment opportunities are growing and that DragonWave is in a strong position to take advantage of some of these opportunities. We also believe that as the Clearwire funding gap is closed this quarter, investors will be provided with more clarity on this revenue stream.

"We are unveiling our F2012 estimates (ending February 2012) with forecast revenue of US$185.2 million and adjusted EPS of US$0.41."

Canaccord Genuity maintains a "Buy" on DragonWave, which closed Thursday at $8.90, gaining $0.60, or 7.23 percent. Canaccord increased their price target on them from $9 to $11.