DreamWorks (NASDAQ:DWA) Down 13% on Piper Jaffray Downgrade

Animated film company DreamWorks Animation SKG (NASDAQ:DWA) is down 13% to $30.57 per share on heavy volume of 4 million shares following a rating cut at Piper Jaffray to Underperform from Neutral. The analyst firm maintained a price target of $19 per share on DWA.

The downgrade follows disappointing 4Q revenue reported after Tuesday’s close of $204.2 million, down 23% from $264.7 million last year, due to poor performance of the movie, “Turbo” and no major movie releases during the quarter. Shares of DWA are up 99% over the past year and trade with a 52-week price range of $15.90 – $36.01 per share. Average daily volume is 737,000 shares.

Other Notable Analyst Actions

Concerns over valuations prompted Piper Jaffray to downgrade Juniper Networks (NYSE:JNPR) to Neutral from Overweight. The firm has maintained its $28 price target on the network infrastructure company. Share of JNPR are mostly unchanged at $27.11 with a 52-week range of $15.62 to $28.75.

Vornado Realty Trust (NYSE:VNO) shares were downgraded at both Citigroup and Imperial Capital from Outperform to In-Line, each with a $96 price target. Shares in the real-estate investment trust were tipping into positive territory at $94.70 after dipping to $93.79 earlier.

NII Holdings (NASDAQ:NII) shares were down about 7% Wednesday morning after the stock was downgraded to Neutral from Outperform at Macquarie. NII is trading in a 52-week range of $2.53 to $2.78. NII is a holding company for the operations of Nextel Communications, Inc. in selected International markets.

La Jolla Pharmaceutical Co. (NASDAQ:LJPC) jumped 32% in early trading after a brokerage began covering the stock with an Outperform rating. Wedbush Securities initiated research on the drug company with a price target of $27. La Jolla rose 32% to $10 a share in premarket trading. It fell to a 52-week low of $0.15 a share on January 13 after reaching a 52-week high of $12 on October 21.