Citigroup downgraded embattled Lehman Brothers today, from "buy" to "hold."
As with its recent move to remove its "buy" rating from failed Fannie Mae and Freddie Mac, Citi's Lehman downgrade not the most prescient call. After all, Lehman shares have lost -92.5% for the year. Was this is first time it thought, "Yunno, this might be a good stock for our customers to get out of."
Upgrading Lehman from "buy" to "strong buy" actually would make a lot more sense. Heaven knows I'm tempted to grab some of this storied company at this insultingly cheap price.