Category Archives: Lehman Barclays Capital Schering ENHANCE Hassan October

When is an "Initiates Coverage — at Equal Weight" not-so-good news?

. . . .When the coverage actually reflects a “downgrade” — from earlier opinions, by many of the same analysts — that’s when. First, a little refresher, here:

Recall that Barclays Capital purchased the US brokerage businesses of Lehman, in that collapse. Recall also that Lehman had most-recently upgraded Schering from “Equal Weight” to “Overweight” on July 15, 2008 (of course, thus just exactly reversing its downgrade, earlier in 2008). . . .

With me so far? Good.

Well, this morning Barclays Capital — as sucessor to Lehman’s analyst stable — started coverage of Schering at “Equal Weight“. So — if we look through the little glass windows, we see that most of the same people who upgraded Schering in July, are now starting it (anew), under the Barclays Capital name, at a lower grade — right back where it was when ENHANCE was first fully-disclosed by CEO Hassan:

. . . .10.20.08: Barclays Capital initiates coverage on Schering-Plough — at Equal Weight. . . .

Fascinating.