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As always, we have linked each one of the stocks listed below to its full equity report on our website for readers who want to get more information on the reason for our downgrade. Ockham Recent Downgrades with Current Rating BHP Billiton PLC (BBL) OvervaluedBanco Santander (STD) Fairly ValuedConocoPhillips (COP) OvervaluedKraft Foods (KFT) Fairly ValuedUnion Pacific (UNP) OvervaluedNike Inc. (NKE) OvervaluedBlackrock (BLK) Fairly ValuedSouthern Copper Corp.
