UPDATE: DA Davidson Downgrades Financial Engines (FNGN) to Neutral

(updated to add analyst comment)

DA Davidson downgraded Financial Engines (NASDAQ: FNGN) from Buy to Neutral with a price target of $45.00 (from $38.00).

Analyst Peter Heckmann cites the valuation as the equity spot price approaches his price target.

For an analyst ratings summary and ratings history on Financial Engines click here. For more ratings news on Financial Engines click here.

Shares of Financial Engines closed at $44.60 yesterday.

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