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Here is a list of four stocks that have recently caught the attention of brokers and that have been downgraded in the last week or so. It may be an indicator that the fundamentals have changed. It also may be too late to short these stocks, so each requires further research.

1. America Movil (AMX) provides telecommunications services primarily in the United States, Latin America, and the Caribbean. The company offers mobile and fixed voice services, including airtime, local, long distance, public telephony, and network interconnection services.

The company was downgraded on May 24, 2012, by JPMorgan from Overweight to Neutral. Moreover, on May 9 it was downgraded from Market Perform to Underperform by Scotia Capital. It is relatively overvalued, trading at a P/E of 13.92 compared to an industry P/E of 12.75.

2. FirstEnergy (NYSE:FE) operates as a diversified energy company. The company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity.

On May 23, 2012, the company was downgraded from Hold to Underperform at Jefferies. On May 24, 2012, Fitch has revised company outlook to Negative. FirstEnergy is relatively overvalued in terms of P/E at 17.37, compared to the industry P/E of 16.14 and its main peers, American Electric Power Co. (NYSE:AEP) at 9.28 and Public Service Enterprise Group (NYSE:PEG) at 10.60.

3) Ariba (NASDAQ:ARBA), together with its subsidiaries, provides collaborative business commerce solutions for buying and selling goods and services in the United States and internationally.

On May 23, 2012, the company was downgraded from Buy to Neutral at Goldman Sachs. On May 10, 2012, the company was downgraded from Strong Buy to Hold at Roth Capital Partners. On May 3, 2012, however, Stifel Nicolaus initiated Strong Buy rating.

4) Patriot Coal Corporation (PCX) engages in the mining, production, and sale of thermal coal primarily to electricity generators in the eastern United States. It has operations and coal reserves in the Appalachia and the Illinois Basin coal regions.

On May 23, 2012, the company was downgraded from Buy to Hold at Deutsche Bank. On May 16, 2012, the company was downgraded from Outperform to Market Perform at FBR Capital.

Source: Yahoo Finance.

Source: 4 Stocks With Recent Analyst Downgrade Alerts