SunTrust Robinson Humphrey analysts Tobey Sommer and Kwan Kim late last week cut their rating on Corrections Corp. of America shares to 'neutral' from 'buy' in large part because of the possibility that California officials could reduce their business with the company by 1,500 inmates if a fall ballot initiative to change parole process succeeds.

Even though it could be months before the move's effects take hold, Sommer and Kim said "the balance of risks has changed" for CCA investors, who have enjoyed gains of more than 25 percent year to date.