Analysts downwardly revised their ratings and price targets on NetApp Inc. (NTAP), SunPower Corporation (SPWR), and Fitbit Inc (FIT)
Analysts are weighing in on data storage concern
NetApp Inc. (NASDAQ:NTAP), solar power issue
SunPower Corporation (NASDAQ:SPWR), and wearable fitness guru
Fitbit Inc (NYSE:FIT). Here's a quick roundup of today's bearish brokerage notes on NTAP, SPWR, and FIT.
- NTAP is up 2.1% at $24.04, although the firm reported lower-than-expected fiscal third-quarter sales and announced plans to cut roughly 12% of its workforce. Analysts at Baird downgraded NetApp Inc. to "neutral," as a result, and no fewer than 10 brokerage firms slashed their price targets on the equity. Most analysts were already in the bears' corner, with just four out of 26 offering up a "buy" or better opinion. The stock has shed 36.5% over the past year, and has underperformed the broader S&P 500 Index (SPX) by about 18 percentage points in the last three months.
- SPWR is down 3.9% at $23.37, despite the firm's stronger-than-expected fourth-quarter earnings. Meanwhile, Goldman Sachs, Deutsche Bank, and Cowen and Company subsequently cut their price targets on SPWR (though already-bullish Janney upped its fair value to $30). It looks like option buyers were hoping for a negative earnings reaction for SunPower Corporation. The stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.12 is higher than 76% of all other readings from the past year.
- FIT is shrugging off negative analyst attention this morning, after Pacific Crest sliced its price target to $31 from $47. FIT is up 0.6% at $15.98, with the shares -- not unlike the major market indexes -- on pace for a fourth straight day of gains. Longer term, the security has shed nearly half its value since the start of the year, under pressure from its 20-day moving average. Meanwhile, Fitbit Inc's Schaeffer's put/call open interest ratio (SOIR) of 0.46 indicates call open interest more than doubles put open interest among options expiring in three months or less.
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