Analyst Downgrades: Cree, Fossil Group, Myriad Genetics

Analysts are weighing in today on lighting firm Cree, Inc. (NASDAQ:CREE), watch concern Fossil Group Inc (NASDAQ:FOSL), and diagnostic company Myriad Genetics, Inc. (NASDAQ:MYGN). Here's a quick roundup of today's bearish brokerage notes on CREE, FOSL, and MYGN.

• CREE is 1.1% lower in early trading, sitting at $24.96 -- and just off a three-year low of $23.36 --  after releasing its fiscal fourth-quarter earnings. Cree, Inc. reported a larger-than-expected loss of 19 cents per share on $382 million in revenue. In the wake of this news, Canaccord Genuity lowered its price target on CREE to $21 from $28. Technically, CREE has spent the past few months wallowing below resistance from its 10-week moving average. Option players were preparing for a larger post-earnings move from CREE, per recent action on the equity's near-term at-the-money straddle.

• Watchmaker FOSL is down 3.4% at $60, and just touched a four-year low of $56.96, after the firm lowered its full-year sales forecast. As a result, Fossil Group Inc was hit with no fewer than four price-target cuts, the worst of which came from Nomura, which hacked its target to $56 from $75. Technically, FOSL has lost 45% since the beginning of the year, retreating beneath resistance at its 10-week moving average. Most analysts are already in the bears' corner, with just two of nine offering up "buy" or better opinions.

• MYGN has rocketed 6.3% higher to $33.02, after reporting fiscal fourth-quarter earnings.  However, weaker-than-expected guidance prompted price-target cuts from JMP Securities (to $50 from $46) and Goldman Sachs (to $24 from $25). Myriad Genetics, Inc. is in prime position for a short-covering rally, as 47% of its float was sold short. 

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