Schaeffer's Trading Floor Blog

Analyst Downgrades: 3D Systems Corporation, Cree, Inc., and Yamana Gold Inc. (USA)

Analysts downwardly revised their ratings on DDD, CREE, and AUY

by 5/28/2014 9:35 AM
Stocks quoted in this article:

Analysts are weighing in today on 3D printing concern 3D Systems Corporation (NYSE:DDD), semiconductor maker Cree, Inc. (NASDAQ:CREE), and gold miner Yamana Gold Inc. (USA) (NYSE:AUY). Here's a quick roundup of today's bearish brokerage notes.

  • DDD received a price-target cut to $59 from $65 at Pacific Crest in pre-market action, after the company announced the public offering of 6 million shares of its common stock. Elsewhere, short interest accounts for nearly one-third of 3D Systems Corporation's available float, which represents 6.1 sessions' worth of pent-up buying demand, at the shares' average daily volume. Should DDD's upward trajectory continue -- the equity has tacked on more than 7% over the past month to perch at $52.90 -- some potential short-covering activity may be in the cards, which could benefit the shares.

  • Stifel resumed coverage on CREE with a "hold" rating this morning, as the shares have lost close to 23% year-to-date to trade at $48.28. Meanwhile, in the options pits, short-term speculators have been more put-focused than usual recently. In fact, Cree, Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 0.73 ranks higher than 81% of similar readings taken during the past year, indicating put open interest (relative to call open interest) is heavier than usual among options expiring within the next three months.

  • AUY -- which has shed 28.6% over the past three months to trade at $7.25 -- saw its price target dropped to $10.12 from $10.82 at Cowen and Company this morning. For comparison, the average 12-month price target among analysts comes in at $10.73, denoting a 48.7% premium from the shares' current perch. Furthermore, eight brokerage firms currently maintain "buy" or better endorsements on Yamana Gold Inc. (USA), while four have dished out "hold" or worse suggestions.
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