Schaeffer's Trading Floor Blog

Analyst Downgrades: Coach Inc, 3D Systems Corporation, and Trulia Inc

Analysts downwardly revised their ratings on COH, DDD, and TRLA

by 6/20/2014 9:29 AM
Stocks quoted in this article:

Analysts are weighing in today on upscale accessories concern Coach Inc (NYSE:COH), 3-D printing expert 3D Systems Corporation (NYSE:DDD), and real estate resource Trulia Inc (NYSE:TRLA). Here's a quick roundup of today's bearish brokerage notes.

  • At yesterday's annual investor and analyst day, COH lowered its full-year revenue guidance and announced the closing of 70 stores, causing the shares to drop 8.9% to close at $35.69. In response, a multitude of brokerage firms offered up bearish notes. For example, Stifel and Canaccord Genuity lowered their price targets to $47 from $65, and to $35 from $42, respectively. Coach Inc has been no stranger to the bearish spotlight, considering the stock is down 36.4% year-to-date. At present, close to 10% of the equity's float is sold short, which would take eight sessions to cover, at the shares' average daily volume.

  • DDD -- which has lost 42.7% so far in 2014 to trade at $53.22 -- was slapped with a price-target cut to $67 from $102 at Jefferies this morning. Meanwhile, on the options front, 3D Systems Corporation's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio stands at an 12-month peak of 4.88, indicating calls have been bought to open over puts at an annual-high rate recently. However, some of this long call activity may have been the work of short sellers hedging against a potential upswing, as 31.9% of the stock's float is currently sold short.

  • Oppenheimer initiated a lukewarm "perform" rating on TRLA this morning, even though the stock has gained an impressive 30.2% over the last month to perch at $43.95. Elsewhere, it appears short sellers have taken a liking to Trulia Inc, as 44.1% of the equity's float is sold short. This represents nearly seven sessions' worth of pent-up buying demand, at the shares' average pace of trading.

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