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Analysts are downwardly revising their ratings today on search engine issue Google Inc (NASDAQ:GOOGL), GPS giant Garmin Ltd. (NASDAQ:GRMN), and casino operator Las Vegas Sands Corp. (NYSE:LVS). Here's a quick look at today's bearish brokerage notes on GOOGL, GRMN, and LVS.
- Pivotal Research lowered its price target on GOOGL to $560 from $570 and affirmed its "hold" rating, with the firm now expecting downside of 3.2% from the stock's Tuesday close at $578.40. It's a relatively rare bearish forecast for Google Inc, which sports an average 12-month price target of $661.28. Likewise, 25 analysts out of 28 have offered up a "buy" or better endorsement on the tech concern -- the shares of which have eked out a gain of just 3.1% so far in 2014.
- Meanwhile, GRMN has rocketed 31.3% higher year-to-date to trade at $60.63, but Pacific Crest downgraded the shares to "underperform." The negative note has triggered a modest pre-market dip for GRMN, but the stock is trading just north of reliable support at its 10-week moving average. Despite the stellar price action in Garmin Ltd. shares, most brokerage firms remain on the fence. Currently, 70% of analysts tracking the stock maintain a "hold" or "strong sell" opinion, leaving the door wide open for potential upgrades.
- J.P. Morgan Securities trimmed its price target on LVS to $89 from $91, just one session after Deutsche Bank dropped its own price target on the shares to $86 from $88. However, these cuts aren't too terribly bearish, as Las Vegas Sands Corp. settled Tuesday at $75.08. The security is off 4.8% so far in 2014, and support at its 200-day moving average has steadily deteriorated over the last month. With 75% of analysts calling LVS a "strong buy," additional downgrades are a risk during the coming weeks.