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Analysts are weighing in today on China-based networking platform Renren Inc (NYSE:RENN), coffee concern Tim Hortons Inc. (USA) (NYSE:THI), and performance footwear designer Wolverine World Wide, Inc. (NYSE:WWW). Here's a quick roundup of today's bearish brokerage notes on RENN, THI, and WWW.
- RENN posted a second-quarter earnings beat last night, but revealed steep year-over-year declines in profit and revenue. On the charts, the stock has been lackluster, as well, down more than 5% year-over-year to trade at $3.27. As such, Barclays reduced its price target on Renren Inc to $3 from $3.30. Other brokerage firms are even more bearish, as the equity's consensus 12-month price target checks in at $2.78 -- 2 cents from RENN's 52-week low of $2.76 from early December.
- THI is up more than 9% ahead of the open, after Burger King Worldwide Inc (NYSE:BKW) announced it will buy the Canada-based coffee chain. This only adds to Tim Hortons Inc.'s (USA) technical strength, as the shares are up roughly 28% year-to-date to trade at $74.72. Meanwhile, during the overnight hours, Desjardins cut its rating to "hold" from "buy," and Longbow downwardly revised its opinion to "neutral" from "buy" -- though Canaccord Genuity, CIBC, TD Securities, and Desjardins all raised their price targets on the equity. Heading into today, 100% of the brokerage firms covering THI had given the stock a "buy" or better recommendation.
- Finally, Macquarie initiated coverage on WWW with a "neutral" rating and $29 price target. The relatively tepid note isn't surprising, given that the stock has shed nearly 21% in 2014 to rest at $26.89. Elsewhere, short sellers have been having a field day with Wolverine World Wide, Inc., as 11.2% of the equity's float is sold short, which would take more than two weeks to buy back, at average daily trading levels.