Schaeffer's Trading Floor Blog

Analyst Downgrades: SodaStream International Ltd, Cliffs Natural Resources Inc, and Autodesk, Inc.

Analysts downwardly revised their ratings on SODA, CLF, and ADSK

by 3/3/2014 9:20 AM
Stocks quoted in this article:

Analysts are weighing in today on home beverage concern SodaStream International Ltd (NASDAQ:SODA), mining company Cliffs Natural Resources Inc (NYSE:CLF), and software designer Autodesk, Inc. (NASDAQ:ADSK). Here's a quick roundup of today's bearish brokerage notes.

  • Barclays is the latest brokerage firm to weigh in on SODA following the beverage company's dismal earnings report, downgrading the stock to "equal weight" from "overweight," and cutting its price target to $40 from $55. Nevertheless, the average 12-month price target of $47.33 continues to tower over the shares' current perch at $39.48. Ratings-wise, however, the brokerage crew appears more skeptical of SodaStream International Ltd, with eight of the 10 covering analysts handing out "hold" or worse suggestions. This lukewarm outlook makes sense, considering the shares have lost 20.5% since the turn of the year.

  • CLF -- which has dropped 23.6% year-to-date to trade at $20.03 -- received a price-target cut to $22 from $26 at Citigroup this morning. Elsewhere, the stock has seen a healthy amount of short interest stack up. Currently, 35.4% of Cliffs Natural Resources Inc's available float is sold short, which is equivalent to 50.9 million shares. It would take more than a week to cover these bearish bets, at the equity's average daily volume.

  • Citigroup lowered its rating on ADSK to "sell" from neutral," though the stock maintains a six-month gain of 42.8% to trade at $52.48. Meanwhile, in the options pits, Autodesk, Inc. -- which reported earnings last Wednesday -- appears to be a hit among short-term call players. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.44 ranks 15 percentage points from a 12-month low. This means the preference for calls over puts for options expiring within three months is approaching annual-high levels.

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