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Analysts are weighing in today on alternative energy concern SunPower Corporation (NASDAQ:SPWR), biopharmaceutical firm Bristol-Myers Squibb Co (NYSE:BMY), and lighting solutions provider Acuity Brands, Inc. (NYSE:AYI). Here's a quick roundup of today's bearish brokerage notes.
- Canaccord Genuity instated a "hold" rating and a price target of $41 on SPWR today, even though the shares have spiked 23.7% in the last month to perch at $40.50. What's more, additional gains could be on the way, considering SunPower Corporation is one of July's historical outperformers. Elsewhere, six analysts have already dished out "hold" recommendations on the equity, while five maintain "strong buy" endorsements, and the average 12-month price target of $38.04 sits at a 6.1% discount to the stock's current price. As such, a round of upgrades and/or price-target hikes may be on the horizon, which could add fuel to SPWR's fire.
- BMY -- which is down 9.5% year-to-date to trade at $48.12 -- saw its rating drop to "equal weight" from "overweight," and its price target cut to $46 from $65, at Barclays this morning, after yesterday voluntarily recalling six lots of the injectable version of its blood thinner, Coumadin. Meanwhile, Bristol-Myers Squibb Co sports a Schaeffer's put/call open interest ratio (SOIR) of 1.03, which ranks in the 84th annual percentile. This means short-term option traders are more put-heavy than usual toward BMY right now.
- AYI plunged 14.9% yesterday to close at $117.62, after the company posted a fiscal third-quarter earnings miss earlier that morning. Subsequently, Canaccord Genuity lowered its price target to $156 from $172 last night. On another note, 6% of Acuity Brands, Inc.'s available float is sold short, and it would take 9.4 sessions to cover these bearish bets, at the shares' average pace of trading.