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Analyst Downgrades: BlackBerry Ltd, Cisco Systems, Inc., and Twitter Inc

Analysts downwardly revised their ratings on BBRY, CSCO, and TWTR

by 12/11/2013 9:07 AM
Stocks quoted in this article:

Analysts are weighing in today on smartphone firm BlackBerry Ltd (NASDAQ:BBRY), networking specialist Cisco Systems, Inc. (NASDAQ:CSCO), and microblogging name Twitter Inc (NYSE:TWTR). Here's a quick roundup of today's bearish brokerage notes.

  • Citigroup slashed its rating on BBRY to "sell" from "neutral," and cut its price target to $4 from $7. The stock is down 49.7% year-to-date and closed Tuesday at $5.97, so Citigroup is projecting further downside of roughly 33% for BlackBerry Ltd. Due to the well-known fundamental and technical troubles for BBRY, not a single brokerage firm currently maintains a bullish endorsement on the shares. Among the 26 analysts tracking the stock, there are 17 "holds," two "sells," and seven "strong sells."

  • Late Tuesday, Mizuho Securities resumed coverage on CSCO with a tepid "neutral" rating -- and today, Citigroup slapped the tech stock with a "sell" rating and an $18 price target. It's been a rough ride for Cisco Systems, Inc. on the charts in recent months, with the shares down about 20% from their annual high of $26.49 in August. After settling yesterday at $21.21, CSCO is poised to open today's session on a loss of 0.9%.

  • Wall Street newcomer TWTR was initiated with a "neutral" rating by Macquarie this morning, with the brokerage firm doling out a downbeat price target of $46 -- some 11.5% south of the stock's Tuesday close at $51.99. However, compared to the consensus view, Macquarie's forecast seems almost optimistic. The average 12-month price target for Twitter Inc is $39.95, which is only fractionally higher than the equity's lifetime low of $38.80. On the charts, TWTR has been defying the Street's gloomy outlook with a recent technical breakout, having touched an all-time best of $52.58 just yesterday.

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