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Analysts are weighing in today on banking giants Citigroup Inc (NYSE:C) and Bank of America Corp (NYSE:BAC), along with biopharmaceutical company Questcor Pharmaceuticals Inc (NASDAQ:QCOR). Here's a quick roundup of today's bearish brokerage notes.
- C just can't get a break from the bears on Wall Street. Today, the stock -- which is down 10.6% year-to-date to trade at $46.47 -- received a price-target cut to $58 from $62 at Guggenheim, amid reports that the firm could miss a key profitability target, and plans to close nearly one-third of its South Korean branches. Nevertheless, there is still plenty of room for more bearish brokerage notes in the near term, which could force the shares lower. Despite the recent bout of downgrades on Citigroup Inc, the average 12-month price target of $58.73 continues to tower over the stock's current price. Moreover, C maintains 13 "strong buy" recommendations, compared to eight "hold" or worse suggestions.
- Though BAC has tacked on 34.3% over the past 12 months to trade at $16.42, SocGen slapped the stock with a price-target cut to $19.50 from $20 last night. Elsewhere, the brokerage crew appears to be bearish on Bank of America Corp, as well. In fact, 14 of the 21 covering analysts maintain "hold" or worse suggestions. Should BAC continue on its upward trajectory, these skeptics may have a change of heart, which could add contrarian fuel to the shares' fire.
- QCOR enjoyed an 18.7% spike to $80.58 yesterday, following news that the company will be acquired by Mallinckrodt PLC (NYSE:MNK) for $86.08 per share. In response, Mizuho Securities and Jefferies dropped their price targets to $92 from $93, and to $86 from $89, respectively. (Plus, Jefferies lowered its rating on the stock to "hold" from "buy.") Elsewhere, Questcor Pharmaceuticals Inc has racked up a significant amount of short interest. In fact, nearly one-third of the stock's float is sold short, which is equivalent to almost seven sessions' worth of pent-up buying demand, at QCOR's average daily volume.