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Analyst Downgrades: GRPN, PNRA, and SINA

Analysts adjusted their ratings on GRPN, PNRA, and SINA

by 4/2/2012 11:05 AM
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Analysts are weighing in today on discount deals website Groupon, Inc. (GRPN - 16.20), bakery-cafe chain Panera Bread Company (PNRA - 159.06), and online media company SINA Corporation (SINA - 63.44). Here's a quick roundup of today's bearish brokerage notes.

  • After unveiling a downwardly revised fourth-quarter report, GRPN was slapped with several negative analyst notes this morning. Specifically, Evercore Partners maintained its "equal weight" rating for GRPN, but slashed its price target to $20 from $28; Benchmark kept its "buy" endorsement, but dropped its price target to $28 from $32; Stifel Nicolaus cut its rating to "sell" from "hold"; and Bank of America-Merrill Lynch lowered its recommendation to "neutral" from "buy." GRPN is susceptible to additional downgrades, as Zacks tallies six "strong buys," nine tepid "holds," and one "strong sell." Moreover, the average 12-month price target -- as calculated by Thomson Reuters -- rests at $24.88, which represents a hefty 58.5% premium to today's session low of $15.70. GRPN is currently sitting on an 11.75% decline for the day.
  • Shares of PNRA are also headed south today, following a downbeat note from Raymond James. Early this morning, the firm dropped its rating to "underperform" from "market perform." Technically speaking, PNRA has been a solid performer, adding 13.8% year-to-date, and posting a roughly 26% climb over the past 52 weeks. The stock is currently testing support at its 32-day moving average, which has been in place since early in January, and could limit today's pullback.
  • Lastly, SINA has traveled 2.3% lower after Roth Capital decreased its price target by $10 to $100 -- even as the brokerage firm maintained a "buy" rating for the stock. SINA could receive additional target cuts going forward; Thomson Reuters places the consensus 12-month price target at $87.73, representing a 35% premium to Friday's close at $65. SINA is now staring up at the formerly supportive $65 mark and its 80-day moving average -- which could emerge as resistance, especially if the shares exacerbate their 41.7% year-long tumble.

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