Schaeffer's Trading Floor Blog

Analyst Downgrades: Netflix, Inc., Coach, Inc., and Agilent Technologies Inc.

Analysts downwardly revised their ratings on NFLX, COH, and A

by 6/25/2013 9:05 AM
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Analysts are weighing in today on streaming video provider Netflix, Inc. (NASDAQ:NFLX), fine accessories designer Coach, Inc. (NYSE:COH), and tech concern Agilent Technologies Inc. (NYSE:A). Here's a quick roundup of today's bearish brokerage notes.

  • NFLX -- which has more than tripled in value during the past year -- was downgraded to "underperform" from "market perform," but saw its price target lifted to $180 from $125 at Bernstein today. However, Netflix, Inc. is no stranger to negative sentiment from the analyst crowd. The equity maintains just six "strong buy" recommendations, versus 16 "holds" and four "sell" or worse suggestions. Even more telling, the stock's average 12-month price target of $204.57 denotes a discount to yesterday's closing price of $215.60. This leaves plenty of room for a round of upgrades and/or price-target hikes, which could push the shares higher.

  • Off more than 4% on a year-over-year basis to hover at $55.27, COH was lowered to "neutral" from "buy" at Lazard this morning, after the company named Stuart Vevers of Loewe SA its new executive creative director. Elsewhere, the security sports a 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 5.36, conveying puts bought to open have outstripped calls by a margin of more than 5-to-1 during the past couple of weeks. This ratio is just 1 percentage point below a yearly acme, meaning traders have been snapping up puts over calls at a near annual-high pace.

  • A was cut to "neutral" from "buy" at Goldman Sachs in pre-market action, which could chip away at the stock's year-to-date advance of around 3%. Meanwhile, Agilent Technologies Inc. -- currently docked at $42.31 -- has been favored by short-term bears lately. The equity's Schaeffer's put/call open interest ratio (SOIR) stands at 1.48, signaling puts outnumber calls among options with a shelf-life of three months or less. This ratio registers higher than 90% of comparable annual readings, indicating near-term options players have rarely been more pessimistically aligned toward A during the past year.

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