Schaeffer's Trading Floor Blog

Upgrades & Downgrades: BA, CIEN, ARUN, BCSI, and TIF

Analysts adjusted their ratings on BA, CIEN, ARUN, BCSI, and TIF

by 9/2/2011 11:29 AM
Stocks quoted in this article:

Analysts are weighing in today on aerospace giant The Boeing Company (BA - 64.20), communications equipment concern Ciena Corporation (CIEN - 14.09), tech stock Aruba Networks, Inc. (ARUN - 20.03), networking heavyweight Blue Coat Systems, Inc. (BCSI - 15.22), and upscale jeweler Tiffany & Co. (TIF - 68.64). Here's a quick roundup of today's upgrades and downgrades of note.

  • First up, blue chip BA has shed 2.8% this morning, as dismal jobs data has more than offset a new "buy" rating from CRT Capital. The stock is now backing down from a test of resistance at its descending 10-week moving average, which has kept BA under pressure since early June. Despite BA's summer slump, most brokers share CRT's upbeat opinion. Zacks tallies 17 "buy" or better ratings, compared to five "holds" and zero "sells."
  • Meanwhile, CIEN was hit with a trio of price-target cuts today, on the heels of Thursday's earnings report. Credit Suisse cut its target to $23 from $34; Jefferies lowered its target to $12.50 from $16; and UBS trimmed its target to $16 from $17.25. The stock has slipped 4.2% today, backing down from a test of resistance at its 50-day moving average. This benchmark trendline hasn't been bested on a daily closing basis since May 31.
  • ARUN has also succumbed to the day's widespread selling spree, off 2.1% despite a price-target boost to $25 from $23 at Barclays. However, the shares remain poised above newfound support at their 10-day moving average, as well as the round-number $20 region.
  • Lazard Capital raised its rating on BCSI to "neutral" from "sell," one day after the company reached a standstill pact with Elliott Associates. Nevertheless, the stock is down 5% amid today's bloodshed on Wall Street, deepening its year-to-date drop of 46.3%. Most analysts are on the fence when it comes to BCSI, with Zacks reporting only one "buy" recommendation, compared to 11 "holds" and three "sell" or worse suggestions.
  • Finally, TIF has fallen 3.4% so far, after a price-target cut to $77 from $81 at HSBC. The stock on Thursday ran headlong into its 40-day moving average -- a former layer of support that has now switched roles to act as resistance. From a longer-term perspective, TIF is still clinging to its 10-month trendline, which -- in collaboration with its 20-month counterpart -- has guided the shares higher since April 2009.


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