Stocks quoted in this article:
Analysts are weighing in today on apparel stock Fossil, Inc. (NASDAQ:FOSL - 74.66), chip giant Intel Corporation (NASDAQ:INTC - 26.00), and upscale retailer Saks Incorporated (NYSE:SKS - 10.03). Here's a quick roundup of today's bearish brokerage notes.
- FBR slashed its price target on FOSL to $80 from $95, well below the stock's average 12-month price target of $104.58. The shares have lately edged higher along the tentative support of their 10-day and 20-day moving averages, but FOSL is down considerably from its April highs near $140. There could be plenty more negative notes in store for the security, as seven analysts out of 12 maintain a "buy" or better rating on struggling FOSL.
- Citigroup lowered its price target on INTC to $34 from $35, while Northland Capital started coverage of the stock with a less-than-enthusiastic "market perform" rating. Shares of the Dow component are off 0.2% ahead of the bell, with INTC set to chip away at its respectable year-to-date gain of 7.2%. The stock is on track to test support at its 10-month moving average, which hasn't been breached on a monthly closing basis since last September.
- SKS was downgraded to "neutral" from "buy" at Citigroup, and the firm also reduced its price target to $11 from $14. The shares are off 3.3% in pre-market action, with SKS on pace to take a trip into single-digit territory. The equity finished Tuesday just a hair's breadth above the $10 level -- but with resistance from its 10-week moving average descending into the neighborhood, SKS could soon lose its footing above this round-number area for good.