Analyst Downgrades: Panera Bread Co, AstraZeneca plc, and Canadian Solar Inc.

Analysts downwardly revised their ratings and price targets on Panera Bread Co (NASDAQ:PNRA), AstraZeneca plc (ADR) (NYSE:AZN), and Canadian Solar Inc. (NASDAQ:CSIQ)

Josh Selway

Nov 28, 2016 at 9:29 AM

Analysts are weighing in on restaurant stock Panera Bread Co (NASDAQ:PNRA), drugmaker AstraZeneca plc (ADR) (NYSE:AZN), and solar energy stock Canadian Solar Inc. (NASDAQ:CSIQ). Here's a quick roundup of today's bearish brokerage notes on PNRA, AZN, and CSIQ.

PNRA has surged up the charts in recent weeks, adding roughly 17% since its Nov. 9 low of $185.69, to settle Friday at $217.16. Nonetheless, Wedbush downgraded the stock this morning to "neutral" from "outperform," saying "we believe upside to current Street's expectations could prove limited," and sending the shares 1.5% lower ahead of the bell. This skepticism certainly hasn't been shared by options traders, however. During the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Panera Bread Co has posted a call/put volume ratio of 2.33, which ranks in the 88th percentile of its annual range.

AZN is set to add to its recent woes, dropping 1.4% in electronic trading, after J.P. Morgan Securities lowered its price target to 4,600P from 4,900P. The shares have fallen hard since hitting an annual high of $35.04 back in August, finishing last week at $27.10, and short sellers have taken notice. Specifically, short interest increased by 11.3% on AstraZeneca plc over the two most recent reporting periods.

CSIQ has also struggled on the charts this year, shedding 60% year-to-date to trade at $11.58. As a result, Barclays reduced its price target on the stock to $12 from $14. On the other hand, Canadian Solar Inc. options traders continue to bet on a bounce back. By the numbers, more than five CSIQ call options have been bought to open for every put during the past two weeks at the ISE, CBOE, and PHLX, with the resulting call/put volume ratio ranking higher than 83% of the past year's readings.

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