Goldman Sachs eyes new lows for HP stock
Analysts are weighing in on steel maker United States Steel Corporation (NYSE:X), semiconductor stock Xilinx, Inc. (NASDAQ:XLNX), and energy name Helmerich & Payne, Inc. (NYSE:HP). Here's a quick roundup of today's bearish brokerage notes on shares of X, XLNX, and HP.
X Stock Price Target Cut at BofA-Merrill Lynch
Since topping out at a two-year peak of $41.83 in late February, X stock has shed more than half its value to trade at $19.32. In response, BofA-Merrill Lynch cut its price target on U.S. Steel to $23 from $26. While the majority of analysts have taken the skeptical route with "hold" or worse ratings, X options traders have been buying to open calls relative to puts at a near-annual-high clip of late. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), U.S. Steel's 10-day call/put volume ratio of 2.31 ranks 6 percentage points from a 52-week peak.
Wells Fargo Downgrades XLNX Stock After Analyst Day
XLNX stock hit a 16-year high of $67.75 ahead of the company's annual analyst day. Today, the shares are trading down 5.7% at $63.62, after Wells Fargo downgraded the equity to "market perform" from "outperform," citing a "lackluster growth dynamic in [the] PLD market." Should Xilinx stock shake off today's dip and resume its longer-term uptrend, there's plenty of skepticism to be unwound. More than three-quarters of covering analysts maintain a "hold" or worse rating, and it would take short sellers nearly four sessions to cover their bearish bets. This could create tailwinds for the shares in the near term.
HP Stock Trades Down On Negative Goldman Sachs Outlook
Goldman Sachs downgraded HP stock to "sell" from "neutral" and slashed its price target to $45 from $63 -- territory not charted since early 2016. The shares have tumbled 5.4% to trade at $56.64, bringing its year-to-date deficit to 25%. Meanwhile, there's plenty of pessimism directed toward the energy stock. Short interest accounts for more than 17% of Helmerich & Payne stock's available float, while 74% of analysts maintain a "hold" or "strong sell" rating.