Analyst Downgrades: CBS, 3D Systems, and Qiwi PLC

Analysts downwardly revised their ratings on CBS, DDD, and QIWI

Nov 12, 2014 at 9:28 AM
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Analysts are weighing in today on media magnate CBS Corporation (NYSE:CBS), 3-D printing issue 3D Systems Corporation (NYSE:DDD), and payment services provider Qiwi PLC (NASDAQ:QIWI). Here's a quick roundup of today's bearish brokerage notes on CBS, DDD, and QIWI.

  • Bernstein targeted media firms this morning, and cut CBS' price target to $55 from $60, while affirming its "market perform" rating. This year hasn't been kind to the shares, which are down nearly 19% to trade at $51.84. That said, CBS Corporation could soon face the possibility of additional bearish brokerage notes. Despite its long-term technical underperformance, the stock has received 17 "buy" or better recommendations, against just three "holds" and not a single "sell." Plus, CBS' consensus 12-month price target of $65.88 stands at a 27% premium to current trading levels, and in territory not charted since March.

  • Just a day after Imperial Capital slashed its price target on DDD, the shares got hit with a bearish note at Goldman Sachs, which reduced its target price to $39 from $47, and reiterated its "neutral" opinion. On the charts, 3D Systems Corporation has plunged nearly 63% year-to-date to rest at $34.61. Understandably, the short-selling crowd sees additional downside ahead. DDD's short interest-to-float ratio stands at 32.2%, and it would take more than two weeks to buy back the 33.7 million shares currently sold short, at average daily trading levels.

  • Despite topping the Street's expectations in the earnings confessional yesterday, and raising its full-year guidance, QIWI received a pair of bearish brokerage notes this morning. Specifically, J.P. Morgan Securities slashed its price target to $50 from $64 (and maintained its "overweight" rating), while Barclays lowered its target to $46.70 from $61.50, to go along with a "buy" recommendation. Technically speaking, 2014 hasn't been kind to shares of Qiwi PLC, which are down 46% to trade at $30.23. Meanwhile, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have been scooping up long puts over calls at an accelerated rate in recent weeks. QIWI's 10-day put/call volume ratio across those exchanges checks in at 0.60 -- higher than almost three-quarters of all readings from the last year.


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