Analyst Downgrades: Chevron Corporation, Netflix, Inc., and CBS Corporation

Analysts downwardly revised their ratings on CVX, NFLX, and CBS

by Andrea Kramer

Published on Dec 8, 2014 at 9:49 AM
Updated on Apr 20, 2015 at 5:32 PM

Analysts are weighing in today on oil-and-gas concern Chevron Corporation (NYSE:CVX), streaming video provider Netflix, Inc. (NASDAQ:NFLX), and media giant CBS Corporation (NYSE:CBS). Here's a quick roundup of today's bearish brokerage notes on CVX, NFLX, and CBS.

  • CVX is down 1.9% at $108.79, after Oppenheimer cut its price target to $130 from $140 (but maintained an "outperform" recommendation). Chevron Corporation, like many other crude-centered companies, has followed black gold lower in recent months, with the stock down 12.9% year-to-date. The security has underperformed the broader S&P 500 Index (SPX) by nearly 14 percentage points during the past three months, with recent rebound attempts stalling in the face of the equity's descending 50-day moving average. Still, eight out of 15 analysts maintain "buy" or better opinions, leaving the door wide open for potential downgrades to exacerbate selling pressure on the beleaguered blue chip.

  • UBS initiated coverage of NFLX with a tepid "neutral" rating. Out of the gate, NFLX has shed 9% to linger near $347.71, bringing its year-to-date loss to 5.6%. In fact, the stock has lagged the SPX by close to 30 percentage points during the past 60 sessions, fueling accelerated put buying in the options pits. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 1.15 stands higher than 90% of all other readings from the past year, pointing to a healthier-than-usual appetite for bearish bets over bullish during the past two weeks.

  • UBS also weighed in on CBS with a "neutral" recommendation. The shares were last seen 1.6% lower at $54.25, as Wall Street digests CBS Corporation's newly inked multi-year agreement with DISH Network Corp (NASDAQ:DISH). The stock has been chipping away at its year-to-date deficit -- now at 14.9% -- since hitting an annual low of $48.83 in mid-October, but continues to stare up at its formerly supportive 20-week moving average, which has descended into the $55-$56 neighborhood. Nevertheless, most analysts are in the bulls' corner; 17 out of 20 offer up "buy" or better endorsements.

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