Analyst Downgrades: Cliffs, Ruckus Wireless, Michael Kors

Analysts are weighing in today on mining magnate Cliffs Natural Resources Inc (NYSE:CLF), Wi-Fi solutions specialist Ruckus Wireless Inc (NYSE:RKUS), and upscale accessories designer Michael Kors Holdings Ltd (NYSE:KORS). Here's a quick roundup of today's bearish brokerage notes on CLF, RKUS, and KORS.

• Citigroup followed in the footsteps of BMO, and cut its price target on CLF by $2 to $4.50. Technically speaking, the shares have surrendered more than three-quarters of their value over the past 12 months, and closed last week at $4.87. Not surprisingly, sentiment is tilted toward the skeptical side. Short interest, for example, jumped 9.1% in the latest reporting period, and now accounts for 42.3% of the equity's available float. Meanwhile, of the 15 analysts covering Cliffs Natural Resources Inc, 13 maintain a "hold" or worse rating.


• Goldman Sachs removed RKUS from its "conviction buy" list, sending the shares down nearly 3% in electronic trading. Since hitting a year-to-date low of $9.11 in mid-January, shares of RKUS have rallied more than 42%, and settled Friday at $12.95 -- their highest weekly close since late October. Meanwhile, on the options front, short-term speculators are more put-heavy than usual toward Ruckus Wireless Inc, per the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.33, which ranks higher than 78% of similar readings taken in the past year. In the front-month series, specifically -- which expires at this Friday's close -- peak put open interest is found at the April 12.50 strike, where 1,352 contracts are currently in residence.


• Baird slapped KORS with a price-target cut to $80 from $85, although this still represents a 23.8% premium to Friday's close at $64.60. On the charts, the security has put in a dismal performance, shedding nearly 35% since tagging an annual high of $98.96 in late May. More recently, the shares have spent 2015 churning below their 10-week moving average. Should Michael Kors Holdings Ltd continue to struggle, more bearish brokerage notes may be on the horizon -- which could translate into a fresh wave of selling pressure. Currently, 41% of analysts maintain a "buy" or better rating on the equity, while the average 12-month price target of $86.56 rests in territory not charted since last July.