Analyst Downgrades: Wynn Resorts, Amkor, The Container Store

Analysts downwardly revised their ratings on Wynn Resorts, Limited (WYNN), Amkor Technology, Inc. (AMKR), and Container Store Group Inc (TCS)

Apr 28, 2015 at 9:29 AM
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Analysts are weighing on hotel and casino concern Wynn Resorts, Limited (NASDAQ:WYNN), semiconductor firm Amkor Technology, Inc. (NASDAQ:AMKR), and storage and organization product maker Container Store Group Inc (NYSE:TCS). Here's a quick roundup of today's bearish brokerage notes on WYNN, AMKR, and TCS.

  • WYNN woke up to a price-target cut to $159 from $189 by Susquehanna (which also reaffirmed its "positive" rating of the stock), sending the shares 0.6% lower in electronic trading. The price-target cut comes just ahead of the firm's turn in the earnings spotlight tonight. Technically speaking, Wynn Resorts, Limited has been an underperformer recently, with the shares down over 33% year-over-year to settle Monday at $128.83. However, traders have shown a distinct preference for calls over puts in the options pits, as WYNN's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 1.71 is higher than 96% of all similar readings from the past year. Meanwhile, the brokerage bunch has stayed skeptical of the equity, as 60% of covering analysts rate it a "hold."
  • The shares of AMKR are down 10.5% ahead of the bell, after the company forecast current-quarter profits below consensus estimates. In response, Topeka Capital lowered its price target on the stock to $9 from $11, but maintained a "buy" opinion. On the charts, Amkor Technology, Inc. has taken a step back since hitting a year-to-date high of $10.13 on March 3, down 21.6% to finish yesterday at $7.94. Many traders are likely bemoaning today's drop -- over the past 50 days at the ISE/CBOE/PHLX, 23.83 AMKR calls have been bought to open for every put, which is a higher ratio than 93% of all equivalent readings from the last 12 months. On the flip side, short interest surged by roughly 62% over the past two reporting periods, and now accounts for 7.3% of AMKR's available float. It would take these bettors over a week to cover their positions, at average trading volumes.
  • TCS posted fiscal fourth-quarter earnings that failed to meet analysts' predictions and offered weak guidance for fiscal 2015, prompting J.P. Morgan Securities and Sterne Agee to lower their price targets, to $21 and $17 respectively. In addition, Jefferies slashed its price target to $15 from $21. At last check, the shares of Container Store Group Inc were 24.4% lower in pre-market trading, and could explore record lows. Prior to today's drop, though, the stock had been trending upwards, with the shares up 13.4% year-to-date to close Monday at $21.69. Today's plummet is likely music to the ears of short sellers, as over 26% of TCS' available float is sold short, which would take 14 sessions to cover, at average trading volumes. Meanwhile, seven out of nine covering analysts rate the equity a "hold" or "strong sell."
 

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