Analyst Downgrades: Coach, T-Mobile, and Workday

Analysts are weighing in today on handbag designer Coach Inc (NYSE:COH), telecom issue T-Mobile US Inc (NYSE:TMUS), and cloud concern Workday Inc (NYSE:WDAY). Here's a quick roundup of today's bearish brokerage notes on COH, TMUS, and WDAY.

• COH is down 3.5% ahead of the bell, after BB&T Capital started coverage on the equity with an "underweight" rating. This negativity is fairly normal for the shares, which have received 15 "hold" or worse ratings from the analyst community, versus eight "buy" or better opinions. On the charts, Coach Inc hasn't done much to warrant optimism. The stock has tumbled 16% since its pre-pearnings peak of $43.45 to close at $36.56 yesterday, and a recent upside move was contained by COH's declining 20-day moving average.


• Macquarie downgraded TMUS to "neutral" from "outperform." The skeptical note is surprising, given the stock's 43% year-to-date advance to trade at $38.55. Just yesterday, in fact, T-Mobile US Inc hit a nearly seven-year high of $38.70, following positive comments last week from parent company Deutsche Telekom. Elsewhere on the Street, options traders have grown bearish toward the security. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TMUS has racked up a 10-day put/call volume ratio of 0.86 -- in the 82nd percentile of its annual range. 


• WDAY is getting roughed up ahead of the bell, down 9.1% on a disappointing second-quarter billings outlook and a round of bearish brokerage notes. Specifically, no fewer than six firms lowered their price targets on the stock -- the bleakest of which came from Piper Jaffray, which set a target of $87. Today's expected bear gap will wipe out most of Workday Inc's year-to-date gains of 13.3%, as of Tuesday's close at $92.49. This is good news for short sellers. Almost 10% of WDAY's float is sold short, which would take more than six sessions to buy back, at typical daily trading levels.