Analyst Downgrades: Micron Technology, Zoetis, and Etsy

Analysts downwardly revised their ratings on Micron Technology, Inc. (NASDAQ:MU), Zoetis Inc (NYSE:ZTS), and Etsy Inc (NASDAQ:ETSY)

Jun 26, 2015 at 9:44 AM
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Analysts weighed in on chipmaker Micron Technology, Inc. (NASDAQ:MU), animal health issue Zoetis Inc (NYSE:ZTS), and e-commerce concern Etsy Inc (NASDAQ:ETSY). Here's a quick roundup of today's bearish brokerage notes on MU, ZTS, and ETSY.

  • MU is down 16.4% at $20.08 -- an annual-low  -- after the firm's fiscal third-quarter earnings and dire current-quarter revenue outlook was met with a round of downbeat analyst notes. Included in the bunch was a price-target cut to $30 from $34 at Cowen and Company, which cited concerns over a buildup in inventory and lackluster expectations for DRAM and NAND. Morgan Stanley, meanwhile, offered up the most skeptical outlook, lowering its price target to $19 from $21. It's already been a tough year for Micron Technology, Inc., which was off more than 31% even before today's fall. While analysts have been taking a hatchet to their ratings recently, there is still plenty of room for more bearish brokerage notes. Currently, 81% of those covering the shares maintain a "buy" or better rating.

  • ZTS popped to a record high of $55.38 yesterday, following reports that Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is looking to bid on the company. Today, the stock is retreating from this notable milestone -- down 8.2% at $50.82 -- after receiving mixed messages from BMO. Specifically, the brokerage firm reduced its outlook to "market perform" from "outperform," but boosted its price target to $57 from $51. As indicated, the security has been a technical standout, rallying more than 17% year-to-date. Option traders have been rolling the dice on additional gains, by buying to open calls over puts at a faster-than-usual clip in recent months. Zoetis Inc's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 5.99 ranks in the 83rd annual percentile.

  • It's been a rough ride for ETSY since going public in mid-April, down 54% and fresh off Monday's record low at $13.78. The stock is extending these losses today -- off 4.8% at $14.18 -- after Wedbush once again lowered its price target, this time to $9 from $13. This skepticism is seen elsewhere on the Street, with speculators at the ISE, CBOE, and PHLX buying to open 1.41 puts for each call over the past two weeks. Additionally, short interest jumped 23.2% in the latest reporting period, and now accounts for a healthy 7.5% of Etsy Inc's available float.

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