Analyst Update: Best Buy, Axovant, Allscripts Healthcare

Analysts adjusted their ratings on Best Buy Co Inc (BBY), Axovant Sciences Ltd (AXON), and Allscripts Healthcare Solutions Inc (MDRX)

by Alex Eppstein

Published on Jul 17, 2015 at 12:13 PM
Updated on Jun 29, 2020 at 3:37 PM

Analysts are weighing in today on electronics retailer Best Buy Co Inc (NYSE:BBY), biotech Axovant Sciences Ltd (NYSE:AXON), and medical software developer Allscripts Healthcare Solutions Inc (NASDAQ:MDRX). Here's a quick roundup of today's brokerage notes on BBY, AXON, and MDRX.

  • BBY is getting demolished, after BofA-Merrill Lynch downgraded its rating to "underperform" from "buy" and cut its price target to $32 from $45. In particular, the firm cited concerns that the retailer's "continued reinvestment in the business" is "offsetting strong cost cutting efforts." At last check, Best Buy Co Inc has surrendered 6.2% to trade at $32.73, making it the worst percentage loser on the S&P 500 Index (SPX), and bringing its year-to-date loss to 16%. Currently, the stock is in danger of closing below its 120-week moving average for the first time since last April. Meanwhile, short sellers are anticipating an extended drop. Almost 12% of BBY's float is sold short, which would take nine sessions to cover, at its average daily volume.

  • AXON is soaring after JMP Securities started coverage with a "market outperform" opinion and $36 price target -- in uncharted territory. So far, the stock has advanced 19.7% to trade at $20.99 -- though this is nowhere near its all-time high of $31.17, touched the day of its June 11 IPO. More broadly speaking, the brokerage bunch has expressed confidence in Axovant Sciences Ltd. Three-quarters of analysts rate the shares a "buy" or better, and the consensus 12-month price target of $29.17 stands at a 39% premium to current levels.

  • MDRX is getting a big-time lift from an encouraging second-quarter forecast, which was followed by a pair of price-target hikes to $17 at Baird and Raymond James. Both firms also underscored "outperform" endorsements. Today, the stock has shot 10.2% higher to $15.02, putting it in territory last explored in early September. Options traders aren't buying the hype, though. During the last 50 days, Allscripts Healthcare Solutions Inc has amassed a put/call volume ratio of 0.62 across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio outstrips nearly four-fifths of similar readings taken in the last year, suggesting a stronger-than-usual preference for long puts over calls.

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