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)

Jul 17, 2015 at 12:13 PM
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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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