Analyst Downgrades: Coach, Exxon Mobil, MannKind

Analysts downwardly revised their ratings on Coach Inc (COH), Exxon Mobil Corporation (XOM), and MannKind Corporation (MNKD)

Aug 3, 2015 at 9:26 AM
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Analysts are weighing in today on handbag designer Coach Inc (NYSE:COH), blue chip Exxon Mobil Corporation (NYSE:XOM), and drugmaker MannKind Corporation (NASDAQ:MNKD). Here's a quick roundup of today's bearish brokerage notes on COH, XOM, and MNKD.

  • COH, which will report earnings tomorrow morning, saw its rating reduced to "neutral" from "overweight" at J.P. Morgan Securities, which also lowered its price target to $30 from $47. As such, the shares are off 1.8% ahead of the bell. It's been a woeful 2015 for Coach Inc, which has slid nearly 17% to trade at $31.20, and last week skimmed a five-year low of $30.13. Option traders are rolling the dice on additional losses, too, based on data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, COH's 50-day put/call volume ratio of 0.94 is just 4 percentage points from a 52-week high.

  • XOM has had a rough go of it recently, in no small part due to lackluster earnings -- as well as crude oil's prolonged swoon. On Friday, the shares settled at $79.21 -- just above their three-year low of $78.93, touched in intraday trading. Amid these technical troubles, Exxon Mobil Corporation has captured bearish attention across the Street. Eleven of 14 analysts currently rate the stock a "hold" or worse. Just this morning, in fact, RBC and Credit Suisse trimmed their respective price targets to $96 and $83. Elsewhere, XOM's 50-day ISE/CBOE/PHLX put/call volume ratio of 2.12 registers above 90% of comparable readings taken in the last year.

  • RBC also weighed in on MNKD, downwardly revising its price target to $9 from $10. As a result, the stock is staring at a pre-market deficit of 1.6%. Already this year, MannKind Corporation has slid nearly 18% to land at $4.29, and since early June, has been stair-stepping its way south. This negative trend hasn't been lost on short sellers. A lofty 42.9% of MNKD's float is sold short, representing more than five weeks' worth of trading, at typical daily volumes. And, as we've noted recently, options traders have grown quite bearish.

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