Analyst Update: Michael Kors, 3D Systems, ConocoPhillips

Analysts adjusted their ratings on Michael Kors Holdings Ltd (KORS), 3D Systems Corporation (DDD), and ConocoPhillips (COP)

Aug 3, 2015 at 1:50 PM
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Analysts are weighing in today on fashion firm Michael Kors Holdings Ltd (NYSE:KORS), three-dimensional printing company 3D Systems Corporation (NYSE:DDD), and oil-and-gas provider ConocoPhillips (NYSE:COP). Here's a quick roundup of today's brokerage notes on KORS, DDD, and COP.

  • KORS is more than 8% lower at $38.47 -- and fresh off a three-year low of $38.39 -- after a pair of price-target cuts. First, J.P. Morgan Securities cut Michael Kors Holdings Ltd's price target to $49 from $60. Canaccord Genuity followed this move by cutting its price target on KORS to $45 from $48, citing concern over excess handbag inventory in the company's wholesale division. Technically, the stock has had a terrible year -- down 49% -- and there may be no end to the drop. Despite the stock's slump, option players still believe KORS is in fashion. The equity's Schaeffer's put/call open interest ratio (SOIR) of 0.60 is lower than 79% of the readings taken during the past 52 weeks, meaning short-term speculators are more call-skewed than usual. Should the equity continue to struggle, an unwinding of the hedges related to these call positions could translate into additional headwinds. Meanwhile, KORS could garner more attention later this week when it steps up to the earnings mic Thursday night.

  • DDD is off 5.5% today at $12.44, touching a fresh three-year low of $12.20 earlier. The plunge was set into motion after Needham cut its price target on 3D Systems Corporation to $22 from $28 (but reiterated its "buy" rating). This move comes ahead of Thursday morning's earnings announcement, where the Street -- on average -- is expecting the company to reveal quarterly earnings of 9 cents per share. If the options market has its way, it could be a volatile session for DDD. Specifically, the stock's near-term at-the-money straddle is pricing in an 11.3% single-session post-earnings move. With earnings on the horizon, it's getting pricey to purchase the security's near-term options, from a historical perspective. In fact, DDD's Schaeffer's Volatility Index (SVI) of 63% ranks in the 100th annual percentile.

  • Finally, we have oil-and-gas concern ConocoPhillips, which is 1.9% lower on the day at $49.38, after tagging a three-year low of $49.33 not long ago. Similar to a pair of its sector peers, COP last week unveiled quarterly earnings that were not well-received. As such, COP saw two price-target cuts on Friday – a move that was followed by Barclay's today. The brokerage lowered its price target on COP to $64 from $75, and maintained its "overweight" rating. The stock has retreated 40% over the past 12 months, and there seems little relief in sight. Despite this less-than-stellar performance, options players are bullishly aligned toward the company. COP's SOIR of 0.54 ranks in the 2nd percentile of its annual range, suggesting that there is plenty of optimism to unwind in the options pits. Such activity could serve to further the stock's slump.  
 

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