Analyst Downgrades: Cree, Fossil Group, Myriad Genetics

Analysts downwardly revised their ratings on Cree, Inc. (CREE), Fossil Group Inc (FOSL), and Myriad Genetics, Inc. (MYGN)

by Mark Fightmaster

Published on Aug 12, 2015 at 10:10 AM
Updated on Jul 2, 2020 at 2:36 PM

Analysts are weighing in today on lighting firm Cree, Inc. (NASDAQ:CREE), watch concern Fossil Group Inc (NASDAQ:FOSL), and diagnostic company Myriad Genetics, Inc. (NASDAQ:MYGN). Here's a quick roundup of today's bearish brokerage notes on CREE, FOSL, and MYGN.

  • CREE is 1.1% lower in early trading, sitting at $24.96 -- and just off a three-year low of $23.36 --  after releasing its fiscal fourth-quarter earnings. Cree, Inc. reported a larger-than-expected loss of 19 cents per share on $382 million in revenue. In the wake of this news, Canaccord Genuity lowered its price target on CREE to $21 from $28. Technically, CREE has spent the past few months wallowing below resistance from its 10-week moving average. Option players were preparing for a larger post-earnings move from CREE, per recent action on the equity's near-term at-the-money straddle.
  • Watchmaker FOSL is down 3.4% at $60, and just touched a four-year low of $56.96, after the firm lowered its full-year sales forecast. As a result, Fossil Group Inc was hit with no fewer than four price-target cuts, the worst of which came from Nomura, which hacked its target to $56 from $75. Technically, FOSL has lost 45% since the beginning of the year, retreating beneath resistance at its 10-week moving average. Most analysts are already in the bears' corner, with just two of nine offering up "buy" or better opinions.

  • MYGN has rocketed 6.3% higher to $33.02, after reporting fiscal fourth-quarter earnings.  However, weaker-than-expected guidance prompted price-target cuts from JMP Securities (to $50 from $46) and Goldman Sachs (to $24 from $25). Myriad Genetics, Inc. is in prime position for a short-covering rally, as 47% of its float was sold short. 

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