Analyst Downgrades: Pandora Media, Skechers, Fortinet

Analysts are weighing in on Internet radio heavyweight Pandora Media Inc (NYSE:P), footwear firm Skechers USA Inc (NYSE:SKX), and cybersecurity concern Fortinet Inc (NASDAQ:FTNT). Here's a quick roundup of today's bearish brokerage notes on P, SKX, and FTNT.

• P is swooning this morning, after the company's disappointing trip to the earnings confessional triggered a round of bearish analyst notes. For example, RBC downgraded the stock's rating to "sector perform" from "outperform," citing "competitive pressures," while Albert Fried dropped its opinion to "underweight" and its price target to $11. Out of the chute, Pandora Media Inc is down more than 38% at $11.76, and in two-year-low territory. This is good news for traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), who have been upping the bearish ante of late. P's 10-day put/call volume ratio across those exchanges is 0.62 -- higher than 87% of comparable readings from the last year, and a marked departure from what we observed earlier this month.

• SKX has crumbled about 30% to trade at $32.24, pressured by lackluster quarterly results and a subsequent series of negative analyst notes. Specifically, Susquehanna and Citigroup dropped their respective price targets to $45 and $44. More downward revisions are a possibility for Skechers USA Inc, considering 100% of analysts rate the equity a "buy" or better, and its consensus 12-month price target of $53.92 stands at a 67% premium to current levels. This morning's bear gap is quite the change of pace for SKX, which had rallied over 150% year-to-date as of last night's close.

• FTNT is also smarting today, despite the firm's better-than-expected third-quarter numbers. Triggering a 19% sell-off -- which has the shares at $35 -- were price-target cuts from no fewer than six analysts, with Cowen setting the lowest benchmark, at $35. Despite this morning's losses, Fortinet Inc still sports a year-to-date gain of more than 14%. One group potentially welcoming FTNT's skid is option players, based on the security's 10-day ISE/CBOE/PHLX put/call volume ratio of 2.58 -- which ranks in the high 86th percentile of its annual range. Likewise, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.07 rests a mere 15 percentage points from a 52-week high, indicating short-term speculators have rarely been so put-skewed.