Analyst Downgrades: Ambarella Inc, QUALCOMM, Inc., and Sunedison Inc

Analysts downwardly revised their ratings on Ambarella Inc (AMBA), QUALCOMM, Inc. (QCOM), and Sunedison Inc (SUNE)

by Josh Selway

Published on Nov 23, 2015 at 9:42 AM
Updated on Nov 23, 2015 at 9:55 AM

Analysts are weighing in on chipmaker Ambarella Inc (NASDAQ:AMBA), telecom giant QUALCOMM, Inc. (NASDAQ:QCOM), and energy firm Sunedison Inc (NYSE:SUNE). Here's a quick roundup of today's bearish brokerage notes on AMBA, QCOM, and SUNE.

  • AMBA is up 0.9% at $59.00 this morning, even though Pacific Crest slashed its price target last night to $77 from $102. It's a rare show of strength from a stock that's dropped 54% since its July 23 all-time high of $129.19, and has recently encountered resistance at the round-number $60 level. Short sellers are certainly keeping a close eye on Ambarella Inc. Over 43% of the stock's float is sold short, representing 6.1 times AMBA's average daily volume. 
  • After facing plenty of difficulties last weekQCOM is off another 0.8% at $49.23, following a price-target cut at RBC to $63 from $72. The equity has given back 17.1% in November alone, and more losses could be in store if additional bearish notes come down the pike. Specifically, more than half of the 23 analysts covering QUALCOMM, Inc. say it's a "buy" or better, leaving plenty of room for more downward revisions. 
  • SUNE has been hurting lately -- to say the least. The stock has dropped over 91% of its value since its multi-year high of $33.45 in mid-July. However, the equity is up 4.9% at $2.96 today after the company named Chief Financial Officer Brian Wuebbels as CEO of its yieldcos TerraForm Power Inc (NASDAQ:TERP) and TerraForm Global Inc (NASDAQ:GLBL) after the current top executives stepped down. Analysts remain unimpressed by SUNE, as Janney and Deutsche Bank lowered their price targets to $17 and $9, respectively. However, this may not be the last of the bearish analyst attention. Ten of 14 covering brokerage firms rate underperforming Sunedison Inc a "buy" or better.

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