Analyst Downgrades: Ambarella, QUALCOMM, Sunedison

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 Jul 20, 2020 at 2:49 PM

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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