Analyst Downgrades: GoPro Inc, Staples, Inc., and ConocoPhillips

Analysts downwardly revised their ratings on GoPro Inc (NASDAQ:GPRO), Staples, Inc. (NASDAQ:SPLS), and ConocoPhillips (NYSE:COP)

by Josh Selway

Published on Dec 11, 2015 at 9:43 AM

Analysts are weighing in on action camera maker GoPro Inc (NASDAQ:GPRO), office supply retailer Staples, Inc. (NASDAQ:SPLS), and oil stock ConocoPhillips (NYSE:COP)Here's a quick roundup of today's bearish brokerage notes on GPRO, SPLS, and COP.

  • After an uncharacteristically strong session on Thursday due to an interesting analyst noteGPRO is down 2.1% at $18.43. Weighing on the shares this morning is a downgrade to "neutral" from "buy" at Citigroup, which also slashed its price target by $53 to $22. If more downgrades come down the pike -- which is possible, since eight of 15 analysts rate the shares a "buy" or better -- GoPro Inc's 71% year-to-date hole could deepen. Not helping matters is the equity's overhead 20-day moving average, which contained GPRO's rally yesterday.
  • SPLS has fallen 5.1% to start its day, after BofA-Merrill Lynch reduced its opinion to "underperform" from "buy," while lowering its price target to $9 from $21, which would mark 13-year lows for the shares. Specifically, the brokerage firm cited "weak office retail trends and reduced sales recapture from store closings" as its rationale. Antitrust concerns have weighed on Staples, Inc. recently, and the security has shed 22% week-to-date as a result to hover near $9.45. Earlier, in fact, the stock touched a 13-year low of $9.42. More losses could be in store if call buyers throw in the towel. Nearly 6,700 calls have been bought to open at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) over the past two weeks, compared to fewer than 700 puts. 
  • It's obviously been a rough time for oil stocks -- with today appearing no different -- and COP certainly hasn't been an exception. The stock's month-to-date loss sits at 12%, with the shares down another 3.4% this morning at $47.55. While option sentiment is bearish, ConocoPhillips now has to overcome negative analyst attention, as well. Credit Suisse this morning lowered its price target to $53 from $56, following news the energy company plans to unload its stake in an Indonesian oil and gas block. It wouldn't be surprising to see more price-target cuts in the near future, as COP continues to descend further below its average 12-month price target of $62.23. 

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