Analyst Downgrades: GoPro Inc, Analog Devices, Inc., and Intel Corporation

Analysts downwardly revised their ratings and price targets on GoPro Inc (GPRO), Analog Devices, Inc. (ADI), and Intel Corporation (INTC)

by Kirra Fedyszyn

Published on Jan 15, 2016 at 10:10 AM

Analysts are weighing in on wearable camera maker GoPro Inc (NASDAQ:GPRO), and chip stocks Analog Devices, Inc. (NASDAQ:ADI) and Intel Corporation (NASDAQ:INTC)Here's a quick roundup of today's bearish brokerage notes on GPRO, ADI, and INTC.

  • GPRO is down 3.4% at $12.05 after Barclays cut its rating on the stock to "equal weight" from "overweight," and its price target to $12 from $25. GoPro Inc tapped an all-time low of $11.26 on Thursday, extending a steady decline off last August's high of $65.49 (which has also dragged GPRO suppliers down). In fact, GPRO has underperformed the struggling S&P 500 Index (SPX) by almost 57 percentage points over the last three months. It's little wonder that 47% of the stock's available float is wrapped up in short interest -- an accumulation of bearish bets that represents 5.6 times GPRO's average daily trading volume.
  • ADI got slammed with no fewer than 16 price-target cuts from analysts after lowering its first-quarter guidance last night. UBS has the lowest expectations for Analog Devices, Inc., trimming its target all the way to $54. The shares were last seen 4.1% lower at $48.41, and hit a new annual low of $47.24 just after the opening bell. Option traders will likely be cheering today's drop -- at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), more than 17 ADI puts have been bought to open for each call in the last 10 trading days -- a ratio that ranks higher than 98% of the past year's readings.
  • After reporting quarterly earnings on Thursday evening, INTC was hit with a round of at least nine price-target adjustments -- including a cut all the way to $33 at RBC. The Dow component is down 7.3% at $30.36, as traders respond to a sequential slowdown in data center revenue. Of the 32 analysts following Intel Corporation, 66% still give the equity a "buy" rating or better, and option traders have been optimistic, too. At the ISE, CBOE, and PHLX, the stock's 10-day call/put volume ratio of 1.81 outranks 91% of readings from the last 12 months.

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