Analysts adjusted their ratings and price targets on Cisco Systems, Inc. (CSCO), Splunk Inc (SPLK), and Celgene Corporation (CELG)
Analysts are weighing in today on network specialist Cisco Systems, Inc. (NASDAQ:CSCO), software concern Splunk Inc (NASDAQ:SPLK), and drugmaker Celgene Corporation (NASDAQ:CELG). Here's a quick roundup of today's brokerage notes on CSCO, SPLK, and CELG.
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Ahead of its quarterly report next Wednesday, CSCO is struggling, dropping 2.7% at $22.91, as the shares continue to consolidate near the lower end of their 12-month range. Aside from broad-market headwinds, a price-target cut to $30 from $33 at Nomura is also weighing on the stock. Unless it picks up the pace on the charts -- maybe by way of additional M&A news -- Cisco Systems, Inc. could be in danger of further bearish analyst attention. Specifically, 68% of covering brokerage firms still say CSCO is at least a "buy."
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SPLK hit a nearly three-year low earlier of $33.77, and was last seen off 23.6% at $35.99, after Pacific Crest lowered its price target by $15 to $67. In their note, the firm cited "eroding macroeconomic conditions" and worries that "high-growth technology companies may witness a sharper deceleration in growth rates." Today's option activity aside, this price action is likely bad news for speculators. For instance, Splunk Inc's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands at an elevated 12.49, a reading that tops all others from the past 52 weeks.
- Despite some bullish words from J.P. Morgan Securities, CELG has given back 4.6% today at $97.21. To be more specific, the brokerage firm considers the stock a "buy-and-hold" play that should outperform the biotech sector, and broader market, in the long run. Short-term speculators are more call-skewed than usual toward Celgene Corporation, even though it's struggled on the charts, off over 21% since its December highs. This is according to the stock's Schaeffer's put/call open interest ratio (SOIR), which at 0.73 sits below all but 9% of comparable readings taken over the past year.
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