Analyst Downgrades: Wells Fargo & Co, Cree, Inc., and First Solar, Inc.

Analysts downwardly revised their ratings and price targets on Wells Fargo & Co (NYSE:WFC), Cree, Inc. (NASDAQ:CREE), and First Solar, Inc. (NASDAQ:FSLR)

Apr 6, 2016 at 10:04 AM
facebook X logo linkedin

Analysts are weighing in on bank stock Wells Fargo & Co (NYSE:WFC), lighting specialist Cree, Inc. (NASDAQ:CREE), and solar energy stock First Solar, Inc. (NASDAQ:FSLR). Here's a quick roundup of today's bearish brokerage notes on WFC, CREE, and FSLR.

  • WFC is down 0.3% at $47.40 this morning, after Guggenheim cuts its rating on the stock to "neutral" from "buy." Separately, the company said it has a "robust plan in place" to address new fiduciary regulations from the Department of Labor regarding retirement planning. The stock's been under pressure in 2016, losing nearly 13%. More struggles could be in store, too, if bullish speculators throw in the towel. That's because nearly two Wells Fargo & Co call options have been bought to open for every put option during the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).
  • CREE is getting destroyed this morning, falling 16.6% to $24.22, after the company announced a dreadful preliminary fiscal third-quarter forecast. In response, Cowen and Company and Canaccord Genuity lowered their price targets to $23 and $20, respectively, The shares are now flirting with their three-year low from November, gapping below recent support in the $29 area. This is just fine with short sellers, though, who control 16% of Cree, Inc.'s float. At average daily volumes, it'd take these bears almost 12 sessions to cover. 
  • FSLR is down 0.3% at $62.26, after receiving no fewer than four price-target reductions. The most bearish note came from Mizuho, which lowered its price target to $67 from $71. The stock has pulled back since hitting a two-year high of $74.29 on March 18, but appears to have found support from its 120-day moving average. If this level holds up and First Solar, Inc. can rally, it could benefit from an exodus of options bears. More specifically, FSLR's 50-day put/call volume ratio at the ISE, CBOE, and PHLX of 0.92 ranks in the 88th percentile of its annual range.
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI