Analyst Downgrades: HollyFrontier Corp, Cirrus Logic, Inc., and Metlife Inc

Analysts downwardly revised their ratings and price targets on HollyFrontier Corp (NYSE:HFC), Cirrus Logic, Inc. (NASDAQ:CRUS), and Metlife Inc (NYSE:MET)

by Josh Selway

Published on May 5, 2016 at 10:03 AM
Updated on May 5, 2016 at 10:05 AM

Analysts are weighing in on petroleum refiner HollyFrontier Corp (NYSE:HFC), Apple Inc. (NASDAQ:AAPL) supplier Cirrus Logic, Inc. (NASDAQ:CRUS), and insurance stock Metlife Inc (NYSE:MET). Here's a quick roundup of today's bearish brokerage notes on HFC, CRUS, and MET.

  • HFC reported an alarming drop in quarterly profit before the bell yesterday, sending the stock sliding to its lowest close since Feb. 23. Today, the stock is down another 0.1% at $31.12, after Credit Suisse, Barclays, and Goldman Sachs all lowered their price targets, with the latter reducing its mark to $30 -- the lowest of the bunch. Meanwhile, short sellers continue to target the struggling stock. Short interest on HollyFrontier Corp increased another 8.2% in the latest reporting period, and it'd now take these bears roughly one week to cover, at HFC's average daily trading pace. 
  • AAPL suppliers have struggled in recent weeks amid shrinking iPhone sales. As such, Barclays downgraded its rating on CRUS to "equal weight" from "overweight," while trimming its price target to $35 from $37. The shares have since fallen 4.6% to $33.72, but remain 14.2% higher in 2016. This downgrade is a rare bout of negative analyst attention for Cirrus Logic, Inc., as every other covering brokerage firm rates it a "buy" or "strong buy." 
  • MET is down 1.4% this morning at $42.95, after the insurance giant's first-quarter earnings didn't live up to analysts' expectations. What's more, the company mentioned weak returns from investments in hedge funds as one negative driver. Barclays followed this up with a price-target reduction to $51, while RBC lowered its price target to $62. Options traders are likely happy to see the stock add to its 17% 12-month decline. Over the past two weeks, Metlife Inc has accumulated a 10-day put/call volume ratio of 2.01 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which is just 3 percentage points from an annual high. 
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