Analyst Downgrades: Cavium Inc, BlackBerry Ltd, and Jabil Circuit, Inc.

Analysts are weighing in on semiconductor stock Cavium Inc (NASDAQ:CAVM), mobile communications company BlackBerry Ltd (NASDAQ:BBRY), and Apple Inc. (NASDAQ:AAPL) supplier Jabil Circuit, Inc. (NYSE:JBL). Here's a quick roundup of today's bearish brokerage notes on CAVM, BBRY, and JBL.

• CAVM is down 17% at $39.83 -- and just off an annual low of $39.58 -- after last night announcing that it's purchasing networking tech company QLogic Corporation (NASDAQ:QLGC) to the tune of $1.36 billion. This news was met with an onslaught of analyst disapproval, with CAVM receiving no fewer than four downgrades and six price-target cuts in the hours since. Among them, Jefferies downgraded CAVM to "hold" from "buy" and sliced its price target to $45 from $61. This latest drop puts Cavium Inc down over 38% since the beginning of 2016, and short sellers have been hot on the stock, with short interest up 13.1% over the previous two reporting periods, and 13.3% of the shares now sold short -- an amount that would take nine days of trading, at CAVM's average daily volume, to cover.

• BBRY is down 2.3% at $6.67, following a price-target cut to $7 from $7.50 by Imperial Capital. BlackBerry Ltd is down 27.3% year-to-date, with its most recent rally attempt halted by its 160-day moving average. Options bulls have been hot on the stock, though, with BBRY's 50-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) of 8.24 currently at a 12-month high. Short interest has dwindled lately, but still accounts for 11.5% of BBRY's float, or 17.3 days' worth of trading, at BBRY's average daily volume. The company will host its annual shareholder meeting on Wednesday, June 22.

• JBL is up 0.5% at $18.54, after announcing per-share earnings that beat analysts' expectations, though the company also unveiled weak guidance. JBL has received no fewer than five price-target cuts by brokerage firms, including Deutsche Bank, RBC, Goldman Sachs, UBS, and Needham. Jabil Circuit, Inc. is down 20% year-to-date, but the AAPL supplier is set for its fourth straight week above its 10-week trendline. Near-term traders have been put-biased toward the stock as of late, with JBL's Schaeffer's put/call open interest ratio (SOIR) of 1.16 sitting in the 79th percentile of its 12-month range.