Analyst Downgrades: Tractor Supply Company, QUALCOMM, Inc., and Seagate Technology PLC

Analysts downwardly revised their ratings and price targets on Tractor Supply Company (TSCO), QUALCOMM, Inc. (QCOM), and Seagate Technology PLC (STX)

Jun 30, 2016 at 11:05 AM
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Analysts are weighing in on farming retailer Tractor Supply Company (NASDAQ:TSCO), semiconductor stock QUALCOMM, Inc. (NASDAQ:QCOM), and data storage specialist Seagate Technology PLC (NASDAQ:STX). Here's a quick roundup of today's bearish brokerage notes on TSCO, QCOM, and STX.

  • TSCO is down 3.8% at $91.60, after the company downwardly revised its annual outlook and second-quarter guidance to reflect weak sales. No fewer than nine brokerage firms issued price-target cuts following the announcement, including UBS to $102 from $110. Even with this latest stumble -- which isn't the first time TSCO has lowered its earnings outlook this year -- the shares of Tractor Supply Company are still up 7.1% for the year, and even notched a new all-time high of $97.25 in April. Amid relatively low absolute volume, options players have been quite bullish towards the stock, with TSCO's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting at 7.93, higher than 93% of all other readings from the past year.
  • STX is up 0.1% at $23.98, after the company said it will cut about 1,600 positions, or 3% of its workforce, due to drooping demand in the PC market. Elsewhere, Craig-Hallum cut its price target for Seagate Technology PLC to $30 from $40. STX shares have lost half of their value over the past year, and hit a four-year low of $18.42 in May. In the options pits STX's 50-day ISE/CBOE/PHLX call/put volume ratio of 3.09 sits just one point off a 52-week peak, suggesting calls have been bought to open over puts at a near-annual-high clip.
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