Analyst Downgrades: Deere & Company, Tableau Software Inc, and Outerwall Inc

Analysts downwardly revised their ratings and price targets on Deere & Company (NYSE:DE), Tableau Software Inc (NYSE:DATA), and Outerwall Inc (NASDAQ:OUTR)

Karee Venema

Jul 25, 2016 at 9:56 AM

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Analysts are weighing in on heavy machinery maker Deere & Company (NYSE:DE), tech stock Tableau Software Inc (NYSE:DATA), and Redbox parent Outerwall Inc (NASDAQ:OUTR). Here's a quick roundup of today's bearish brokerage notes on DE, DATA, and OUTR.

Piper Jaffray downgraded DE to "underweight" from "neutral" and lowered its price target to $67 from $76, sending the stock down 3.2% to $77.56 -- and south of a trendline connecting a series of higher lows. Longer term, the shares of Deere & Company have been chopping higher since hitting a three-year low of $70.16 in late January, up 10.5%. Options traders, meanwhile, have been initiating long calls over puts at a faster-than-usual clip in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), DE's 10-day call/put volume ratio of 0.99 ranks in the 78th annual percentile.

DATA was hit with a downgrade to "hold" from "buy" at Deutsche Bank. As such, the shares are 3% lower at $55.31. This comes as a stark contrast to last week's action, when DATA rallied in the wake of some upbeat analyst attention. However, this rally was quickly halted in the $55-$57 region, and Tableau Software Inc remains nearly 56% lower year-over-year. Short sellers have been eyeing more downside, too. Short interest jumped 17.3% in the most recent reporting period, and now accounts for a healthy 12.5% of DATA's available float.

OUTR -- which was halted earlier -- has jumped 11.6% to trade at $52.35, after the company agreed to be purchased by Apollo Global Management LLC (NYSE:APO) in an all-cash deal valued at $1.6 billion, or $52 per OUTR share. While this is just the latest acquisition for APO, the news has quickly put OUTR's downgrade to "sell" at Roth in the rearview mirror. In the options pits, puts had the clear edge over calls on Outerwall Inc in recent weeks, per the stock's 10-day put/call volume ratio of 29.21 at the ISE, CBOE, and PHLX -- in the top percentile of its annual range. Separately, the firm is scheduled to report earnings after the close this Thursday.