Analyst Update: Fortinet Inc, eHealth, Inc., and Barrick Gold Corporation

Analysts revised their ratings and price targets on Fortinet Inc (NASDAQ:FTNT), eHealth, Inc. (NASDAQ:EHTH), and Barrick Gold Corporation (USA) (NYSE:ABX)

Jul 29, 2016 at 2:17 PM
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Analysts are weighing in on cybersecurity stock Fortinet Inc (NASDAQ:FTNT), online health insurer eHealth, Inc. (NASDAQ:EHTH), and gold stock Barrick Gold Corporation (USA) (NYSE:ABX)Here's a quick roundup of today's brokerage notes on FTNT, EHTH, and ABX. 

  • Back in April, FTNT gapped higher after the company reported impressive earnings. This time around, the stock is going the opposite direction, sliding 7.2% to $34.48 following mixed quarterly results -- which Oppenheimer described as "low quality." A round of four price-target cuts has come through, though even the lowest mark of $37 at RBC represents a premium to Fortinet Inc's current perch. The stock remains in positive year-to-date territory, with the 80-day moving average stepping up as support today. This likely offers little solace for options traders, who have been unusually call-skewed of late. By the numbers, call buying has outpaced put buying across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) by a nearly 7-to-1 ratio over the past two weeks. 
  • EHTH ​is selling off today, after the company reported an unexpected loss for the second quarter -- though its adjusted per-share earnings were in line with estimates. Craig-Hallum responded by downgrading the stock to "hold" from "buy," and cutting its price target to $13 from $15. Jefferies also chimed in with a price-target cut to $12 from $13. The shares have now fallen 31.8% to $9.58, landed on the short-sale restricted list, and are on pace for their lowest close since late April. One group of traders is cheering this technical bruising, however, as short interest on eHealth, Inc. jumped by 20.5% in the last two reporting periods. 
  • ABX is moving higher today, though that's nothing new. A price-target increase to $22 at Deutsche Bank has the gold stock 3.4% higher at $22. Since starting the year at $7.38, Barrick Gold Corporation has been unstoppable, with its 60-day moving average containing a pullback earlier this month. As we continue to point out, analysts remain shockingly bearish on the stock, given its rapid ascent on the charts. By the numbers, 12 of 15 covering brokerage firms rate ABX a "hold" or "strong sell," suggesting more bullish analyst attention could be on the way -- and implying the shares' impressive 2016 rally may be far from over. 
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