Analyst Update: Concordia International Corp, salesforce.com, inc., and Select Comfort Corp.

Analysts revised their ratings and price targets on Concordia International Corp (CXRX), salesforce.com, inc. (CRM), and Select Comfort Corp. (SCSS)

Aug 15, 2016 at 2:18 PM
facebook twitter linkedin


Analysts are weighing in on drugmaker Concordia International Corp (NASDAQ:CXRX), cloud concern salesforce.com, inc. (NYSE:CRM), and Sleep Number parent Select Comfort Corp. (NASDAQ:SCSS). Here's a quick roundup of today's brokerage notes on CXRX, CRM, and SCSS.

  • CXRX has dropped 4.2% at $9.70, and earlier touched a two-year low of $9.08, after getting hit with a raft of negative analyst attention. Specifically, CIBC cut its rating to "sector underperformer" from "sector performer," and slashed its price target to $7.80 from $27.50. TD Securities, Goldman Sachs, and Canaccord Genuity likewise lowered their target prices on Concordia International Corp., which was demolished after earnings on Friday. These technical struggles are music to the ears of option bears. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 3.98 puts for every call. In separate news, CXRX just announced a cross-currency swap to "further align its British pound-sterling earnings and strong free cash flow with its debt obligations."
  • CRM is down 2.9% at $79.29, following a report that OTR Global lowered its opinion to "mixed" from "positive." Separately, the company said it has delayed its second-quarter earnings report by two days, to the evening of Wednesday, Aug. 31. Technically, since hitting a record high above $84 in late May, salesforce.com, inc. shares have been consolidating around $80. While today's drop is steep, it appears the stock has found a foothold atop its 100-day moving average. Meanwhile, negative attention has been exceedingly rare among analysts, today's activity excepted. In fact, 26 brokerage firms rate CRM a "strong buy," compared to three "holds" and not a single "sell."
  • While the two aforementioned stocks are breaking down, SCSS earlier broke out to an annual high of $28.34. At last check, the shares were still 9.4% higher at $28.18, buoyed by an upgrade to "overweight" from "neutral" at Piper Jaffray. "As SCSS moves past its transformation/investment years, capital spending and acquisitions are expected to decline," said the brokerage firm in a note. In addition, Piper Jaffray lifted its price target on Select Comfort Corp. by $8 to $31. A capitulation among short sellers could lead the shares to even higher highs, as well. Currently, one-tenth of SCSS' float is dedicated to short interest, and it would take over a week for these bears to cover their positions, based on the stock's average trading volume.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners