Analyst Downgrades: JPMorgan Chase & Co., Bristol-Myers Squibb Co, and Nike Inc

Analysts downwardly revised their ratings and price targets on JPMorgan Chase & Co. (JPM), Bristol-Myers Squibb Co (BMY), and Nike Inc (NKE)

by Kirra Fedyszyn

Published on Sep 9, 2016 at 10:16 AM
Updated on Jun 24, 2020 at 10:16 AM

Analysts are weighing in on financial interest JPMorgan Chase & Co. (NYSE:JPM), drugmaker Bristol-Myers Squibb Co (NYSE:BMY), and blue-chip stock Nike Inc (NYSE:NKE). Here's a quick roundup of today's bearish brokerage notes on JPM, BMY, and NKE.

  • Macquarie cut its rating on JPM to "neutral" and its price target to $70 from $72 -- still in annual-high territory for the stock. Nonetheless, the shares are 0.2% higher at $67.36, up 28% from their February low of $52.50. Some analysts remain lukewarm in spite of these gains, with more than one-third rating JPMorgan Chase & Co. a "hold" or worse -- leaving room for potential upgrades. In fact, bullish notes could be just around the corner, considering JPM has historically been one of the best performers in the month of September.
  • BMY is 0.9% lower at $56.32, after Barclays cut its price target on the stock to $65 from $75. The shares have given up 27% since their July peak of $77.12, and are now within a stone's throw of a new annual low. But, for the time being, the $56 level seems to be serving as a foothold for Bristol-Myers Squibb Co. The brokerage bunch doesn't have high expectations, as 12 out of 17 analysts rate the stock a "hold" or a "strong sell," but options traders have been betting on a comeback. Specifically, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open nearly four BMY calls for each put over the last 10 days. The resulting call/put volume ratio of 3.77 sits in the top third of all readings taken in the past year. 
  • Barclays lowered its price target on NKE to $70 from $75 -- still in record-high territory for the stock -- sending the shares down 1.1% to $55.56. Nike Inc has been slumping alongside Apple Inc. (NASDAQ:AAPL) since the announcement of a new partnership between the Dow components earlier this week. In fact, the two were the biggest losers on the blue-chip index Thursday. NKE is now down 11% year-to-date, but that hasn't stopped bullish betting in the options pits. At the ISE, CBOE, and PHLX, the stock's 50-day call/put volume ratio of 1.58 ranks higher than 81% of the past year's readings. 
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