Analyst Downgrades: Netflix, Inc., Applied Genetic Technologies Corp, and Freeport-McMoRan Inc

Analysts downwardly revised their ratings and price targets on Netflix, Inc. (NFLX), Applied Genetic Technologies Corp (AGTC), and Freeport-McMoRan Inc (FCX)

Sep 13, 2016 at 9:57 AM
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Analysts are weighing in on streaming media stock Netflix, Inc. (NASDAQ:NFLX), biotech Applied Genetic Technologies Corp (NASDAQ:AGTC), and mining concern Freeport-McMoRan Inc (NYSE:FCX). Here's a quick roundup of today's bearish brokerage notes on NFLX, AGTC, and FCX.

  • NFLX has dropped 2.1% at $97.00, pressured by a downgrade to "underperform" at Macquarie. "Netflix will succeed over time in its global expansion but the near-term may not be easy, with high content costs, increasing competition from Amazon in the US," said the brokerage firm in a note. Netflix, Inc.'s struggles are nothing new, as its attempts to muscle north of the $100 century level have been frustrated since the start of the summer. Nonetheless, options traders have been betting on a breakout. NFLX's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 1.65 ranks in the 90th percentile of its annual range.
  • It was a big day for biotechs yesterday, including AGTC. This morning, however, the stock has plummeted 31.2% to $9.08 -- and notched a new record low of $8.77 -- after a surprise quarterly loss and slower-than-expected enrollment in a pair of its drug studies prompted a raft of negative analyst attention. Specifically, Roth Capital lowered its rating to a "neutral" from a "buy," and was one of four brokerage firms to cut its price target on Applied Genetic Technologies Corp. More negative notes could be forthcoming, considering 100% of the analysts we track rated the shares a "strong buy," as of Monday's close. 
  • FCX is down 5.4% at $10.48, after the company agreed to sell its Gulf of Mexico oil and gas assets to Anadarko Petroleum Corporation (NYSE:APC) for $2 billion -- a move being applauded by activist investor Carl Icahn. Specifically, Icahn said the move demonstrates Freeport-McMoRan Inc is "making good on its stated goal of deleveraging and is on track to cut its net debt by half, from year end 2015 through the end of next year, at current copper prices." There's been a mixed response from the analyst community, as Deutsche Bank trimmed its price target to $12 from $12.50, while Clarksons Platou upped its outlook to $12 from $11. Meanwhile, option bulls could be kicking rocks, as traders have bought to open twice as many FCX calls as puts during the last four weeks at the ISE, CBOE, and PHLX.
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