Analyst Downgrades: Coach Inc, Cognizant Technology Solutions Corp, and Freeport-McMoRan Inc

Analysts downwardly revised their ratings and price targets on Coach Inc (COH), Cognizant Technology Solutions Corp (CTSH), and Freeport-McMoRan Inc (FCX)

by Alex Eppstein

Published on Sep 14, 2016 at 9:55 AM

Analysts are weighing in on accessories designer Coach Inc (NYSE:COH), IT consultant Cognizant Technology Solutions Corp (NASDAQ:CTSH), and mining stock Freeport-McMoRan Inc (NYSE:FCX). Here's a quick roundup of today's bearish brokerage notes on COH, CTSH, and FCX.

  • COH had its rating reduced to "underweight" at Morgan Stanley. Out of the gate, the stock is down 4.6% at $34.64, continuing to pull back sharply from its late-July annual high of $43.71. Meanwhile, there are plenty of options traders on Coach Inc's bearish bandwagon. The stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 3.37 -- just 10 percentage points from an annual high.
  • CLSA lowered its opinion of CTSH to "underperform" from "buy," and slashed its price target by $10 to $60. The bearish note has pressured the stock 0.4% lower to $54.77, putting it on track for its lowest settlement price since mid-February. If these technical woes continue, more analysts could throw in the towel on Cognizant Technology Solutions Corp. Despite their steady losses, the shares have received 16 "buy" or better endorsements, easily outweighing three "holds" -- with not a single "sell" opinion to be found.
  • Another day, another bearish note for FCX. Specifically, Morgan Stanley downgraded the stock's rating to "underweight" from "equal weight," while cutting its price target to $7 from $9. As a result, Freeport-McMoRan Inc is off 3.8% at $9.76. Shareholders and call buyers may be sweating the dip, as the round $10 area has served as steady support for the stock since late April. Speak of call buying, options traders at the ISE, CBOE, and PHLX have bought to open 2.07 FCX calls for every put over the past two weeks -- a ratio that ranks in the bullishly skewed 81st percentile of its annual range.
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