Analyst Downgrades: Honeywell International Inc., Myriad Genetics, Inc., and Netflix, Inc.

Analysts downwardly revised their ratings and price targets on Honeywell International Inc. (HON), Myriad Genetics, Inc. (MYGN), and Netflix, Inc. (NFLX)

by Alex Eppstein

Published on Oct 10, 2016 at 10:07 AM

Analysts are weighing in on tech congolmerate Honeywell International Inc. (NYSE:HON), molecular diagnostics stock Myriad Genetics, Inc. (NASDAQ:MYGN), and streaming specialist Netflix, Inc. (NASDAQ:NFLX). Here's a quick roundup of today's bearish brokerage notes on HON, MYGN, and NFLX.

  • After taking a guidance-induced hit on Friday, HON was roundly punished by the brokerage crowd. Goldman Sachs removed the stock from its "Americas Conviction Buy" list, and was one of at least six analysts to cut its price target. Nonetheless, Honeywell International Inc. shares are 0.1% higher at $107.08, and sitting on a 4% year-to-date lead. Despite recent developments, the brokerage community is still in the stock's bullish corner, generally speaking. By the numbers, 15 analysts have doled out a "buy" or better assessment, compared to two "holds" and not one "sell."
  • MYGN is down 5.8% at $20.10, pressured by a downgrade to "sell" from "neutral" at Ladenbrug Thalmann, as well as a price-target reduction to $22 from $24 at Barclays. Overall, the shares have had a horrible 2016, shedding more than half their value -- mostly due to an early August guidance-induced bear gap. Underderstandably, short sellers have been very busy betting against Myriad Genetics, Inc. Over one-quarter of the stock's float is sold short, which -- at MYGN's typical trading rate -- would take nearly nine sessions to cover.
  • NFLX has dropped 0.8% to trade at $104.01, pressured by a "sell" initiation at Deutsche Bank. What's more, the brokerage set a price target of $90 on the stock, a 13.5% discount to current trading levels. Recent options traders could find themselves frustrated by Netflix, Inc.'s inability to sustain a rally. After all, speculators have bought to open 1.48 calls for every put during the last 10 sessions at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- a ratio registering in the bullishly skewed 75th annual percentile. Then again, NFLX has been unimpressive all year, tumbling 9.1% in 2016. Looking ahead, the company will report earnings one week from tonight.
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