Himax, Bristol-Myers Squibb, Paycom Downgraded

Analysts downwardly revised their ratings and price targets on semiconductor stock Himax Technologies, Inc. (ADR) (HIMX), drugmaker Bristol-Myers Squibb Co (BMY), and cloud concern Paycom Software Inc (PAYC)

Jan 30, 2017 at 10:54 AM
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Analysts are weighing in on semiconductor stock Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), drugmaker Bristol-Myers Squibb Co (NSYE:BMY), and cloud concern Paycom Software Inc (NYSE:PAYC). Here's a quick roundup of today's bearish brokerage notes on HIMX, BMY, and PAYC.

Himax Sinks After Baird Downgrade

HIMX is down 6.3% at $5.07, after a downgrade to "neutral" by Baird, which also slashed its price target to $4 from $10 -- in nearly four-year-low territory. Earlier, in fact, the shares sank to a multi-year low of $5. Himax Technologies, Inc. issued lackluster preliminary earnings last week, and today's drop puts the shares down nearly 54% from their near-term high in late September, ushered lower by their 30-day moving average. Near-term traders are more put-biased than usual toward the stock, with HIMX's Schaeffer's put/call open interest ratio (SOIR) of 1.39 sitting at an annual peak.

Bristol-Myers Squibb Shrugs Off Price-Target Cuts

BMY is up 0.9% at $48.17, in spite of a price-target cut to $52 from $61 at Credit Suisse, and a cut to $55 from $70 at Citigroup. BMY is down over 37% from its 17-year high, touched in July, recently dropping 11% in a single session on disappointing drug news. Today's bounce may have been in the cards for Bristol-Myers Squibb Co, with Friday's 14-day Relative Strength Index (RSI) of 26 sitting in "oversold" territory. Another round of negative analyst attention could weigh on the shares, though, with nearly half of brokerage firms rating the shares a "buy" or better, and only two "sell" recommendations on the books.

Paycom Downgraded By Pacific Crest

PAYC is down 6.2% at $46.15, after a downgrade to "sector weight" from "overweight" at Pacific Crest. Despite today's drop, the shares still are up nearly 18% from their November lows, and have recently enjoyed support from their 200-day moving average. Short sellers may be cheering today's pullback, with short interest rising 11.8% in the last two reporting periods. Shorted shares now account for 31.2% of Paycom Software Inc's float, which would take over a month to cover, at the stock's average daily volume.

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