Fitbit, L Brands, NVIDIA Downgraded

Analysts are weighing in on wearables expert Fitbit Inc (NYSE:FIT), retail stock L Brands Inc (NYSE:LB), and chipmaker NVIDIA Corporation (NASDAQ:NVDA). Here's a quick roundup of today's bearish brokerage notes on FIT, LB, and NVDA shares.

Fitbit Earnings Report a Disappointment

FIT reported a sharper-than-expected quarterly loss, and offered up an underwhelming current-quarter revenue forecast. Cowen reacted by cutting its price target to $7 from $9. Fitbit Inc shares are down 0.9% at $5.83, bringing their year-to-date deficit to a steep 20%. Taking a step back, today's negative brokerage attention is more of the same for the underperforming stock. Specifically, FIT has fielded 15 "hold" or worse ratings, five times the number of "buy" recommendations it's received.

Comp Sales Outlook Slams L Brands Shares

LB has cratered 13% to trade at $50.60, and earlier touched a three-year low of $50.01. While the company's fourth-quarter earnings topped expectations, a downwardly revised same-store sales forecast is pressuring the stock this morning. Adding insult to injury, at least seven analysts lowered their price targets on L Brands Inc. This simply echoes the prevailing pessimistic posture of the brokerage community. Specifically, LB has received 15 "hold" or "sell" ratings, versus only six "buy" or betters.

BMO, Instinet Slam NVIDIA

NVDA has more than tripled in value over the past year, yet BMO reduced its rating to "underperform" from "market perform," and slashed its price target to $85 from $100. Likewise, Instinet dropped its opinion to "reduce" from "buy," and cut its target price by 10% to $90, citing a slowdown in the gaming industry. The latter brokerage firm also recommended investors take profits on NVIDIA Corporation and rotate into shares of Intel Corporation (NASDAQ:INTC). As a result, NVDA stock is down 4.5% at $105.76. This should cheer options traders, who have been buying to open puts over calls at an accelerated clip of late. Specifically, NVDA sports a 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.81 -- near the top quartile of its annual range.