Alaska Air, Corning, Science Applications International Downgraded

Alaska Air, Corning, and Science Applications International received bearish analyst attention

Mar 31, 2017 at 10:19 AM
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Analysts are weighing in on airline Alaska Air Group, Inc. (NYSE:ALK), glass stock Corning Incorporated (NYSE:GLW), and IT consultant Science Applications International Corp (NYSE:SAIC). Here's a quick roundup of today's bearish brokerage notes on shares of ALK, GLW, and SAIC.

Alaska Air Receives Rare Bearish Brokerage Note

Imperial Capital trimmed its price target on ALK to $98 from $101, but J.P. Morgan Securities raised its target price to $116 from $93.50 -- in uncharted territory. This morning, the stock is down 0.6% at $93.10, but remains up more than 13% year-over-year. Generally speaking, the brokerage bunch has been quite bullish toward Alaska Air Group, Inc. Eighty percent of analysts rate the stock a "buy" or better, without a single "sell" opinion to be found.

Red-Hot Corning Stock Slips on Downgrade

GLW is down 2.2% at $26.94, after a downgrade to "neutral" from "buy" at Citigroup -- though the brokerage firm also upped its target price to $29 from $28. Technically speaking, Corning Incorporated shares have had quite the run, adding more than 29% year-over-year. In fact, from a contrarian perspective, the stock seems due for some bullish analyst attention. Ten of 11 tracking brokerage firms have handed GLW a "hold" or "strong sell" assessment, suggesting ample opportunity for upgrades.

Science Applications International Hit with Price-Target Reductions

SAIC saw its price target cut at both Vertical Research and Cowen, to $81 and $82, respectively. Nonetheless, the stock is up 0.3% at $75.18, trying to fight back after Thursday's post-earnings bear gap. Specifically, Science Applications International Corp shares slid over 13% yesterday after disappointing quarterly revenue data, erasing their 2017 gains in the process. Short sellers have taken an active interest in the underperforming stock. Over 6% of SAIC's float is dedicated to short interest, which would take well over two weeks to cover, at its typical daily trading volume.

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