Advanced Micro Devices, Bed Bath & Beyond, 8Point3 Energy Downgraded

Advanced Micro Devices, Bed Bath & Beyond, and 8Point3 Energy stocks received bearish analyst attention

Apr 6, 2017 at 9:24 AM
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Analysts are weighing in on chip stock Advanced Micro Devices, Inc. (NASDAQ:AMD), retailer Bed Bath & Beyond stock,  and utilities firm 8Point3 Energy Partners LP (NASDAQ:CAFD). Here's a quick roundup of today's bearish brokerage notes on shares of AMD, BBBY, and CAFD.

Goldman Goes Bearish on AMD Stock

Goldman Sachs started coverage on AMD stock with a "sell" assessment and an $11 price target, citing competition from Intel Corporation (NASDAQ:INTC) and NVIDIA Corporation (NASDAQ:NVDA). Shares of Advanced Micro Devices, Inc. are down 4.2% pre-market on the bearish note, after settling yesterday at $14.17 -- having more than quintupled in the past 12 months. Short sellers have been upping the ante on the long-term outperformer, and would welcome an analyst-induced setback. Specifically, short interest jumped nearly 10% in the latest reporting period, and now accounts for 14.5% of AMD's total float.

BBBY Stock Pointed Higher After Earnings

BBBY stock is up nearly 3% in electronic trading, after hitting a six-year low of $37.28 yesterday, before settling at $37.80. Wall Street is reacting to a mixed earnings report for the retailer, which prompted Goldman Sachs, Wedbush, and Citigroup to cut their price targets. Optimism is hard to find on shares of Bed Bath & Beyond. For example, all 15 covering analysts maintain "hold" or worse opinions, while short-term open interest is extremely put-skewed. Specifically, BBBY's Schaeffer's put/call open interest ratio (SOIR) of 1.89 ranks in the 87th annual percentile.

First Solar Wants Out of 8Point3 Energy

CAFD shares are bracing for a nearly 15% plunge out of the gate, after First Solar, Inc. (NASDAQ:FSLR) said it wants to sell its stake in the "yieldco" it formed with SunPower Corporation (NASDAQ:SPWR). The news followed 8Point3 Energy Partners LP's first-quarter results, which included a $5.3 million net loss. Making matters worse for the stock, Wells Fargo lowered its opinion to "market perform" from "outperform," while three other analysts slashed their price targets. After settling at $13.21 yesterday, CAFD stock is at risk of hitting an annual low out of the gate -- and suffering from more bearish brokerage attention. Heading into today, a dozen analysts sported "strong buy" opinions, compared to two "holds" and a pair of "strong sells," leaving the door open for additional downgrades.

 

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