Pandora, Ross Stores, Symantec Downgraded

Pandora is trading lower following Thursday's buyout-induced upside

May 19, 2017 at 9:50 AM
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Analysts are weighing in on streaming content provider Pandora Media Inc (NYSE:P), retail stock Ross Stores, Inc. (NASDAQ:ROST), and cybersecurity concern Symantec Corporation (NASDAQ:SYMC). Here's a quick roundup of today's bearish brokerage notes on shares of P, ROST, and SYMC.

Macquarie Weighs In On P Stock After M&A Buzz

Pandora stock rebounded from annual-low territory yesterday, after the New York Post said the company is in "active discussions" with Liberty Media-controlled Sirius XM Holdings Inc. (NASDAQ:SIRI) about a possible takeover. Today, however, P shares are down 1.3% at $9.29, after Macquarie downgraded its rating to "neutral" from "outperform." Despite Thursday's rare pop, Pandora stock is down 28% year-to-date. With 12 analysts still maintaining a "strong buy" rating on the stock, more downgrades could come down the pike.

ROST Stock Higher After Earnings, Guidance

Ross Stores last night reported stronger-than-expected earnings, and raised its full-year forecast. ROST stock has added 2% to trade at $61.93, even after analysts at BMO cut their price target to $65 from $72. While the shares have struggled since topping out north of $69 in February -- hitting a 10-month low just below $60 earlier this week -- yesterday's options were betting on a post-earnings bounce. The May 62.50 call was most active, and it looks like new positions were purchased.

SYMC Stock Slapped With Another Downgrade

RBC lowered its rating on Symantec to "sector perform" from "outperform" and its price target to $32 from $34, citing a "more challenging" environment for earnings per share (EPS) gains. This is the second downgrade this week for SYMC, even after the cybersecurity stock got a boost from the recent "WannaCry" ransomware attack. While Symantec shares are down 1.1% at $29.43 this morning, they remain 24% higher year-to-date -- and could find support at their 20-week moving average, a trendline not breached on a weekly closing basis since late December.

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