SNAP, TK, ENDP Stocks Downgraded Today

Snapchat parent Snap (SNAP) is lower after a downgrade at Citigroup

Jun 9, 2017 at 9:52 AM
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Analysts are weighing in on Snapchat parent Snap Inc (NYSE:SNAP), oil-and-gas stock Teekay Corporation (NYSE:TK), and drugmaker Endo International plc - Ordinary Shares (NASDAQ:ENDP). Here's a quick roundup of today's bearish brokerage notes on shares of SNAP, TK, and ENDP.

SNAP Stock Downgraded at Citigroup

Citigroup cut its opinion of Snap Inc stock to "neutral" from "buy," and trimmed its price target to $20 from $24. SNAP stock yesterday suffered its second-lowest daily close ever, ending at $18.85, and today is down another 2.8% at $18.32. To pour salt on the wounds, this comes while Facebook stock flirts with record highs. Options traders don't appear too hopeful, either. For instance, the top nine open interest positions on Snap are puts. 

Analyst Takes a Hatchet to TK Stock Price Target

Teekay Corporation stock is down 15.7% at $5.41, earning a spot on the short-sale restricted list and touching an all-time low of $5.22, after Morgan Stanley downgraded the shares to "underweight" from "equal weight," and more than halved its price target, to $3 from $8. The new target represents a more than 50% discount to TK stock's closing price of $6.42 on Thursday. More bearish analysts notes could come through, too, since Teekay stock's average 12-month price target stands at $7.38. 

ENDP Stock Suffers on FDA News

The Food and Drug Administration (FDA) asked Endo International to withdraw its flagship painkiller, Opana ER, amid the U.S. opioid epidemic. Just three months ago, an independent panel found the drug's benefits no longer exceed its risks. As such, ENDP stock is down 12.1% at $12.11, and Stifel downgraded the shares to "hold" from "buy," while trimming its price target to $15 from $22. Likewise, Canaccord Genuity cut its target on Endo stock to $12 from $14. However, ENDP shares could find support at their 80-day moving average, which has contained recent pullbacks.

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