Russian Internet Stock Shrugs Off a Downgrade

Yandex was hit with a rare downgrade, while IBM took a pre-earnings price-target cut

Jul 17, 2017 at 10:45 AM
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Analysts are weighing in on tech company International Business Machines Corp. (NYSE:IBM), banking company Wells Fargo & Co (NYSE:WFC), and internet tech company Yandex NV (NASDAQ:YNDX). Here's a quick roundup of today's bearish brokerage notes on shares of IBM, WFC, and YNDX.

IBM Hit with Pre-Earnings Price-Target Cut

Barclays cut its price target on IBM to $132 from $141 earlier. Ahead of tomorrow evening's earnings report, International Business Machines has attracted quite a bit of skepticism from analysts; the stock sports 13 "hold" or "sell" ratings, compared to five "buy" or better endorsements.

IBM stock is down 0.5% at $153.41 this morning, deepening its year-to-date loss to 7.6%. The technical underperformer has lately been stymied by resistance at its 60-day moving average and the overhead $156 level.

KBW, BMO Cut Price Targets on Wells Fargo

KBW cut its price target on Wells Fargo to $61 from $62 earlier, with BMO following soon after with a cut to $49 from $50. These negative notes follow Friday's earnings-related slide for WFC shares, and the stock has slipped another 0.5% to $54.70 at last look. WFC has created a series of lower highs since its March all-time high of $59.99, but analysts maintain a median 12-month price target of $59.50 -- suggesting more negative notes could be on tap.

YNDX Downgraded After Breakout Uber Rally

VTB Capital downgraded YNDX stock to "hold" from "buy," but raised its price target by 10% to $34. This comes just after YNDX shares reached a roughly three-year-high of $32.44 last Thursday, when Yandex announced its partnership with Uber.

It's a rare downgrade for YNDX, which previously boasted 100% "buy" ratings from analysts. At last check, the stock is up 0.7% at $31.83, up 58% year-to-date.

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