Exxon Mobil Stock Deep In Oversold Territory; Another Blue Apron Downgrade

It's been an ugly stretch for Exxon Mobil

Aug 18, 2017 at 9:24 AM
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Analysts are weighing in on oil giant Exxon Mobil Corporation (NYSE:XOM), fast-casual restaurant stock Zoe's Kitchen Inc (NYSE:ZOES), and meal supplier Blue Apron Holdings Inc (NYSE:APRN). Here's a quick roundup of today's bearish brokerage notes on shares of XOM, ZOES, and APRN.

Exxon in Danger of More Bear Notes

Yesterday, Exxon Mobil stock touched an annual low of $76.21 before closing at $76.26. The shares have now dropped 15.5% year-to-date, while closing lower in five of the past six sessions. In fact, XOM is deep in oversold territory, according to its 14-day Relative Strength Index (RSI) of 23. 

Meanwhile, J.P. Morgan Securities this morning trimmed its price target to $80 from $81. Extended technical weakness could result in additional bear notes from analysts, too, since seven brokerage firms still recommend buying Exxon Mobil shares. 

More Losses in Store for ZOES Stock After Earnings Miss

Shares of Zoe's Kitchen are pointed 7.3% lower in electronic trading, after the company's second-quarter earnings missed estimates. In response, Credit Suisse dropped its price target to $12.50 from $13. 

Today's technical weakness would be just more of the same for ZOES stock, which is down 63.5% year-over-year to trade at $13.28, while hitting an all-time low of $10.77 on Aug. 3. Elsewhere, it looks like a number of bears abandoned ship a bit too early, since short interest dropped roughly 19% over the last two reporting periods. However, these bearish bets still represent one-fourth of Zoe's Kitchen's float. 

Another Tepid Analyst Note for Blue Apron Stock

Stifel this morning downgraded Blue Apron stock to "hold" from "buy," and dropped its price target to $6 from $8. Shares of APRN settled yesterday at $5.39, compared to their record peak of $11 from June 29 -- their first day of trading. Most analysts are already taking a wait-and-see approach on the security, with more than half of the covering brokerage firms dishing out "hold" ratings. Meanwhile, APRN has a consensus 12-month price target of $6.50, the site of its intraday high from Aug. 9 -- the day prior to its initial earnings report. The shares are set to open 1.7% lower. 


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