AvalonBay stock was removed from Goldman's America's Buy List
Analysts are weighing in on real estate investment trust (REIT) AvalonBay Communities Inc (NYSE:AVB), tech stock Akamai Technologies, Inc. (NASDAQ:AKAM), and GoPro supplier Ambarella Inc (NASDAQ:AMBA). Here's a quick roundup of today's bearish brokerage notes on shares of AVB, AKAM, and AMBA.
Goldman Downgrades AvalonBay Stock
AvalonBay Communities stock is down 1% to trade at $185.96, after Goldman Sachs downgraded the real estate name to "neutral" from "buy." The stock was also removed from Goldman's America's Buy List, and had its price target cut to $196 from $225. AVB stock has pulled back in recent months since touching a record high of $199.52 on June 5, and today could end beneath its 160-day moving average for the first time since February. Analysts remain split over AVB stock. Of the 17 brokerages covering AVB, nine rate it a "strong buy," with the rest doling out lukewarm "hold" opinions.
Price-Target Cut Digs Into AKAM Stock
Akamai Technologies stock is down 1.1% to trade at $46.58, after Instinet cut its price target to $47 from $48. Meanwhile, Credit Suisse initiated coverage on AKAM stock with a "neutral" rating, as well as a price target of $50. It's been a tough year for AKAM stock, which has shed roughly 30% year-to-date, with its 50-day moving average emerging as resistance. AKAM stock suffered a guidance-related bear gap in late July, and subsequently hit a new annual low of $44.65 on Aug. 21.
Despite AKAM's technical struggles, short interest continues to remain low. Roughly 8 million shares are sold short, which accounts for only 4.6% of AKAM's total available float. This means that there is plenty of room aboard the short bandwagon, should AKAM spiral lower.
Ambarella Stock Gets Another Price-Target Cut
Ambarella stock is up 0.3% to trade at $42.38. The GoPro supplier endured a brutal start to the month last Friday, when the stock fell to a new annual low of $42.01 after the company's earnings report. Today, Canaccord Genuity cut its price target by nearly 20%, to $58 from $72.
Options traders, meanwhile, have rarely been as call-skewed, when looking at options set to expire in three months or less. AMBA's Schaeffer's put/call open interest ratio (SOIR) of 0.33 ranks 3 percentage points from a 52-week low.