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Fly News Breaks for February 23, 2016
VECO, FCX, CMRX, VNR, FIT
Feb 23, 2016 | 10:20 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fitbit (FIT) downgraded at Stifel, Leerink, Baird, Piper Jaffray, and Pacific Crest following the company's Q4 results. Piper Jaffray analyst Erinn Murphy said the weaker than expected Q1 guidance was surprising and notes the entirety of the company's FY16 earnings are weighed in the final three quarters. Baird also cited the uncertainty of the longer-term digital health opportunities, new product questions and competitive risks. Leerink said it no longer believes Fitbit shares will achieve premium multiple amid uncertainty around new product sales and a second half of the year ramp. 2. Vanguard Natural (VNR) downgraded to Underperform at both BofA/Merrill and Raymond James, with analysts saying business fundamentals are not improving and liquidity remains tight. 3. Chimerix (CMRX) downgraded to Underweight and Equal Weight at Morgan Stanley and Barclays, respectively, with analysts citing disappointing results of the company's Phase III SUPPRESS trial of bricidofovir. 4. Freeport McMoRan (FCX) downgraded to Sell at Citi by analyst Brian Yu, who said planned mining asset sales near the bottom of the commodity cycle could erode the company's net asset value. 5. Veeco (VECO) downgraded to Sell at Summit Research by analyst Srini Sundararajan saying the company's results were "underwhelming" while its Q1 outlook is "dismal." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
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