Wall Street turned bearish on several names Friday. lululemon athletica took the sharpest broadside — two firms cut targets in quick succession. Morgan Stanley's Alex Straton dropped the price target to $83 from $93 and reiterated a Sell. Bank of America's Lorraine Hutchinson trimmed to $122 from $140, keeping a Hold. The yogawear brand carries short interest of nearly 10% of free float, signalling continued skepticism from the market.
Ciena Corporation faced a double blow. JP Morgan cut its target to $605 from $635. Morgan Stanley went further, slashing to $425 from $490 and moving to Hold. Despite the downgrades, Ciena's short interest sits at just 2.2% of free float — bears have not yet piled in.
Akamai Technologies saw the most dramatic target cut of the day. Citigroup's Fatima Boolani slashed her price target by $38 to $122, a 24% reduction from $160. Akamai's short interest stands at 14% of free float — already one of the more shorted large-cap tech names.
Intel also drew a cut from Mizuho, with the target trimmed to $92 from $109. On the positive side, Merck won a rare upgrade from Wells Fargo, lifting the target to $170 from $150 with a Buy rating.
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