LULU absorbed two sharp blows from Wall Street on Friday. Morgan Stanley's Alex Straton cut the target to $83 from $93 and moved to a Sell rating. B of A Securities followed, slashing its target to $122 from $140 while holding at Neutral. The dual action reflects growing concern about slowing consumer demand for premium athletic wear. Short interest already sits at nearly 10% of free float.
CIEN also drew two target cuts in quick succession. JP Morgan's Joseph Cardoso lowered his target to $605 from $635, maintaining Buy. Morgan Stanley went further — cutting to $425 from $490 and rating the stock Hold. The divergence between the two banks is notable. JP Morgan stays bullish despite trimming its view.
AKAM saw a steep target reduction from Citigroup. Analyst Fatima Boolani cut to $122 from $160 — a 24% reduction. The stock carries a short interest of nearly 14% of free float, suggesting bears are already well-positioned.
On the positive side, Wells Fargo upgraded MRK to Buy with a $170 target, up from $150. TTD saw its consensus target price nudge higher to $13.55.
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