Wall Street is in cutting mode. Several notable names absorbed fresh target price reductions on Friday, with lululemon athletica taking the hardest hit.
Morgan Stanley's Alex Straton slashed the target on LULU to $83 from $93, assigning a Sell rating. B of A Securities followed, cutting to $122 from $140. The activewear brand carries short interest of nearly 10% of free float — a level that could amplify any further weakness.
Ciena Corporation drew rare double coverage cuts in a single session. JP Morgan trimmed to $605 from $635, while Morgan Stanley dropped to $425 from $490. The networking equipment maker sits near $45B market cap. Both analysts retained their respective Buy and Hold calls despite the reductions.
Akamai Technologies saw the steepest percentage cut of the day. Citigroup's Fatima Boolani sliced the target to $122 from $160 — a 24% reduction — while keeping a Hold. Short interest at Akamai sits at 14% of free float, suggesting bears are already positioned.
On the positive side, Wells Fargo lifted its target on Merck to $170 from $150, upgrading to Buy. also saw a consensus target price nudge higher to $13.55.
Intel remained under pressure. Mizuho cut its target to $92 from $109, retaining a Hold.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
