Why this matters: Nine analyst firms cut their price targets on COO in a single session. The wave of downgrades followed an earnings miss that sent the stock down nearly 15% on September 10. Now options markets are flashing their most bearish signal in weeks.
The analyst action on September 10 was sweeping. Bank of America downgraded to Neutral and cut its target from $80 to $65. Baird moved to Neutral from Outperform, cutting to $61 from $85. Piper Sandler dropped to Neutral from Overweight, slashing to $59 from $86.
Those who held their ratings still cut hard. Stifel trimmed its Buy-rated target from $85 to $70. Citigroup cut from $80 to $60. JP Morgan moved from $71 to $58. William Blair dropped its Outperform to Market Perform without a published target.
The consensus price target now stands at $66.21. With COO closing at $54.17 on September 10, that implies roughly 22% upside — but that target cluster is still being revised down in real time.
The put-call ratio hit 0.65 on September 10. That is 4.27 standard deviations above the 20-day mean of 0.18. The 52-week high is 1.72, so the move is not unprecedented — but the speed of the spike is notable. Three sessions ago the PCR sat at 0.20. Options traders have sharply repositioned into puts since the earnings release.
Short interest rose 17.3% in a single day to 4.44% of free float. That brings the one-month increase to 25%. The borrow market remains loose. Availability stands at 1,559% — meaning roughly 15 shares are available to borrow for every one currently lent out. Cost to borrow is just 0.41%. There is no borrow squeeze here; shorts face little friction adding positions.
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