Jefferies Cuts Edison to Sell as Analysts Slash Nike Target

Jefferies analyst Paul Zimbardo made the sharpest call of the session, downgrading EIX to Sell from Hold with a target of $42, down from $53. That is a 21% cut to the target on the $20.7bn California utility. Short interest sits at just 4.4% of free float, suggesting bears are still building their case.

NKE took a double hit. JP Morgan's Matthew Boss cut his target to $33 from $40, maintaining a Sell rating. The consensus average target also fell, from $45.60 to $41.40, as the broader analyst community followed suit. The $42bn sportswear giant now carries 8.4% short interest as a percentage of free float, the highest of the three stocks in focus today.

On the other side of the ledger, JP Morgan lifted its target on DVN to $65 from $60, keeping a Buy rating. Devon Energy benefits from energy price tailwinds. Spain's HICP inflation hit 5.0% in September, its third consecutive monthly rise per Eurostat flash estimates. That backdrop tends to support commodity producers, lending weight to the bullish call on Devon.

JP Morgan also trimmed its target on BAC to $62 from $68, flagging potential margin pressure in the banking sector ahead.