Analysts are weighing in on home goods retailer Pier 1 Imports Inc (NYSE:PIR), medical device maker DexCom, Inc. (NASDAQ:DXCM), and travel site Trivago NV (NASDAQ:TRVG). Here's a quick roundup of today's bearish brokerage notes on shares of PIR, DXCM, and TRVG.
Pier 1 Imports cut its full-year earnings and same-store sales estimates, overshadowing a stronger-than-expected second-quarter earnings report. As a result,Loop Capital downgraded the retail stock to "hold" from "buy," while issuing a price-target cut to $4 from $8. No fewer than four other analysts also cut their price targets, including Credit Suisse, which trimmed its target to $3.50 from $4. PIR stock is currently down 9.3% to trade at $4.08, and has now shed 52% in 2017.
Optimism appears to have been wrung out of the analyst crowd. Of the 12 brokerages covering PIR, 11 already rate the stock a "hold" or worse.
DexCom stock is down 35.3% to trade at $43.64, and earlier touched a new two-year low of $43.53, after rival Abbott Laboratories (ABT) receivedapproval from the Food and Drug Administration (FDA) for its blood glucose monitoring device. The news resulted in a DXCM downgrade from J.P. Morgan Securities to "neutral" from "overweight," as well asno fewer than seven price-target cuts, including to $60 from $76 at Barclays.
While DXCM is on the short-sale restricted list today -- and is the steepest percentage loser on the Nasdaq so far -- several shorts are likely cheering. Short interest grew 14.8% during the last two reporting periods, to 12.55 million shares -- 15% of the stock's available float.