Wall Street Throws In The Towel At Zulily
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Zulily Inc (NASDAQ: ZU) shares are trading lower by $4.00 at $14.62 in Thursday's session.
The move is the result of a Q4 earnings miss ($0.08 vs. EST $0.14) and lower sales ($391.3 vs. EST. $406.55M). The issue has lost over 60 percent of its value since September 2014, and is off 80 percent from its all-time high made in February 2014 when it peaked at $73.50.
Despite the decline, Wall Street analysts had maintained their mostly favorable ratings on the online retailer.
That was until this Thursday, when the ax finally came down on the issue from four different Wall Street firms.
In a super-fecta of downgrades, the issue was cut in a variety of ways from RBC, Baird, CRT and Canaccord. All note a target price of $18.00.
After a near $5.00 decline off the open, shares are attempting to find support at $14.50. The stock is back near session lows as of this writing.
Latest Ratings for ZU
|Jul 2015||Goldman Sachs||Downgrades||Buy||Neutral|
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