Why Applied Optoelectronics Stock Was Sliding This Week
No investor likes when an analyst becomes less bullish on one of their stocks, sometimes even when the change is relatively slight.
So it wasn't surprising when the market reacted negatively to news of a pundit's price cut on Applied Optoelectronics's (NASDAQ: AAOI) shares Monday. This set something of a tone for the stock; according to data compiled by S&P Global Market Intelligence it was down nearly 9% week to date as of Friday before market open.
The person behind the move was Raymond James' Simon Leopold. On Wednesday he reduced his Applied Optoelectronics price target to $36 per share from his preceding $39. Despite the slice, he maintained his outperform (read: buy) recommendation on the company's stock.
Source Fool.com
