10 Sell Ideas from Whitney Tilson

In a recent letter to investors, Whitney Tilson’s T2 Partners discussed what went wrong in 2011, likening its performance last year to 2008/2009. The letter spoke in very honest terms about the fund’s numbers and detailed its current positions. Amongst those holdings listed was a ranking of T2 Partners’ largest short positions. These are mostly high PE stocks or companies facing serious competitive or regulatory challenges.

T2 PARTNERS

Ethan Allen (ETH) is a $709.66 million market cap home goods and furniture company. It recently traded at $24.60 a share on a one-year target estimate of $23.00. ETH has a 50-day moving average of $22.08 and a 200-day moving average of $18.61. It is currently priced at 19.17 times its forward earnings. Chuck Royce disagrees with Tilson. Royce had $53 million in ETH at the end of September.

First Solar (FSLR) is a solar module and system manufacturer with a $3.66 billion market cap. It recently traded at $42.35 a share on a one-year target estimate of $42.26. FSLR has a 50-day moving average of $38.89 and a 200-day moving average of $74.20. It is currently priced at 9.25 times its forward earnings.

Garmin (GRMN) is a personal technologies company with a $7.96 billion market cap. It recently traded at $40.97 a share on a one-year target estimate of $35.41. GRMN has a 50-day moving average of $38.04 and a 200-day moving average of $34.26. It is currently priced at 17.34 times its forward earnings.

Green Mountain Coffee Roasters (GMCR), the coffee company David Einhorn so famously spoke out against in October, has a $7.50 billion market cap. It recently traded at $48.52 a share on a one-year target estimate of $86.00. GMCR has a 50-day moving average of $49.28 and a 200-day moving average of $79.29. It is currently priced at 13.33 times its forward earnings.

InterOil (IOC) is an oil and gas refining company with a $2.81 billion market cap. It recently traded at $58.62 a share on a one-year target estimate of $85.67. IOC has a 50-day moving average of $52.89 and a 200-day moving average of $54.23. It is currently priced at 205.72 times its forward earnings.

ITT Educational Resources (ESI) is an education and training services company with a $1.72 billion market cap. It recently traded at $64.63 a share on a one-year target estimate of $68.00. ESI has a 50-day moving average of $55.65 and a 200-day moving average of $67.39. It is currently priced at 8.19 times its forward earnings. Blum Capital Partners had a $239 million position in ESI.

Lululemon Athletica (LULU) is $8.72 billion market cap fashion athletic clothing company. It recently traded at $60.78 a share on a one-year target estimate of $55.75. LULU has a 50-day moving average of $47.93 and a 200-day moving average of $53.47. It is currently priced at 40.45 times its forward earnings. Billionaire Jeff Vinik had $64 million in LULU at the end of the third quarter.

Nokia (NOK) is a diversified electronics company with a $19.63 billion market cap. It recently traded at $5.29 a share on a one-year target estimate of $6.79. NOK has a 50-day moving average of $5.15 and a 200-day moving average of $5.82. It is currently priced at 16.33 times its forward earnings. Coatue Management disagrees with Tilson.

PVH Corp (PVH) is a work wear clothing company with a $5.01 billion market cap. It recently traded at $74.13 a share on a one-year target estimate of $83.42. PVH has a 50-day moving average of $70.09 and a 200-day moving average of $67.27. It is currently priced at 12.40 times its forward earnings.

Salesforce.com (CRM) is a business application software company with a $14.46 billion market cap. It recently traded at $106.29 a share on a one-year target estimate of $149.28. CRM has a 50-day moving average of $108.41 and a 200-day moving average of $126.69. It is currently priced at 64.29 times its forward earnings. John Thaler initiated a brand new position in CRM during the third quarter.

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