Schaeffer's Trading Floor Blog

Analyst Update: Tesla Motors Inc (TSLA), Yelp Inc, and Barrick Gold Corporation (USA)

Analysts are weighing in on TSLA, YELP, and ABX

by 2/20/2014 1:34 PM
Stocks quoted in this article:

The broad-market indexes are in the black at midday, as investors celebrate encouraging manufacturing data. Meanwhile, among the equities in focus are electric vehicle maker Tesla Motors Inc (NASDAQ:TSLA), online review forum Yelp Inc (NYSE:YELP), and commodity concern Barrick Gold Corporation (USA) (NYSE:ABX), which have all attracted the attention of analysts.

  • TSLA rocketed to a record high of $215.21 today, after the firm reported stronger-than-expected fourth-quarter earnings and issued an upbeat forecast for Model S deliveries this year. Unlike yesterday, analysts today are taking a more optimistic approach to TSLA, which has trimmed its lead to 8.3% to trade at $209.75. No fewer than four brokerage firms have upped their price target on the shares, among them Jefferies (to $220 from $190) and Baird (to $245 from $215). Elsewhere, short sellers are likely caught between a post-earnings rock and a hard place, as short interest accounts for a whopping 40.6% of Tesla Motors Inc's (NASDAQ:TSLA) total available float.

  • YELP is 0.4% higher at $90.37, adding to its year-over-year gain of more than 300%. BofA-Merrill Lynch sees triple-digit territory on the horizon for the shares, initiating coverage with a $100 price target and a "neutral" rating this morning. Despite the equity's impressive performance on the charts, pessimism prevails on Wall Street. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.94 stands just 10 percentage points from an annual peak, implying that near-term option traders are more put-skewed than usual right now. Plus, the consensus 12-month price target on Yelp Inc (NYSE:YELP) sits at $87.76, representing a discount to the stock's current perch.

  • Finally, ABX scored a bullish nod for the fourth straight session today, with RBC lifting its rating to "outperform" from "sector perform." In addition, Dundee Capital this afternoon lifted its price target on the security to C$25 from C$22. The shares were last seen 4.7% higher at $20.70, and have outperformed the broader S&P 500 Index (SPX) by 18.6 percentage points during the past 40 sessions. Nevertheless, upbeat analyst attention is far from the norm for Barrick Gold Corporation (USA) (NYSE:ABX), as just one out of 16 brokerage firms considers the stock worthy of a "buy" or better endorsement.

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