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Analyst Upgrades: 3D Systems Corporation, Micron Technology, Inc., and OmniVision Technologies, Inc.

Analysts upwardly revised their ratings on DDD, MU, and OVTI

by 8/29/2014 8:38 AM
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Analysts are weighing in today on printing issue 3D Systems Corporation (NYSE:DDD), and semiconductor concerns Micron Technology, Inc. (NASDAQ:MU) and OmniVision Technologies, Inc. (NASDAQ:OVTI). Here's a quick roundup of today's bullish brokerage notes on DDD, MU, and OVTI.

  • Since hitting a month-to-date low of $46.05 on Aug. 5, DDD has been trending northward, up 15.5% at $53.19. Accordingly, Stifel started coverage of the stock with a "buy" rating and $65 price target. Should shares of 3D Systems Corporation continue to climb higher, a huge short-covering rally could ensue. Currently, 35.2% of the equity's float is sold short, which would take nearly 12 sessions to buy back, given DDD's typical daily trading levels.

  • MU has had a strong 2014, up almost 51% to trade at $32.81. Jefferies recognized this technical progress, boosting its price target on the shares to $40 from $38. While short interest on Micron Technology, Inc. has been falling -- down 16.1% during the most recent reporting period -- nearly 10% of the equity's float remains dedicated to short interest. In other words, there's still plenty of sideline cash available to fuel MU's ascent.

  • Like MU, OVTI is a technical outperformer, advancing 58% this year to rest at $27.18. What's more, following yesterday's fiscal first-quarter earnings beat, the security received a price-target hike to $28 from $27 at Wedbush, and an upgrade to "market perform" from "underperform" at Raymond James. Additional bullish notes could be forthcoming, too. After all, six out of seven analysts covering OmniVision Technologies, Inc. have doled out "hold" or worse recommendations, while the stock's average 12-month price target of $25.65 stands at a discount to the current share price. Ahead of the open, OVTI is up more than 2%.

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