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Analyst Upgrades: Adobe Systems Incorporated, VMware, Inc., and Qihoo 360 Technology Co Ltd

Analysts upwardly revised their ratings on ADBE, VMW, and QIHU

by 3/13/2014 9:28 AM
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Analysts are weighing in today on software maker Adobe Systems Incorporated (NASDAQ:ADBE), IT services provider VMware, Inc. (NYSE:VMW), and Chinese Internet concern Qihoo 360 Technology Co Ltd (NYSE:QIHU). Here's a quick roundup of today's bullish brokerage notes.

  • Another brokerage firm has taken notice of ADBE's strong technical performance of late. (The shares are currently up 18.7% from their Feb. 3 intraday low of $57.32 to trade at $68.06.) To be specific, Jefferies raised its price target to $80 from $65 in overnight activity. Elsewhere, investors have been upping the bearish ante on Adobe Systems Incorporated, which is gearing up for its fiscal first-quarter earnings report after the market closes on Tuesday, March 18. Short interest climbed 14.5% over the last two reporting periods, bringing the total number of shares sold short to more than 6 million.

  • VMW has also been targeted by the brokerage crew recently, as the shares have continued to climb to higher peaks. This morning, FBR upped its price target to $120 from $115, after the stock spiked to a 22-month high of $107.45 yesterday, and closed the session with a 3% lead at $106.87. There is still room for more price-target hikes (and upgrades) in the near term, considering the average 12-month price target among analysts remains at $106.87, in line with the shares' current price. Ratings-wise, VMware, Inc. maintains 18 "buy" or better endorsements, compared to 12 "hold" or worse suggestions.

  • QIHU -- which has surged 42.3% year-to-date to perch at $116.73 -- received an upgrade to "outperform" from "neutral" at Credit Suisse this morning. For comparison, eight of the nine covering analysts have already dished out "strong buy" endorsements on Qihoo 360 Technology Co Ltd. Meanwhile, the average 12-month price target of $127.24 denotes a modest 9% premium to the shares' current perch.

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