Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), Amazon.com, Inc., and Micron Technology, Inc.

Analysts upwardly revised their ratings on AAPL, AMZN, and MU

by 6/11/2014 9:12 AM
Stocks quoted in this article:

Analysts are weighing in today on technology guru Apple Inc. (NASDAQ:AAPL), online retailing giant Amazon.com, Inc. (NASDAQ:AMZN), and semiconductor maker Micron Technology, Inc. (NASDAQ:MU). Here's a quick roundup of today's bullish brokerage notes.

  • A few more brokerage firms adjusted their positions on AAPL this morning to reflect the equity's recent 7-to-1 stock split. Specifically, Deutsche Bank revised its price target to $105 (and reiterated its "buy" rating), while Monness Crespi lifted its split-adjusted price target to $100 from $93. (Nomura, on the other hand, revised its price target to $88.71, and reinstated its "neutral" outlook.) Elsewhere, Apple Inc. -- which scored an intraday high of $95.05 yesterday, before closing at $94.25 -- sports a Schaeffer's put/call open interest ratio (SOIR) of 0.69, which ranks higher than 71% of comparable readings from the past year. In other words, AAPL put open interest (relative to call open interest) is heavier than usual among options expiring within the next three months.

  • Although AMZN has shed 16.6% year-to-date to trade at $332.41, Goldman Sachs upgraded the equity to "conviction buy" from "buy" this morning. Elsewhere, 26 of the 30 analysts covering Amazon.com, Inc. also maintain "buy" or better ratings, while the other four have dished out "hold" suggestions. Furthermore, the average 12-month price target of $419.33 stands in uncharted territory for the shares. Should AMZN continue on its downward trajectory, Goldman Sachs and the other bulls on Wall Street may start downwardly adjusting their outlooks, which could exacerbate the shares' losses.

  • Not only did MU reach a new 12-year high of $29.72 in yesterday's session, but the equity now stands 35.7% higher year-to-date to trade at $29.51. Therefore, it's not surprising that Credit Suisse increased its price target on the stock to $50 from $30 last night. Elsewhere, however, 10.7% of Micron Technology, Inc.'s available float is sold short, which would take more than four sessions to cover, at average daily volumes. As such, the stock could receive additional tailwinds on the charts, should a short-squeeze scenario play out in the near term.

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