Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), Bank of America Corp, and Canadian Solar Inc.

Analysts upwardly revised their ratings on AAPL, BAC, and CSIQ

by 7/2/2014 9:14 AM
Stocks quoted in this article:

Analysts are weighing in today on technology maven Apple Inc. (NASDAQ:AAPL), banking bigwig Bank of America Corp (NYSE:BAC), and alternative energy concern Canadian Solar Inc. (NASDAQ:CSIQ). Here's a quick roundup of today's bullish brokerage notes.

  • Having gained about 21% over the last three months to perch at $93.52, AAPL scored a $15 price-target hike to $115 at Evercore this morning. Likewise, on the options front, Apple Inc. has seen an annual-high level of bullish betting over bearish in recent sessions. This is evidenced by the equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 2.86, which ranks the highest of all comparable readings taken during the past 12 months.

  • BAC has advanced 8.6% from its May 16 year-to-date low of $14.37 to trade at $15.60, and this morning, the equity received an upgrade to "buy" from "hold" -- and a price-target lift to $18 from $16.50 -- at Deutsche Bank. Meanwhile, Bank of America Corp speculators have snatched up more than six times as many long calls as puts during the past two weeks, and the resulting 10-day ISE/CBOE/PHLX call/put volume ratio of 6.23 ranks 4 percentage points from a 12-month peak. Simply stated, long calls have been in heavier-than-usual demand (relative to long puts) recently.

  • Canaccord Genuity issued a "buy" rating and a $43 price target on CSIQ today, after the company yesterday agreed to supply 12.6 megawatts of solar modules for a project in Turkey -- marking CSIQ's largest order in the country. While Canadian Solar Inc. has tacked on 20% in the last month to trade at $30.72, short interest on the stock grew by 35.1% during the two most recent reporting periods. Now, more than 10% of the equity's available float is sold short.

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