Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), Broadcom Corporation, and FedEx Corporation

Analysts upwardly revised their ratings on AAPL, BRCM, and FDX

by 6/3/2014 9:17 AM
Stocks quoted in this article:

Analysts are weighing in today on technology guru Apple Inc. (NASDAQ:AAPL), semiconductor concern Broadcom Corporation (NASDAQ:BRCM), and package delivery firm FedEx Corporation (NYSE:FDX). Here's a quick roundup of today's bullish brokerage notes.

  • AAPL received no fewer three bullish brokerage notes this morning, after yesterday revealing its new operating system, called iOS 8, at its annual Worldwide Developers Conference. To be specific, Canaccord Genuity and Susquehanna lifted their price targets to $710 from $660, and to $725 from $650, respectively, while Credit Suisse increased its own price target to $600. Considering Apple Inc. has tacked on 19.5% over the last three months to trade at $628.65, it's not surprising options activity on the equity has been bullishly skewed in recent sessions. In fact, AAPL's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 1.97 ranks in the 79th annual percentile, demonstrating the rate of call buying, relative to put buying, has been faster than usual during the past two weeks.

  • BRCM shot 9.3% higher yesterday to close at $34.84, after announcing plans to potentially sell its cellular baseband unit. The news caused an outpouring of support among the brokerage crew, with the wide majority of covering analysts upwardly adjusting their positions on the stock. For example, Wedbush upgraded BRCM to "outperform" from "neutral," while Morgan Stanley and Barclays raised their price targets by $5 to $39 and $28, respectively. Looking back over the past 10 trading days, Broadcom Corporation has received more attention than usual from option bears, however, as speculators have scooped up long puts, relative to calls, at a near-annual-high clip during this time period. This is evidenced by the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.70, which ranks in the top 3% of its 12-month range.

  • FDX knocked out a fresh record high of $144.99 yesterday, before settling at $144.25, and this morning, the equity received a price-target hike to $139 from $136 at Bernstein. Elsewhere, FedEx Corporation boasts 10 "strong buy" endorsements, compared to seven "holds" and not one "sell" suggestion. Meanwhile, its average 12-month price target of $154.52 represents modest expected upside of 7.1% from the shares' current price.
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