Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), Canadian Solar Inc., and Under Armour Inc

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

by 7/7/2014 9:15 AM
Stocks quoted in this article:

Analysts are weighing in today on iPhone parent Apple Inc. (NASDAQ:AAPL), alternative energy concern Canadian Solar Inc. (NASDAQ:CSIQ), and athletic apparel provider Under Armour Inc (NYSE:UA). Here's a quick roundup of today's bullish brokerage notes.

  • Pacific Crest sees triple-digit territory for the split-adjusted shares of AAPL, with the analysts lifting their price target on the stock to $100 from $93. Apple Inc. is no stranger to optimism, though. Twenty-nine out of 38 analysts offer up "buy" or better opinions, with not a single "sell" in sight. Meanwhile, on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day call/put volume ratio sits at a 52-week high of 3.02. In other words, option buyers have picked up AAPL calls over puts at an annual-high clip during the past two weeks. On the charts, AAPL has advanced 17.3% year-to-date, settling Thursday's holiday-shortened session at $94.03. Off the charts, the company's newest hire underscores theories of the iWatch on the horizon.

  • CSIQ -- which ended at $30.71 on Thursday -- scored an upgrade to "outperform" at FBR this morning. The solar concern is starting to gain bullish attention among the analyst community, as the shares have outperformed the broader S&P 500 Index (SPX) by more than 25 percentage points during the past month. However, short sellers remain unconvinced, as short interest rocketed 35% higher during the past two reporting periods, and now accounts for more than 10% of CSIQ's total available float. Should Canadian Solar Inc. continue its recent uptrend, a rush to cover among the shorts could add fuel to the stock's fire.

  • Finally, UA is enjoying its second straight session of positive brokerage attention, this time courtesy of Sterne Agee. Specifically, the analysts upped their price target on UA to $68 from $63, and reiterated their "buy" rating, noting that Adidas' plans to lift the ban of its products on e-commerce sites could bode well for Under Armour Inc. The shares of UA have outperformed the SPX by 22 percentage points during the past two months, and are within a chip-shot of record-high territory. Like CSIQ, UA could benefit from a short-squeeze situation, should the bears get spooked. Short interest grew more than 22% during the most recent reporting period, and now represents more than a week's worth of pent-up buying demand, at UA's average pace of trading. On Thursday, UA finished at $60.25.

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