Schaeffer's Trading Floor Blog

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

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

by 6/24/2014 8:44 AM
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Analysts are weighing in today on iPhone parent Apple Inc. (NASDAQ:AAPL), drybulk shipping issue DryShips Inc. (NASDAQ:DRYS), and semiconductor concern Micron Technology, Inc. (NASDAQ:MU). Here's a quick roundup of today's bullish brokerage notes.

  • AAPL -- which settled at $90.83 on Monday -- is pointed modestly higher ahead of the bell, thanks to a double dose of upbeat analyst attention. Specifically, J.P. Morgan Securities hiked its price target on the stock to $108 from $89, while Needham lifted its price target to $97 from $86.32. Sentiment is equally optimistic in Apple Inc.'s option pits. 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 of 2.35 sits just 7 percentage points from an annual high. In other words, option buyers have scooped up AAPL calls over puts at a much faster-than-usual clip during the past couple of weeks.

  • DRYS is set to open in the red, even though Imperial Capital lifted its price target on the security to $4 from $2.75. Bullish brokerage notes are relatively rare for DryShips Inc., as not one of the six analysts following the stock deems it worthy of a "buy." Likewise, the consensus 12-month price target on the equity rests at $3.02, representing a discount to DRYS' closing price of $3.40 on Monday. On the charts, the stock has surrendered 27.7% so far in 2014, and is now struggling to surmount its 32-week moving average.

  • Finally, MU -- which closed at $31.26 on Monday -- is headed for a 1.6% gain out of the gate, after the firm reported stronger-than-expected quarterly earnings. Subsequently, no fewer than six analysts lifted their price targets on the stock -- including Needham, which hiked its price target by $10 to $50, and upgraded the shares to "strong buy" from "buy." Meanwhile, Micron Technology, Inc. could also enjoy a short-squeeze situation, should the bears hit the exits. Short interest accounts for more than 10% of MU's total available float, representing more than a week's worth of pent-up buying demand, at the security's average pace of trading.

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