Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), SunPower Corporation, and NetApp Inc.

Analysts upwardly revised their ratings on AAPL, SPWR, and NTAP

by 6/25/2014 9:13 AM
Stocks quoted in this article:

Analysts are weighing in today on tech giant Apple Inc. (NASDAQ:AAPL), alternative energy issue SunPower Corporation (NASDAQ:SPWR), and data storage specialist NetApp Inc. (NASDAQ:NTAP). Here's a quick roundup of today's bullish brokerage notes.

  • AAPL -- which is up 12.6% year-to-date to perch at $90.28 -- received its third bullish brokerage note of the week, when Credit Suisse raised its price target to $96 from $85.71 this morning. Given Apple Inc.'s strong technical performance of late, speculators have flooded the call side of the stock's options pits. Specifically, the equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 2.35 ranks just 7 percentage points from a 12-month peak, indicating AAPL calls have been bought to open over puts at a near-annual-high clip during the past two weeks.

  • SPWR has gained almost 21% in the last month alone to trade at $39.16, and this morning, Baird lifted its price target to $48 from $42. Elsewhere, the average 12-month price target among analysts is $37.58, denoting a 4% discount to the shares' current price. Meanwhile, six brokerage firms have dished out "strong buy" endorsements on SunPower Corporation, while five maintain tepid "hold" suggestions. As such, more upgrades and/or price-target hikes may be on the horizon, which could translate into more tailwinds on the charts.

  • NTAP was put in the bullish brokerage spotlight, following yesterday's annual financial analyst day. In particular, Pacific Crest increased its price target by $1 to $41 last night, while Piper Jaffray and Macquarie upped their targets by $2 each to $42 and $38, respectively, this morning. Brean also weighed in, lifting its target to $42 from $39. On the charts, NetApp Inc is down 12.3% this year to linger at $36.09. However, the equity's 10-day ISE/CBOE/PHLX call/put volume ratio of 5.08 ranks in the 94th percentile of its 12-month range, meaning option players have scooped up long calls over puts at a much faster pace than usual recently.

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