Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc. (AAPL), Tesla Motors Inc (TSLA), and QUALCOMM, Inc.

Analysts upwardly revised their ratings on AAPL, TSLA, and QCOM

by 3/3/2014 9:12 AM
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Analysts are weighing in today on technology guru Apple Inc. (NASDAQ:AAPL), electric car manufacturer Tesla Motors Inc (NASDAQ:TSLA), and digital communications specialist QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes.

  • Canaccord Genuity increased its price target on AAPL by $30 to $600 this morning, expecting the stock to enter territory last explored in October 2012. While Apple Inc. has shed 6.2% year-to-date to trade at $526.24, short interest on the equity climbed 73.4% since the Jan. 15 reporting period, bringing the total number of shares sold short to 26.4 million. Still, this represents a slim 2.3 days' worth of pent-up buying demand, at AAPL's average pace of trading.

  • TSLA received yet another positive brokerage note today, as J.P. Morgan Securities upped its price target to $164 from $137. Still, the average 12-month price target among analysts comes in at $222.67, remaining well below the stock's current price of $244.81. Meanwhile, from the 12 brokers offering up ratings, Tesla Motors Inc has received six "buy" or better endorsements, five "holds," and one "sell" suggestion. On the charts, the shares appear more deserving of bullish sentiment, having gained more than 600% over the past 12 months.

  • QCOM -- which has tacked on more than 13% over the past six months to trade at $75.29 -- saw its price target raised to $85 from $80 at JMP Securities this morning. In the options pits, calls have been the contracts of choice among short-term speculators. This is evidenced by the fact that QUALCOMM, Inc.'s Schaeffer's put/call open interest ratio (SOIR) stands at 0.47, with call open interest more than doubling put open interest among options expiring within three months. What's more, this ratio ranks lower than 85% of comparable readings from the past year, highlighting the heavier-than-usual focus on short-term calls, relative to puts.

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