Schaeffer's Trading Floor Blog

Analyst Upgrades: Apple Inc., Netflix, Inc., and SanDisk Corporation

Analysts upwardly revised their ratings on AAPL, NFLX, and SNDK

by 6/17/2014 9:20 AM
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Analysts are weighing in today on technology guru Apple Inc. (NASDAQ:AAPL), streaming entertainment provider Netflix, Inc. (NASDAQ:NFLX), and data storage concern SanDisk Corporation (NASDAQ:SNDK). Here's a quick roundup of today's bullish brokerage notes.

  • AAPL -- which has gained 22.5% over the last three months to linger near $92.20 -- scored a price-target lift to $102 from $90 at Cowen and Company this morning. Meanwhile, option bulls have been swarming Apple Inc. during the past two weeks. The equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 2.15 ranks in the top 14% of its 12-month range, demonstrating calls have been bought to open over puts at a quicker-than-usual rate recently. On a fundamental note, AAPL reached an out-of-court settlement with 33 states and U.S. territories in an e-book price-fixing class action lawsuit.

  • Analysts at Morgan Stanley resumed coverage of NFLX with an "overweight" rating and a price target of $500 earlier today (the brokerage had previously listed NFLX as an "equal weight" rating). While Netflix, Inc. has tacked on more than 23% over the last month to perch at $430.26, option traders have taken the bearish road on the equity in recent sessions. In fact, the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.19 ranks just 3 percentage points from a 12-month peak, pointing to a near-annual-high rate of put buying, compared to call buying, of late.

  • SNDK -- which is up 44.6% so far this year to trade at $102.00 -- received a string of bullish brokerage notes, after the company announced last night it will purchase Fusion-IO, Inc. (NYSE:FIO). Cowen and Company and Nomura each increased their price targets by $10 to $90 and $95, respectively, while Jefferies upped its price target to $118 from $95. Elsewhere, SanDisk Corporation is staring at a healthy amount of short interest. More than 7% of its available float is sold short, which would take 6.1 sessions to cover, at the shares' average pace of trading. Looking ahead, SNDK will host its annual shareholder meeting this Thursday.

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