Schaeffer's Trading Floor Blog

Analyst Upgrades: Broadcom Corporation, Wells Fargo & Co, and Walgreen Company

Analysts upwardly revised their ratings on BRCM, WFC, and WAG

by 6/9/2014 9:20 AM
Stocks quoted in this article:

Analysts are weighing in today on semiconductor concern Broadcom Corporation (NASDAQ:BRCM), banking giant Wells Fargo & Co (NYSE:WFC), and drugstore chain Walgreen Company (NYSE:WAG). Here's a quick roundup of today's bullish brokerage notes.

  • BRCM explored two-year-high territory last week, peaking at $38.05 on Friday, before settling at its current perch at $38.02. The stock -- which is a notorious outperformer in June -- has tacked on 19.3% already this month. With that being said, it isn't surprising that BMO lifted its price target on Broadcom Corporation to $41 from $27 this morning. Meanwhile, short-term speculators have been more call-heavy that usual toward BRCM. The equity's Schaeffer's put/call open interest ratio (SOIR) sits at 0.41 -- down 22.6% from its May 30 reading of 0.53. What's more, the current ratio ranks in the bottom 10% of its 12-month range. In other words, call open interest (relative to put open interest) is at a near-annual-high level among options expiring within the next three months.

  • WFC -- which hit a record peak of $52.02 on Friday, before closing at $51.98 -- received a price-target hike to $56 from $51 at KBW this morning. While the stock is up 14.5% year-to-date, 11 of the 21 covering analysts have dished out "hold" or "strong sell" suggestions. Meanwhile, the average 12-month price target of $52.48 is less than 1% from the shares' current price. As such, the door is still wide open for more upgrades and/or price-target increases in the near term, which could create additional tailwinds for Wells Fargo & Co.

  • Having climbed 30.6% so far this year to trade at $75.03, WAG scored a price-target lift to $83 from $78 at Mizuho earlier today. Elsewhere, the brokerage crew appears to be less optimistic toward Walgreen Company. The consensus 12-month price target among covering analysts is $71.23, denoting a 5.1% discount to the stock's current perch. Plus, the equity sports 11 "buy" or better endorsements, eight "holds," and two "sell" or worse recommendations.

permanent link
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.