Schaeffer's Trading Floor Blog

Analyst Upgrades: Cisco Systems, Inc., QUALCOMM, Inc., and BlackBerry Ltd

Analysts upwardly revised their ratings on CSCO, QCOM, and BBRY

by 3/12/2014 9:28 AM
Stocks quoted in this article:

Analysts are weighing in today on IT services provider Cisco Systems, Inc. (NASDAQ:CSCO), digital communications expert QUALCOMM, Inc. (NASDAQ:QCOM), and smartphone maker BlackBerry Ltd (NASDAQ:BBRY). Here's a quick roundup of today's bullish brokerage notes.

  • CSCO received another positive brokerage note today, when Goldman Sachs upped its price target to $26 from $25. Though the equity is seemingly undeserving of bullish sentiment -- sporting a one-month loss of nearly 5% to trade at $21.61 -- the recent surge of optimism among analysts is just more of the same. In fact, the average 12-month price target for Cisco Systems, Inc. comes in at $23.74, representing expected upside to the shares' current price. Furthermore, 18 of the 25 covering brokerage firms maintain "buy" or better endorsements on the stock.

  • Goldman Sachs also weighed in on QCOM this morning, increasing its price target to $90 from $82. Meanwhile, sentiment appears bullishly skewed in the stock's options pits, as well, where the equity sports a Schaeffer's put/call open interest ratio (SOIR) of 0.51, with calls roughly doubling puts among options expiring within the next three months. This ratio ranks lower than 75% of comparable readings from the past year, highlighting the heavier-than-usual call activity among short-term speculators of late (though Monday, the stock saw a news-driven increase in put trading). Technically speaking, QUALCOMM, Inc. has gained 1.4% over the past month to trade at $76.71.

  • Finally, Goldman Sachs upwardly adjusted its price target on BBRY to $9.50 from $7.80 this morning. Since the turn of the year, the equity has tacked on more than 25% to perch at $9.31, yet short interest accounts for a lofty 20% of the stock's available float. It would take more than a week to cover these bearish bets, at BlackBerry Ltd's average pace of trading. With that being said, the shares could end up benefiting from a bout of short-covering activity in the near future.

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