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Analysts are upwardly revising their ratings today on social networking specialist Facebook Inc (NASDAQ:FB), aluminum giant Alcoa Inc (NYSE:AA), and mining issue Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). Here's a quick look at today's bullish brokerage notes on FB, AA, and FCX.
- Susquehanna raised its price target on FB to $76 from $72 and affirmed its "positive" rating, with the brokerage firm banking on roughly 17% upside from the stock's Wednesday close at $64.97. Options traders have also taken a bullish view on Facebook Inc this week, as evidenced by yesterday's call-buying activity at the stock's weekly 7/11 64-strike call. Open interest at this strike rose by 2,054 contracts overnight, and there are now 6,060 calls in residence here. Unfortunately for FB fans, the shares are off more than 2% ahead of the bell amid a broader downturn in U.S. stock futures.
- AA scored an upgrade to "overweight" from Morgan Stanley, which comes on the heels of the industrial titan's solid earnings report earlier this week. Shares of Alcoa Inc have rallied 47.6% year-to-date to trade at $15.69, and there's plenty of room for additional upgrades. Currently, 60% of analysts maintain a "hold" or "sell" rating on outperforming AA.
- Elsewhere in the metals sector, HSBC initiated coverage of FCX with an "overweight" rating and $44 price target. The security settled yesterday at $39.04, which means the brokerage firm is banking on upside of 12.7% from current levels. While shares of Freeport-McMoRan Copper & Gold Inc. have gained just 3.4% in 2014, they're in the midst of a recent breakout. In fact, FCX touched a new annual peak of $39.30 in Wednesday's trading -- and option bulls are counting on higher highs ahead, as evidenced by recent call volume.