Schaeffer's Trading Floor Blog

Analyst Upgrades: Facebook Inc (FB), First Solar, Inc., and Adobe Systems Incorporated

Analysts upwardly revised their ratings on FB, FSLR, and ADBE

by 2/24/2014 9:16 AM
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Analysts are weighing in today on social networking site Facebook Inc (NASDAQ:FB), alternative energy concern First Solar, Inc. (NASDAQ:FSLR), and software producer Adobe Systems Incorporated (NASDAQ:ADBE). Here's a quick roundup of today's bullish brokerage notes.

  • FB received yet another bullish brokerage note this morning; Needham upped its price target to $80 from $65 as more details emerged about the company's WhatsApp acquisition. On the charts, the equity -- currently positioned at $68.59 -- has been a steady long-term outperformer, up nearly 153% from its year-ago price. As such, considering the average 12-month price target of $70.04 represents only a slim premium to the stock's current price, the door remains propped open for more price-target hikes on Facebook Inc in the near term.

  • Baird increased its price target on FSLR to $62 from $49, ahead of the company's turn in the earnings confessional after tomorrow's close. Over the past month, the stock has climbed almost 11% to perch at $55.93, yet short interest grew 18.6% during the last two reporting periods. These bearish bets now make up 16.4% of First Solar, Inc.'s available float, representing close to four days' worth of pent-up buying demand, at the shares' average daily volume.

  • Bernstein and Evercore both raised their price targets on ADBE to $75 from $70 and $65, respectively. The stock has been powering higher over the past month, tacking on more than 12% to trade at $68.22. Still, Adobe Systems Incorporated's Schaeffer's put/call open interest ratio (SOIR) of 1.44 ranks higher than 90% of comparable readings from the past year, meaning short-term speculators have rarely been more put-heavy toward the equity as they are now.

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