Schaeffer's Trading Floor Blog

Analyst Upgrades: Google Inc, QUALCOMM, Inc., and JPMorgan Chase & Co.

Analysts upwardly revised their ratings on GOOG, QCOM, and JPM

by 3/27/2014 9:28 AM
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Analysts are weighing in today on Internet search titan Google Inc (NASDAQ:GOOG), digital communications expert QUALCOMM, Inc. (NASDAQ:QCOM), and financial services firm JPMorgan Chase & Co. (NYSE:JPM). Here's a quick roundup of today's bullish brokerage notes.

  • While GOOG has been making headlines this week, RBC and Cantor Fitzgerald upped their price targets to $710 from $700, and to $1,300 from $1,260, respectively, this morning. Though Google Inc shares stand just 1% higher year-to-date to trade at $1,131.97, short-term option players have been scooping up calls, relative to puts, at an annual-high rate. This is evidenced by the fact that the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.70 ranks the lowest of all comparable readings taken over the past 12 months.

  • QCOM -- which is up 10.3% from its Jan. 29 intraday low of $70.98 to trade at $78.31 -- received its second bullish brokerage note of the week, when Jefferies increased its price target to $95 from $86 this morning. (On Monday, Deutsche Bank lifted its price target to $86 from $78.) In the options pits, meanwhile, QUALCOMM, Inc. sports a SOIR of 0.52, with calls nearly doubling puts among options expiring within three months. This ratio ranks in the 29th annual percentile, indicating short-term option players are more call-heavy than usual toward QCOM right now.

  • After announcing plans for a quarterly dividend increase and $6.5 billion share repurchase program, JPM received a price-target hike to $67 from $64 at Bernstein. While JPMorgan Chase & Co. shares have advanced 10.5% from their Feb. 3 intraday low of $54.20 to trade at $59.90, short-term option players have been more call-focused than usual toward the equity. Currently, JPM's SOIR of 0.68 ranks lower than 79% of similar readings from the past year, indicating call open interest, relative to put open interest, is heavier than usual among options expiring within the next three months.

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