Schaeffer's Trading Floor Blog

Analyst Upgrades: Micron Technology, Inc., BlackBerry Ltd, and The Kroger Co.

Analysts upwardly revised their ratings on MU, BBRY, and KR

by 6/20/2014 9:17 AM
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Analysts are weighing in today on semiconductor concern Micron Technology, Inc. (NASDAQ:MU), smartphone maker BlackBerry Ltd (NASDAQ:BBRY), and grocery chain The Kroger Co. (NYSE:KR). Here's a quick roundup of today's bullish brokerage notes.

  • MU is gearing up for its fiscal third-quarter earnings report after Monday's close, and this morning, RBC Capital lifted its price target on the stock to $38 from $34. Susquehanna and Raymond James also raised their price targets on MU, by a respective $7 and $10. While Micron Technology, Inc. seems to deserve the bullish spotlight -- having tacked on 46.3% year-to-date to perch at $31.81 -- more than 10% of the equity's float is sold short. It would take more than a week to cover these bearish bets, at the stock's average daily volume. As such, MU shares may end up benefiting from additional tailwinds created by short-covering activity in the near term.

  • BBRY shares jumped 9.7% yesterday to close at $9.09, after the company's early morning earnings beat. Subsequently, the equity received a round of bullish brokerage notes, including a price-target hike to $12 from $11, and to $9 from $7.50, at RBC Capital and Cowen and Company, respectively. Stepping back, BlackBerry Ltd has advanced 25.6% over the last month; however, 26 of the stock's 27 covering analysts maintain "hold" or worse ratings.

  • KR shares also ran higher, following the company's stronger-than-expected turn in the earnings confessional yesterday morning. Specifically, the stock hit a record peak of $50.20, and closed the session with a 5.1% gain at $49.66. As such, a line of brokerage firms upwardly adjusted their positions on the equity, including Goldman Sachs, which raised its rating to "neutral" from "sell" this morning. Meanwhile, in the options pits, The Kroger Co. sports a Schaeffer's put/call open interest ratio (SOIR) of 0.42, which ranks lower than 72% of comparable readings taken over the last year. Simply stated, short-term speculators are more call-heavy than usual toward KR right now.

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