Stocks quoted in this article:
Analysts are upwardly revising their ratings today on tech stock NVIDIA Corporation (NASDAQ:NVDA), alternative energy name SolarCity Corp (NASDAQ:SCTY), and biotech concern Medivation Inc (NASDAQ:MDVN). Here's a quick look at today's bullish brokerage notes on NVDA, SCTY, and MDVN.
- NVDA has rallied about 4% ahead of the opening bell this morning, as traders cheer the company's fiscal second-quarter results and upbeat outlook for the current quarter. So far this morning, no fewer than seven brokerage firms have raised their price targets on NVIDIA Corporation, while Needham upgraded the shares to "buy" from "hold." NVDA is already up nearly 19% year-over-year, easily besting the broader equities market, and the stock settled Thursday at $17.46. With a short-interest ratio of 6.8 days to cover, NVDA could benefit from a rush to cover by some of the weaker bearish hands.
- SCTY is pointed 2% higher in pre-market action, with the stock on track to snap its trend of bearish earnings reactions. After announcing a slimmer-than-forecast second-quarter loss last night, SolarCity Corp has racked up three price-target hikes so far this morning -- from Baird (to $83 from $80), Canaccord Genuity (to $95 from $94), and Roth (to $98 from $80). SCTY has roughly doubled in value over the past year, ending yesterday's session at $75.63. It's not too surprising, then, that all six analysts tracking the shares have doled out a "buy" or better rating.
- MDVN is up nearly 5% in electronic trading after topping analysts' second-quarter profit and revenue predictions. The stronger-than-forecast report has elicited no fewer than five price-target increases today, with the loftiest target of $130 coming from Aegis Capital. This represents a premium of nearly 73% to Medivation Inc's Thursday close at $75.27. Short-term options traders may be caught off-guard by the equity's post-earnings gains, as the Schaeffer's put/call open interest ratio (SOIR) for MDVN arrives at 0.76 -- in the bearishly slanted 76th percentile of its annual range.