Schaeffer's Trading Floor Blog

Analyst Upgrades: Pandora Media Inc, Netflix, Inc., and Under Armour Inc

Analysts upwardly revised their ratings on P, NFLX, and UA

by 4/7/2014 9:18 AM
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Analysts are weighing in today on streaming entertainment providers Pandora Media Inc (NYSE:P) and Netflix, Inc. (NASDAQ:NFLX), plus athletic apparel name Under Armour Inc (NYSE:UA). Here's a quick roundup of today's bullish brokerage notes.

  • P -- which reported audience metrics for March last Thursday -- received an upgrade to "outperform" from "neutral" at Wedbush earlier today. On the charts, Pandora Media Inc is down 27.5% over a one-month period to trade at $28.40. Nevertheless, options traders have been bullish toward the stock recently. In fact, P's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 3.27 ranks in the 86th annual percentile, indicating calls have been bought to open over puts at a faster-than-usual rate during the past two weeks. A continuation of the shares' losses may lead to a capitulation of bullish bettors, which could result in additional technical pressure.

  • Though NFLX has fallen almost 26% over the past month to trade at $337.31, Oppenheimer upgraded the stock to "outperform" from "perform" this morning. In the options pits, Netflix, Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 0.90 ranks lower than all comparable readings taken during the past year. This means call open interest (relative to put open interest) is at an annual-high level among NFLX options expiring within the next three months.

  • UA -- which has tacked on 19.5% already this year to trade at $104.33 -- saw its rating lifted to "buy" from "neutral" at Sterne Agee this morning. UA shares may end up benefiting from more upgrades and/or price-target hikes in the near term, as well. Currently, 19 of the 26 covering analysts maintain "hold" or worse suggestions on the stock. Plus, the average 12-month price target of $103.41 denotes a slight discount to the equity's current price. Of note, Under Armour Inc shares will split 2-for-1 on Monday, April 14.

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