Schaeffer's Trading Floor Blog

Analyst Upgrades: QUALCOMM, Inc., Hewlett-Packard Company, and OpenTable Inc

Analysts upwardly revised their ratings on QCOM, HPQ, and OPEN

by 4/3/2014 9:15 AM
Stocks quoted in this article:

Analysts are weighing in today on tech concerns QUALCOMM, Inc. (NASDAQ:QCOM) and Hewlett-Packard Company (NYSE:HPQ), as well as online maitre d' OpenTable Inc (NASDAQ:OPEN). Here's a quick roundup of today's bullish brokerage notes.

  • QCOM scored a price-target hike to $90 from $86 at Canaccord Genuity late last night. The shares have tacked on 7.9% so far in 2014, and yesterday tagged a 14-year high of $80.26 before settling at $80.14. Against this backdrop, it's no surprise to find both analysts and options traders already in the bullish camp. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.48 stands higher than just 17% of comparable readings from the past year, suggesting short-term speculators are more call-heavy than usual right now. Meanwhile, 20 out of 26 covering brokerage firms consider QUALCOMM, Inc. a "buy" or better, with not a "sell" rating in sight.

  • RBC lifted its price target on HPQ to $36 from $33 ahead of the bell, a session after the stock touched a two-plus-year high of $33.66. However, while HPQ has outperformed the broader S&P 500 Index (SPX) by nearly 14 percentage points during the past 60 sessions, there's still plenty of room on the bullish bandwagon. The equity boasts just six "buy" or better endorsements from analysts, compared to 13 "hold" or worse configurations. Plus, the consensus 12-month price target of $32.98 represents a discount to Hewlett-Packard Company's closing price of $33.61 yesterday.

  • Finally, Citigroup upgraded OPEN to "buy" from "neutral" this morning. Positive attention is relatively rare for the stock, which has surrendered 2.9% year-to-date. Currently, just one out of 13 analysts deems OPEN worthy of a "strong buy," and the average 12-month price target of $77.77 is just a hair's breadth from yesterday's closing price of $77.03. In the same vein, the security's SOIR of 1.11 sits just 4 percentage points from an annual peak, and short interest represents more than a week's worth of pent-up buying demand, at OpenTable Inc's average pace of trading.

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