Schaeffer's Trading Floor Blog

Analyst Upgrades: QUALCOMM, Inc., Wal-Mart Stores, Inc., and Pandora Media Inc

Analysts upwardly revised their ratings on QCOM, WMT, and P

by 5/14/2014 9:18 AM
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Analysts are weighing in today on digital communications specialist QUALCOMM, Inc. (NASDAQ:QCOM), global retail giant Wal-Mart Stores, Inc. (NYSE:WMT), and streaming music provider Pandora Media Inc (NYSE:P). Here's a quick roundup of today's bullish brokerage notes.

  • Up more than 8% this year to perch at $80.37, QCOM received a $4 price-target hike to $90 at Deutsche Bank this morning. Meanwhile, on the options front, call open interest roughly doubles put open interest among QCOM options expiring within the next three months, per the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.52. What's more, this ratio ranks lower than 63% of comparable readings from the past year, indicating the current amount of short-term call open interest on QUALCOMM, Inc. (relative to put open interest) is heavier than usual.

  • With WMT preparing for tomorrow morning's first-quarter earnings release, Jefferies increased its price target on the stock to $92 in pre-market action. Technically speaking, Wal-Mart Stores, Inc. is up 9.5% from its Feb. 5 year-to-date low of $72.27 to perch at $79.14; however, the equity can't seem to shake the lingering skepticism from Wall Street. Right now, 10 of the 18 covering analysts maintain "hold" or worse ratings on WMT. Furthermore, the average 12-month price target of $81.00 stands just 2.4% above the shares' current price.

  • Although down 34.3% over the past three months to trade at $23.77, P received its second upgrade of the week today, when Raymond James raised its rating on the stock to "outperform" from "market perform" this morning. (Nomura, however, cut its price target by $3 today.) Amid the equity's technical woes, short interest climbed 17.3% during the latest reporting period, bringing the total number of shares sold short to 15.5 million. While these bearish bets now account for a healthy 8.6% of Pandora Media Inc's available float, they still only represent about one session's worth of pent-up buying demand, at the shares' average daily volume.

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