Schaeffer's Trading Floor Blog

Analyst Upgrades: Sirius XM Holdings Inc., Pandora Media Inc, and Yelp Inc

Analysts upwardly revised their ratings on SIRI, P, and YELP

by 3/7/2014 9:13 AM
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Analysts are weighing in today on streaming music providers Sirius XM Holdings Inc. (NASDAQ:SIRI) and Pandora Media Inc (NYSE:P), as well as online review forum Yelp Inc (NYSE:YELP). Here's a quick roundup of today's bullish brokerage notes.

  • SIRI has been somewhat of a laggard on the charts so far this year, tacking on just 2% to trade at $3.56. Still, Macquarie is optimistic toward the stock, upping its rating to "outperform" from "neutral" this morning. Options traders have also been bullish on Sirius XM Holdings Inc. of late. Over the past 20 trading days, the equity has racked up an International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 11.14, with long calls outnumbering puts by a margin of more than 11-to-1.

  • P, on the other hand, has dominated the charts in 2014, advancing about 40% to perch at $37.23. The stock even flew to a record high of $40.44 on Wednesday. With that in mind, BofA-Merrill Lynch raised its price target to $41 from $35 earlier today. In the options pits, however, put activity among Pandora Media Inc's short-term option traders is nearing annual-high levels, relatively speaking, as the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.10 ranks higher than 94% of comparable readings from the past year. An unwinding of these put options could create some technical tailwinds for the shares in the near term.

  • Finally, YELP -- which has climbed an impressive 316.9% over the past year to trade at $97.80 -- received a price-target hike to $115 from $90 at Pacific Crest this morning. Regardless of the stock's significant gains, short interest grew 23.4% during the latest reporting period, and now accounts for a lofty 11.1% of the equity's available float. Should Yelp Inc continue its march up the charts, potential short-covering activity may be in the cards, which could benefit the shares.

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