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Analysts are upwardly revising their ratings today on electric automaker Tesla Motors Inc (NASDAQ:TSLA), data storage provider NetApp Inc. (NASDAQ:NTAP), and alternative energy name GT Advanced Technologies Inc (NASDAQ:GTAT). Here's a quick look at today's bullish brokerage notes on TSLA, NTAP, and GTAT.
- With the stock rallying into record-high territory this week, TSLA continues to attract bullish brokerage attention. Today's note comes courtesy of Credit Suisse, which started coverage of Tesla Motors Inc with an "outperform" rating and a $325 price target. In other words, the brokerage firm is banking on upside of roughly 25% from Wednesday's close at $260.31. As the security continues to climb the charts, shorts could be forced to abandon their losing bets. Currently, a steep 26.6% of TSLA's float is sold short.
- On the heels of last night's fiscal first-quarter earnings report, NTAP has racked up no fewer than nine price-target hikes, along with a Needham upgrade to "buy" from "hold." Shares of NetApp Inc. are 2.5% higher in pre-market action, after closing Wednesday at $39.30. Most analysts maintain a skeptical view of the tech stock, as only 24% of the brokerage firms tracking NTAP have deemed it worthy of a "buy" rating.
- Cowen and Company started coverage of GTAT with an "outperform" rating and a $19 price target, implying expected upside of 14.5% from Wednesday's close at $16.59. GT Advanced Technologies Inc has rallied 90.3% so far in 2014, yet skepticism toward the stock is nearly palpable. Short interest accounts for a hefty 35.5% of GTAT's float, and the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.99 registers in the bearishly skewed 75th annual percentile. Traders may be wary of the looming $18-$20 area, which has rejected the equity's rally attempts since mid-March.