Schaeffer's Trading Floor Blog

Analyst Update: JPMorgan Chase, CBOE, and Oracle

Analysts adjusted their positions on JPM, CBOE, and ORCL

by 12/7/2012 10:52 AM
Stocks quoted in this article:

This morning's economic data -- including an upbeat jobs report and a dip in consumer sentiment -- have investors pulling stocks in both directions, though action on Wall Street is rather sluggish. Here's a quick update on today's latest brokerage notes, including adjustments for financial services giant JPMorgan Chase & Co. (NYSE:JPM - 42.31), options market operator CBOE Holdings, Inc (NASDAQ:CBOE - 30.10), and software/hardware developer Oracle Corporation (NASDAQ:ORCL - 32.01).

  • JPM was started with a "buy" rating at SunTrust Robinson Humphrey today, which added to an early 2% pop for the shares. While the stock builds upon its 24% year-to-date return, the options pits are lined with optimistic traders. JPM has racked up a 10-day call/put volume ratio of 1.93 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This reading ranks in the 98th percentile of its annual range, signaling traders on these exchanges have seldom made more bullish bets over bearish during the past two weeks. Plus, the short-term options crowd is more call-heavy than usual, as evidenced by JPM's Schaeffer's put/call open interest ratio (SOIR) of 0.86, which registers in the 23rd annual percentile.

  • The brokerage arm of JPMorgan Chase weighed in on CBOE this morning, cutting its price target to $32.50 from $33. This newly adjusted target sits above the average 12-month price target of $29.47, which is actually a discount to CBOE's current level. As additional target hikes are not out of the question for the equity, neutral-minded analysts could join the bulls' camp, especially if the shares amplify their 2012 climb of 16%. Currently CBOE counts a pair of "buy" endorsements, 10 middling "holds," and not a single "sell" suggestion.

  • Lastly, a couple of analysts weighed in on ORCL earlier today, as SocGen upped its price target by $5 to $35, and Wedbush initiated coverage with a "hold" recommendation and a price target of $36. ORCL has done well on the charts recently, gathering a 24% return since January, and trading within a stone's throw of its 13-month high of $33.29 (tagged in late September). In light of this positive price action, it's not so surprising to see upbeat sentiment on the rise among the options crowd. Data from the ISE, CBOE, and PHLX, shows a 10-day call/put volume ratio of 1.55, which is up from ORCL's 20-day call/put volume ratio of 1.35.

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