Schaeffer's Trading Floor Blog

Analyst Upgrades: BlackBerry Ltd (BBRY), Citigroup Inc, and Advanced Micro Devices, Inc.

Analysts upwardly revised their ratings on BBRY, C, and AMD

by 7/19/2013 9:22 AM
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Analysts are weighing in today on smartphone maker BlackBerry Ltd (NASDAQ:BBRY), banking behemoth Citigroup Inc (NYSE:C), and semiconductor name Advanced Micro Devices, Inc. (NYSE:AMD). Here's a quick roundup of today's bullish brokerage notes.

  • Despite shedding more than 23% so far this year to hover at $9.12, BBRY was upgraded to "market perform" from "underperform" at BMO ahead of the opening bell. This confidence toward BlackBerry Ltd -- the stock formerly known as Research In Motion Ltd -- is prevalent among the near-term options crowd, as well. The equity's Schaeffer's put/call open interest ratio (SOIR) checks in at 0.69, with calls outnumbering puts among options scheduled to expire within the next three months. This ratio is docked in the 23rd percentile of its annual range, indicating short-term speculators are more call-heavy toward BBRY than usual right now.

  • C -- which has nearly doubled in value during the past year to perch at $52.69 -- saw its price target upped to $58 from $57 at SunTrust Robinson in pre-market activity. Elsewhere, call buyers have been flocking toward the security lately. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 10-day call/put volume ratio of 1.81 for Citigroup Inc, conveying calls bought to open have nearly doubled puts during the past two weeks. This ratio resides in the 81st annual percentile, meaning traders have been scooping up bullish bets over bearish at a faster-than-usual pace.

  • Up more than 93% year-to-date to trade at $4.64, AMD was on the bullish radar this morning, after reporting a narrower-than-anticipated quarterly loss on Thursday. The firm also issued a current-quarter revenue outlook that topped analysts' expectations, which prompted Bernstein to raise its price target to $4 from $2. Additionally, Susquehanna, Wedbush Securities, and Credit Suisse lifted their respective price targets. (The latter, however, downgraded AMD to "underperform" from "neutral," and Morgan Stanley cut the stock to "underweight.") Meanwhile, the sentiment scales remain bearishly tipped for Advanced Micro Devices, Inc. The equity sports just seven "buy" or better ratings, versus 14 "holds" and two "sell" or worse suggestions.

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