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Analysts are weighing in today on semiconductor stock Broadcom Corporation (NASDAQ:BRCM - 34.33), tech issue JDS Uniphase Corporation (NASDAQ:JDSU - 10.77), and PC chip maker NVIDIA Corporation (NASDAQ:NVDA - 14.71). Here's a quick roundup of today's bullish brokerage notes.
- Although BRCM sits on a paltry year-over-year gain of just 1.4% -- and has underperformed the broader S&P 500 Index (SPX) on a relative- strength basis during the past 40 sessions -- the stock was lifted to "outperform" from "market perform" and had its price target raised to $41 from $36 at Bernstein this morning. It should be noted, however, that while short interest on the equity has declined by about 6% over the past month, these shorted shares now account for less than 2% of the stock's available float. From a contrarian perspective, this could mean the security is unlikely to benefit from any short-covering activity in the near-term.
- Meanwhile, despite receiving a price-target cut to $14 from $15 at MKM Partners, JDSU was started at "buy" at Goldman Sachs this morning. The company -- which had added a modest 3% so far this year -- is preparing to report quarterly earnings next week on Aug. 14, and has bested analysts' bottom-line estimate in each of the past four quarters. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.85 arrives in the 92nd annual percentile, confirming that near-term options traders have been more bearishly aligned toward the stock just 8% of the time during the past year.
- On the heels of reporting stronger-than-expected fiscal second-quarter earnings, NVDA has scored a slew of price target adjustments ahead of today's opening bell. Most notably, FBR raised its price target to $20 from $17, while Thinkequity, Wedbush, BMO, Susquehanna, RBC, Deutsche Bank, Citigroup, UBS, Jefferies, and Barclays lifted their target prices by $1 to $2. Although the stock has climbed less than 10% during the past year, traders on the ISE/CBOE/PHLX are notably bullish, buying to open 6.40 calls for every put during the past few months.