Schaeffer's Trading Floor Blog

Analyst Upgrades: Citigroup Inc, Wells Fargo & Co, and Chesapeake Energy Corporation

Analysts upwardly revised their ratings on C, WFC, and CHK

by 5/31/2013 8:56 AM
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Analysts are weighing in today on financial services firms Citigroup Inc (NYSE:C) and Wells Fargo & Co (NYSE:WFC), as well as gas and oil issue Chesapeake Energy Corporation (NYSE:CHK). Here's a quick roundup of today's bullish brokerage notes.

  • C -- which sports a year-over-year gain of about 101% to trade at $53.27 -- scored a price-target hike to $58 from $53 at Bernstein this morning. The equity has also bested the broader S&P 500 Index (SPX) by north of 17 percentage points during the past two months, yet traders in the short-term options pits seem unconvinced of Citigroup Inc's prospects. In fact, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.86 registers in the 78th percentile of its annual range. In other words, near-term speculators are more put-heavy toward the security than usual right now.

  • WFC was also on Bernstein's radar today, as analysts upped their price target to $44 from $42. Wells Fargo & Co has advanced roughly 21% so far this year to perch at $41.25, which may be attracting call buyers. The stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio sits at 2.01, indicating calls bought to open have doubled puts during the past two weeks. This ratio ranks higher than 71% of similar annual readings, signaling traders have been scooping up calls over puts at an accelerated clip.

  • Up close to 36% year-to-date and currently docked at $22.53, CHK saw its price target lifted to $30 from $25 at Wunderlich in pre-market activity. However, there is still plenty of bearish speculation surrounding the equity. Short interest on Chesapeake Energy Corporation rose by around 4% during the past two reporting periods, and now these pessimistic bets represent a lofty 11% of the security's available float. It would take almost six sessions to cover these shorted shares, at the stock's average daily trading volume.

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