Schaeffer's Trading Floor Blog

Analyst Upgrades: First Solar, Inc., Tesla Motors Inc, and Michael Kors Holdings Ltd

Analysts upwardly revised their ratings on FSLR, TSLA, and KORS

by 5/7/2013 9:04 AM
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Analysts are weighing in today on solar energy concern First Solar, Inc. (NASDAQ:FSLR), electric vehicle manufacturer Tesla Motors Inc (NASDAQ:TSLA), and apparel and accessories designer Michael Kors Holdings Ltd (NYSE:KORS). Here's a quick roundup of today's bullish brokerage notes.

  • Up an impressive 170% on a year-over-year basis, FSLR received price-target boosts at RBC (to $34 from $30) and Susquehanna (to $41 from $40) today, after topping analysts' quarterly revenue projections on Monday. However, most of the covering analysts maintain a lukewarm attitude at best toward First Solar, Inc. Only one has deemed the stock worthy of a "strong buy" endorsement, compared to 14 "holds" and two "sell" or worse suggestions. Even more telling, the equity's average 12-month price target of $34.98 denotes a discount to Monday's closing price of $47.69. In other words, further upgrades and/or price-target hikes could be in the cards for FSLR.

  • As TSLA prepares to report first-quarter earnings tomorrow, analysts at Jefferies upped their price target to $68 from $45 this morning. The stock has climbed nearly 76% so far this year to hover at $59.50, yet near-term traders remain bearishly skewed toward Tesla Motors Inc. The security's Schaeffer's put/call open interest ratio (SOIR) checks in at 1.25, with puts outstripping calls among options scheduled to expire within the next three months. This ratio is just 4 percentage points shy of a yearly peak, meaning short-term options players have rarely been more put-heavy toward the stock during the past year.

  • KORS -- which sports a 52-week gain of more than 29% and is perched at $57.09 -- was initiated with an "outperform" rating at Wells Fargo ahead of the opening bell. Meanwhile, data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 50-day call/put volume ratio of 3.58 for Michael Kors Holdings Ltd, indicating calls bought to open have more than tripled puts during the past 10 weeks. This ratio ranks higher than 98% of similar annual readings, conveying traders have picked up calls over puts at a faster clip just 2% of the time over the last 12 months.

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