Schaeffer's Trading Floor Blog

Analyst Upgrades: Intel Corporation, Pandora Media Inc, and Marvell Technology Group Ltd.

Analysts upwardly revised their ratings on INTC, P, and MRVL

by 11/22/2013 9:15 AM
Stocks quoted in this article:

Analysts are weighing in today on tech issue Intel Corporation (NASDAQ:INTC), Internet radio concern Pandora Media Inc (NYSE:P), and semiconductor name Marvell Technology Group Ltd. (NASDAQ:MRVL). Here's a quick roundup of today's bullish brokerage notes.

  • INTC -- which has advanced more than 22% so far this year -- received a price-target hike at Deutsche Bank (to $28 from $26) following yesterday's expansion news. In addition, Jefferies and Roth Capital each increased their price targets for the stock. Nevertheless, sentiment among the brokerage bunch remains pessimistically skewed toward Intel Corporation. The security maintains 10 "buy" or better recommendations, compared to 15 "holds" and four "sell" or worse suggestions. What's more, Thomson Reuters shows an average 12-month price target of $23.89 for INTC, which represents a discount to yesterday's closing price of $25.23. In other words, a round of upgrades and/or price target hikes could be on the horizon for the equity.

  • Up more than 223% year-to-date to perch at $29.68, P received some bullish attention today, following last night's turn in the earnings confessional. RBC raised its price target to $35 from $26, while Canaccord Genuity and Cowen also upped their respective price targets. Meanwhile, Pandora Media Inc sports a 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.44, which ranks higher than 99% of similar readings taken over the past year. In other words, speculators have been buying to open puts over calls at a near-annual-high pace during the last 10 weeks. An unwinding of these bearish bets could end up serving as a tailwind for P.

  • MRVL is also in the earnings limelight, after the company reported stronger-than-expected quarterly earnings last night. RBC lifted its price target by $3 to $20, and brokerages including J.P. Morgan Securities, Stifel Nicolaus, and Jefferies also handed out upward price-target adjustments. Marvell Technology Group Ltd. has surged 90.5% in 2013 to trade at $13.83, so it's not surprising that calls are preferred over puts in the near-term options pits. The stock's Schaeffer's put/call open interest ratio (SOIR) sits at 0.34, with calls almost tripling puts among options expiring in the next three months. This ratio hovers just 3 percentage points above a 12-month low, meaning traders have rarely been more call-heavy toward MRVL during the past year.

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