Schaeffer's Trading Floor Blog

Analyst Upgrades: Micron Technology, Inc. (MU), LinkedIn Corp (LNKD), and Pandora Media Inc (P)

Analysts upwardly revised their ratings on MU, LNKD, and P

by 9/30/2013 9:15 AM
Stocks quoted in this article:

Analysts are weighing in today on semiconductor name Micron Technology, Inc. (NASDAQ:MU), professional networking site LinkedIn Corp (NYSE:LNKD), and Internet radio issue Pandora Media Inc (NYSE:P). Here's a quick roundup of today's bullish brokerage notes.

  • MU -- which has nearly tripled in value during the past year to trade at $17.62 -- saw its price target lifted to $16 from $14 at Nomura overnight. However, despite the stock's technical prowess, short interest surged by 25.4% during the past two reporting periods, and now these bearish bets account for a lofty 10.4% of Micron Technology, Inc.'s available float. It would take more than four days to cover these shorted shares, at the security's average pace of trading. In other words, the shares could end up benefiting from a wave of short-covering activity down the road.

  • Up a whopping 115% so far this year to perch at $246.72, LNKD received a price-target hike to $285 from $260 at Macquarie ahead of the opening bell. Meanwhile, LinkedIn Corp's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.33 ranks in the 100th annual percentile, signaling speculators have been snapping up puts over calls at an annual-high pace. An unwinding of these pessimistic positions could push the shares higher, should they continue along their upward trajectory.

  • Canaccord Genuity raised its price target for P to $30 from $25, which could help add to the stock's impressive year-to-date gain of almost 178%. Elsewhere, Pandora Media Inc -- currently docked at $25.52 -- sports a Schaeffer's put/call open interest ratio (SOIR) of 1.27, conveying puts outstrip calls among options scheduled to expire within the next three months. In fact, this ratio registers higher than all other readings taken during the past year, indicating near-term speculators are more put-heavy toward the equity now than at any other time within the last 52 weeks.

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