Schaeffer's Trading Floor Blog

Analyst Upgrades: Nokia, Freeport-McMoRan, and General Motors

Analysts upwardly revised their ratings on NOK, FCX, and GM

by 12/20/2012 9:08 AM
Stocks quoted in this article:

Analysts are weighing in today on mobile phone giant Nokia Corporation (ADR) (NYSE:NOK - 4.21), mining issue Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - 33.95), and auto manufacturer General Motors Company (NYSE:GM - 27.18). Here's a quick roundup of today's bullish brokerage notes.

  • NOK -- which has gained more than 29% so far this month -- saw its price target lifted to 2.80 euros from 2.20 euros at UBS ahead of the opening bell. The equity has bested the broader S&P 500 Index (SPX) by nearly 56 percentage points during the past three months, which may have attracted call players in recent weeks. NOK's 20-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio sits at 1.38, confirming calls bought to open have outpaced puts during the past month.

  • Up more than 1% in pre-market trading, FCX was upgraded to "buy" from "hold" at Deutsche Bank today, which could help ease the stock's year-to-date decline of nearly 8%. Meanwhile, short-term call players have taken a shine to FCX. The security's Schaeffer's put/call open interest ratio (SOIR) checks in at 0.76, indicating calls outnumber puts among options scheduled to expire in the next three months. This ratio arrives in the 22nd annual percentile, meaning near-term options traders have been more call-heavy toward the equity less than one-fourth of the time during the past year.

  • GM -- which has climbed about 34% in 2012 -- scored price-target hikes at Barclays (to $35 from $34) and RBC (to $36 from $35) this morning, on the heels of yesterday's share buyback news. In addition, GM and PSA Peugeot Citroen said they've abandoned plans to team up for a mid-size car program. However, the stock is still plagued by pessimism, as short interest accounts for about 8% of GM's float. It would take almost nine days to unwind these bearish bets, at the equity's average daily trading volume. From a contrarian standpoint, the security could end up reaping the benefits of a short-covering rally down the road.

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