Schaeffer's Trading Floor Blog

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

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

by 8/23/2013 9:17 AM
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Analysts are weighing in today on Internet radio issue Pandora Media Inc (NYSE:P), wireless IT services firm VMware, Inc. (NYSE:VMW), and semiconductor name Marvell Technology Group Ltd. (NASDAQ:MRVL). Here's a quick roundup of today's bullish brokerage notes.

  • Up more than 136% so far this year to trade at $21.71, P scored some bullish attention following last night's turn in the earnings confessional. BMO upped its price target to $25 from $22, while a number of other brokerages including Canaccord Genuity, J.P. Morgan Securities, and Wedbush Securities also raised their respective price targets. (Meanwhile, Raymond James and Stifel Nicolaus downgraded the stock.) Despite Pandora Media Inc's technical prowess, short interest currently accounts for 19% of the equity's available float. It would take roughly seven sessions to buy back these shorted shares, at the equity's average pace of trading -- signaling plenty of sideline cash available to fuel a short-covering rally in the near term, should P extend its 2013 gains.

  • Despite a year-to-date loss of more than 9% to linger in the $85.46 neighborhood, VMW was upgraded to "buy" from "hold," and saw its price target lifted to $105 from $86 at Jefferies ahead of the opening bell. Elsewhere, near-term speculators have been showing a preference for VMware, Inc. calls over puts lately. The security's Schaeffer's put/call open interest ratio (SOIR) checks in at 0.56, indicating calls nearly double puts among options scheduled to expire within the next three months. In fact, this ratio is docked in the 8th percentile of its annual range, conveying short-term options players have rarely been more call-focused toward the stock during the last 12 months.

  • MRVL -- which has soared roughly 79% in 2013 to perch at $12.96 -- received a slew of upbeat brokerage notes, after reporting stronger-than-expected quarterly earnings post-close yesterday. Brean Capital raised its price target to $16 from $13, while firms including Nomura, Susquehanna, and Stifel Nicolaus also handed out upward price-target adjustments. Meanwhile, Marvell Technology Group Ltd. puts have been popular in recent months. The stock's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.68 ranks in the 84th annual percentile, meaning traders have been picking up puts relative to calls at an accelerated pace over the past 10 weeks.

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