Schaeffer's Trading Floor Blog

Analyst Upgrades: Salesforce.com, inc., Marvell Technology Group Ltd., and Chipotle Mexican Grill, Inc.

Analysts upwardly revised their ratings on CRM, MRVL, and CMG

by 8/20/2013 9:18 AM
Stocks quoted in this article:

Analysts are weighing in today on cloud computing firm Salesforce.com, inc. (NYSE:CRM), semiconductor name Marvell Technology Group Ltd. (NASDAQ:MRVL), and burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG). Here's a quick roundup of today's bullish brokerage notes.

  • CRM -- which has tacked on 3.4% so far this year to hover at $43.44 -- saw its price target lifted to $52 from $50 at Jefferies. 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 1.24 for Salesforce.com, inc., confirming calls bought to open have outnumbered puts over the last 10 weeks. This ratio ranks higher than 77% of similar readings taken during the past year, indicating traders have been picking up calls over puts at an accelerated clip. The firm is due to report quarterly earnings after the market closes on Aug. 29.

  • Up more than 81% year-to-date to trade at $13.15, MRVL scored a price-target hike to $12 from $10 at Barclays. Additionally, a jury for a U.S. District Court in Texas ruled that the company did not infringe on two patents purchased by Lake Cherokee Hard Drive Technologies, LLC. Elsewhere, Schaeffer's put/call open interest ratio (SOIR) for Marvell Technology Group Ltd. checks in at 1.46, with puts outstripping calls among options expiring in the next three months. In fact, this ratio is just 6 percentage points shy of an annual acme, signaling short-term options players have rarely been more put-focused toward the equity during the last 12 months. MRVL is slated to reveal quarterly earnings post-close on Thursday.

  • Analysts at Jefferies upgraded CMG to "hold" from "underperform," while also lifting their price target for the stock to $400 from $306. The equity has gained roughly 36% in 2013, yet the sentiment scales among the brokerage bunch remain bearishly tipped toward Chipotle Mexican Grill, Inc. The security maintains 10 "strong buy" endorsements, compared to 13 tepid "holds" and one "sell" suggestion. What's more, CMG's average 12-month price target of $416 denotes expected upside of just 3.1% to yesterday's closing price of $403.60. This leaves plenty of room for further upgrades and/or price-target hikes, which could help push the shares higher.

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