Schaeffer's Trading Floor Blog

Analyst Upgrades: Sirius XM Radio, American Express, and Wynn Resorts

Analysts upwardly revised their ratings on SIRI, AXP, and WYNN

by 1/10/2013 9:10 AM
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Analysts are weighing in today on satellite radio darling Sirius XM Radio Inc (NASDAQ:SIRI - 3.12), credit card giant American Express Company (NYSE:AXP - 60.26), and casino operator Wynn Resorts, Limited (NASDAQ:WYNN - 121.52). Here's a quick roundup of today's bullish brokerage notes.

  • Up nearly 53% on a year-over-year basis, SIRI saw its price target lifted to $4 from $3.50 at Lazard this morning, despite issuing a 2013 revenue outlook that fell short of analysts' expectations on Wednesday. In fact, the shares tagged a new multi-year high during the course of yesterday's session. Meanwhile, the equity has seen an influx of bearish speculation lately. Short interest on SIRI spiked by 25% during the last two reporting periods, and now accounts for a formidable 12% of the security's available float. It would take nearly a week to cover these shorted shares, at the stock's average daily trading volume.

  • With fourth-quarter earnings slated for release on Jan. 17, AXP scored a price-target hike to $58 from $50 at Credit Suisse ahead of the opening bell. The stock has climbed more than 23% during the past year, yet short-term traders still seem to prefer puts over calls. AXP's Schaeffer's put/call open interest ratio (SOIR) sits at 1.68, with puts easily outnumbering calls among options expiring in the next three months. This ratio is just 5 percentage points shy of a yearly peak, meaning near-term options players have rarely been more put-heavy toward the equity during the last 12 months.

  • WYNN -- which has gained about 8% year-to-date -- was upgraded to "buy" from "neutral" at Lazard today, while also receiving upward price-target adjustments at Nomura (to $141 from $137) and Deutsche Bank (to $144 from $135). Traders seem to share this optimism toward the security, as data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 20-day call/put volume ratio of 1.18 for WYNN. In other words, calls bought to open have outstripped puts during the past four weeks.

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