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3 Stocks at All Time Highs That Get No Respect

Schaeffer's Quantitative Analyst eyes three stocks with contrarian potential

by 9/20/2012 8:26:31 AM
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Today I'd like to quickly highlight three stocks that are perched at or near record highs against a sturdy backdrop of skepticism. The environment is ripe for continued upside in these names, should pessimism begin to unwind.

Biotech issue Seattle Genetics, Inc. (NASDAQ:SGEN)

  • The stock is up 64% year-to-date.
  • 28.5% of its float sold short.
  • Half of all analysts who follow SGEN maintain a "hold" or "sell" recommendation.
  • The stock is trading 9% above its average 52-week target price. (Click on the charts below to enlarge)
Daily Chart of Seattle Genetics (SGEN) since January 2012 With 40-Day and 80-Day Moving Averages

Athletic apparel maker Under Armour Inc (NYSE:UA)

  • The equity is up 62% year-to-date.
  • 18% of UA's float is sold short, with a 72% year-to-date increase in short interest.
  • 55% of analysts following UA rate the stock a "hold" or "sell." On Monday, Argus cut its outlook on UA to "cut" from "buy."
  • The equity is trading 2.3% above its consensus 12-month price target.
  • There are more puts than calls among options expiring in the next three months.
Daily Chart of Under Armour (UA) since January 2012 With 40-Day and 80-Day Moving Averages
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