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TriQuint Semiconductor Energized by Upgrade

D.A. Davidson considers TQNT worthy of a 'buy' endorsement

by 11/25/2011 12:30:50 PM
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Earlier today, analysts at D.A. Davidson lifted its rating for TriQuint Semiconductor, Inc. (TQNT - 4.12) to "buy" from "neutral." This upbeat note is relatively rare among the other brokerage firms interested in TQNT. According to Zacks, there are four "buy" or better endorsements, compared to seven "hold" or worse recommendations.

Elsewhere on the Street, it looks as though optimism is building in the options pits. During the past two weeks, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 7.93 calls for every put. This ratio arrives in the 67th percentile of its annual range, suggesting that traders on these exchanges have purchased bullish bets over bearish at an accelerated pace in recent weeks.

However, this activity may not be quite as bullish as it would initially seem. Short interest on the equity jumped 10.5% during the past month, and now accounts for 6.3% of the security's available float. With buy-to-open call volume and short interest rising in tandem, it's possible that short sellers are picking up optimistic options simply to hedge their pessimistic positions. However, the bearish bandwagon is far from crowded, as it would take just over one day to buy back all of these shorted shared, at TQNT's average pace of trading.

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