Schaeffer's Trading Floor Blog

Analyst Upgrades: TiVo Inc., 3M Co, and Angie's List

Analysts upwardly revised their ratings on TIVO, MMM, and ANGI

by 12/14/2012 9:03 AM
Stocks quoted in this article:

Analysts are weighing in today on entertainment software developer TiVo Inc. (NASDAQ:TIVO - 12.43), diversified products name 3M Co (NYSE:MMM - 92.50), and business review website Angie's List Inc (NASDAQ:ANGI - 10.74). Here's a quick roundup of today's bullish brokerage notes.

  • Up nearly 5% in pre-market action, TIVO was started with a "buy" endorsement at Goldman Sachs this morning. The equity has climbed roughly 39% so far this year, which may have been attracting call players in recent weeks. Data pulled 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 3.10 for TIVO. In other words, calls bought to open have more than tripled puts during the past month.

  • MMM -- which sits on a year-over-year gain of more than 17% -- received a price-target hike to $97 from $94 at J.P. Morgan ahead of the opening bell. Despite this technical strength, puts have the upper hand over calls among short-term options. Schaeffer's put/call open interest ratio (SOIR) for MMM sits at 1.26, with puts outstripping calls among options expiring within the next three months. This ratio ranks in the 88th annual percentile, meaning near-term traders have been more put-heavy toward the stock just 12% of the time during the past year.

  • Despite a year-to-date loss of more than 33%, ANGI was initiated with a "buy" recommendation and a price target of $13 at Needham Research today. Meanwhile, bearish speculation on the security continues to flourish. Short interest on the stock rose by roughly 8% during the last two reporting periods, and these pessimistic bets now account for a hefty 21% of the equity's available float. In fact, it would take more than 26 days to cover these shorted shares, at ANGI's average daily trading volume.

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