Schaeffer's Trading Floor Blog

Analyst Update: Marvell Technology, Domino's Pizza, and Chemtura

Analysts revised their ratings on MRVL, DPZ and CHMT

by 12/27/2012 9:25 AM
Stocks quoted in this article:

Analysts are weighing in today on chipmaker Marvell Technology Group Ltd. (NASDAQ:MRVL - 7.40), pizza giant Domino's Pizza, Inc. (NYSE:DPZ - 42.81), and specialty chemical manufacturer Chemtura Corporation (NYSE:CHMT - 20.44). Here's a quick roundup of today's revised brokerage notes.

  • Off about 2% in pre-market trading, MRVL was downgraded to "market perform" from "market outperform" at JMP Securities this morning, after a jury ruled in favor of Carnegie Mellon University regarding a patent infringement lawsuit yesterday. Meanwhile, although the stock has surrendered roughly 47% in 2012, short interest accounts for a paltry 2% of MRVL's available float. From a contrarian perspective, this suggests the equity is unlikely to benefit from any short-covering activity down the road.

  • DPZ -- which sits on a year-to-date advance of about 26% -- saw its price target lifted to $50 from $44 at Oppenheimer ahead of the opening bell. The stock has also outperformed the broader S&P 500 Index (SPX) on a relative-strength basis during the past 20 sessions. Nevertheless, DPZ remains popular with short-term bears. The equity's Schaeffer's put/call open interest ratio (SOIR) of 0.98 ranks higher than 80% of comparable readings collected within the last 12 months. In other words, near-term traders have been more put-heavy toward the security just 20% of the time during the past year.

  • Up more than 80% so far this year, CHMT was raised to "buy" from "neutral" at Longbow Research today, who cited confidence in the stock's ability to exceed expectations in the near term as the catalyst for the upbeat revision. However, the equity is no stranger to bullish attention from the analyst crowd. The security sports three "buy" or better recommendations, compared to one "hold" and zero "sell" suggestions. What's more, CHMT's average 12-month price target of $25 reflects expected upside of more than 22% to Wednesday's closing price of $20.44.

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