Stocks quoted in this article:
Analysts are weighing in today on tech stock Apple Inc. (AAPL - 571.17), natural gas giant Chesapeake Energy Corporation (CHK - 17.61), and biopharmaceutical firm Medivation, Inc. (MDVN - 84.78). Here's a quick roundup of today's bullish brokerage notes.
- Canaccord Genuity raised its price target on AAPL to $800 from $775, implying expected upside of 40% from Monday's close at $571.17. The stock has already gained 41% year-to-date, and it's up nearly 75% over the past 52 weeks. Most brokerage firms have slightly more modest expectations for AAPL, with the equity's average 12-month price target arriving at $712.53. However, with 38 out of 39 analysts offering up a "buy" or better rating on the stock, today's bullish note is just another drop in the bucket for the iPad parent.
- CHK also garnered a price-target hike from Canaccord Genuity, which raised its forecast to $28 from $26 and backed its "buy" rating. The stock has skidded steadily lower on the charts lately, having lagged the broader S&P 500 Index (SPX) by more than 20 percentage points over the past 60 sessions. CHK is now down about 21% year-to-date, though the shares recently managed to break out above their descending 40-day moving average.
- Aegis Capital started coverage of MDVN with a "buy" recommendation, joining the seven other analysts who have offered up a bullish endorsement on the stock. By comparison, MDVN has just one "hold" rating and one "sell" from brokerage firms. With the shares sitting on a lofty year-to-date gain of nearly 84%, this optimism isn't too surprising. Meanwhile, since 9.2% of the equity's float is still sold short, a rush to cover by the remaining bears could contribute to additional upside for MDVN.