Analyst Upgrades: Tesla Motors, Juno Therapeutics, Fitbit

Analysts upwardly revised their ratings on Tesla Motors Inc (NASDAQ:TSLA), Juno Therapeutics Inc (NASDAQ:JUNO), and Fitbit Inc (NYSE:FIT)

Josh Selway

Jun 30, 2015 at 9:21 AM

Analysts are weighing in today on electric automaker Tesla Motors Inc (NASDAQ:TSLA), biotech stock Juno Therapeutics Inc (NASDAQ:JUNO), and Wall Street newcomer Fitbit Inc (NYSE:FIT). Here's a quick roundup of today's bullish brokerage notes on TSLA, JUNO, and FIT.

TSLA has added 1.5% in electronic trading, after Credit Suisse raised its price target on the stock to $325 from $290 -- well into record-high territory. TSLA closed at $262.02 yesterday, and since touching an annual low of $181.40 on March 27, the shares have been surging higher, now boasting a 17.8% year-to-date lead. Recent option activity at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) has been of the bullish variety. Across these exchanges, 1.36 Tesla Motors Inc calls have been bought to open for every put during the past two weeks. Moreover, this ratio is higher than 78% of all others from the past year.

JUNO is looking at a cool 32% jump out of the gate, after the company announced it reached a 10-year agreement to develop immunotherapies with Celgene Corporation (NASDAQ:CELG). It's a boost the shares needed, as they closed Monday at $46.30 -- down 11.3% year to date, and off by more than a third from their June 5 all-time high of $69.28. J.P. Morgan Securities apparently approves of the deal, as the brokerage firm raised its price target on JUNO by $17 to $83 -- territory the stock has never before seen. Most analysts are already behind Juno Therapeutics Inc, as 75% of brokerage firms say it's a "strong buy."

FIT is getting a lift this morning courtesy of RBC, which initiated coverage on the wearable tech stock with an "outperform" assessment. In a note to clients, the brokerage firm said it expects FIT to "grow revenues rapidly in the next few years." Fitbit Inc opened for trading on June 18 at $30.40 -- well above its initial public offering (IPO) price of $20 -- and closed yesterday at $33.28. So far, the limited option activity on FIT has been rather bullish. In the two sessions that FIT options have been available, traders have bought to open 1.20 calls for every put at the ISE, CBOE, and PHLX. In the front-month option series, peak call open interest consists of 197 contracts at the July 40 strike.

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