Analyst Upgrades: Seadrill Ltd, Symantec Corporation, and Ulta Salon, Cosmetics & Fragrance, Inc.

Analysts upwardly revised their ratings and price targets on Seadrill Ltd (SDRL), Symantec Corporation (SYMC), and Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA)

Mar 11, 2016 at 9:29 AM

Analysts are weighing in on oil rig operator Seadrill Ltd (NYSE:SDRL), security stock Symantec Corporation (NASDAQ:SYMC), and retail interest Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA). Here's a quick roundup of today's bullish brokerage notes on SDRL, SYMC, and ULTA.

SDRL is up 10.8% in pre-market trading, thanks to soaring oil prices and a price-target hike to $3.12 from $1.68 at Goldman Sachs. Seadrill Ltd hit a record low of $1.57 in mid-February, after spending some nine months trending lower, but spiked sharply last week on a rally in crude futures and the company's plan to refinance debt. At Thursday's close of $3.56, the shares are now ahead 5% year-to-date, but analysts remain wary. At present, all seven brokerage firms following the stock rate it a "hold" or worse. Pessimistic traders haven't backed off yet, either -- nearly 18% of SDRL's available float is sold short, representing 6.6 days' worth of trading, at the stock's typical daily volume.

RBC upgraded SYMC to "outperform" from "sector perform," and set a price target of $23, boosting the stock 4.4% ahead of the open. Symantec Corporation closed at $17.70 on Thursday, and has been on the rise since early February, recently popping above its 200-day moving average for the first time since last May. But only one of the 19 analysts providing coverage rates the stock better than a "hold." Option traders have been bearish of late, also. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SYMC's 50-day put/call volume ratio of 2.67 sits in the 98th percentile of its annual range.

ULTA reported stronger-than-expected fourth-quarter earnings and issued upbeat guidance, prompting no fewer than eight brokerage firms to raise their price targets on the stock, and helping the shares surge 13.5% before the bell. J.P. Morgan Securities set the highest target, at $231 -- a 41% premium over Ulta Salon, Cosmetics & Fragrance, Inc.'s Thursday close of $163.39. Of the 16 analysts following ULTA, 10 already rate it a "strong buy," without a "sell" on the books.

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