Analyst Upgrades: Apple Inc., Pandora Media Inc, and QUALCOMM, Inc.

Analysts upwardly revised their ratings and price targets on Apple Inc. (AAPL), Pandora Media Inc (P), and QUALCOMM, Inc. (QCOM)

Apr 12, 2016 at 9:41 AM

QCOM
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AAPL

Analysts are weighing in on Mac maker Apple Inc. (NASDAQ:AAPL), Internet radio provider Pandora Media Inc (NYSE:P), and tech stock QUALCOMM, Inc. (NASDAQ:QCOM). Here's a quick roundup of today's bullish brokerage notes on AAPL, P, and QCOM.

Goldman Sachs reiterated its "conviction list buy" rating on AAPL, expecting the company to beat consensus earnings expectations in roughly two weeks. Additionally, Goldman cited "extremely strong" pent-up iPhone 7 demand, and said the stock could be "on the cusp of entering a cycle of earnings upgrades." In early trading, Apple Inc. has edged 0.4% higher to trade at $109.44, but is only slightly higher on a year-to-date basis. Goldman Sachs isn't the only brokerage firm backing AAPL, as 26 of 32 analysts have handed out a "buy" or better endorsement.

P has rocketed 2.9% higher to $8.40, after Citigroup initiated coverage with a "buy" rating and $16 price target -- nearly doubling last night's settlement price. The bullish note may be a bit of a surprise, considering Pandora Media Inc sports a year-to-date loss of roughly 36%, with recent rebound attempts stifled by the stock's 80-day moving average. Short sellers have been flocking to the shares amid their long-term technical troubles. During the last two reporting periods, short interest on P jumped 13.1%, and now accounts for 15.2% of its total float. At the stock's average trading levels, it would take one week to buy back these bearish bets.

QCOM saw its price target raised to $49 from $47 at Mizuho Securities. At last check, however, the stock was down 0.5% at $50.74. Since its March 7 high at $53.52, QUALCOMM, Inc. has been struggling to make headway under the weight of its descending 160-day moving average -- more or less trapped between the trendline and the round-number $50 level. This isn't terribly surprising, considering the stock's dreadful track record in April. Meanwhile, short-term options traders are more put-focused than usual. QCOM's Schaeffer's put/call open interest ratio (SOIR) of 1.01 ranks in the 94th percentile of its annual range.

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