Analyst Upgrades: NVIDIA Corporation, Acacia Communications, Inc., and BlackBerry Ltd

Analysts upwardly revised their ratings and price targets on NVIDIA Corporation (NASDAQ:NVDA), Acacia Communications, Inc. (NASDAQ:ACIA), and BlackBerry Ltd (NASDAQ:BBRY)

Josh Selway

Aug 12, 2016 at 9:28 AM

Analysts are weighing in on chipmaker NVIDIA Corporation (NASDAQ:NVDA), fiber optics specialist Acacia Communications, Inc. (NASDAQ:ACIA), and communications stock BlackBerry Ltd (NASDAQ:BBRY). Here's a quick roundup of today's bullish brokerage notes on NVDA, ACIA, and BBRY.

NVDA's epic run is set to continue, with the stock pointed 3% higher ahead of the open, following the company's impressive second-quarter results. Not only would the expected gains put NVIDIA Corporation at record-high levels once again, but also its 12-month lead would extend to over 160%, with the shares closing at $59.70 on Thursday. Analysts are expecting more upside, too. For example, RBC upgraded the stock's rating to "outperform" from "sector perform," and was one of several brokerage firms to up its price target, setting its new mark at $72 (from $47). More bullish notes could come in the future, since eight analysts still rate NVDA a "hold" or "strong sell."
Thanks to an earnings report that trounced expectations, ACIA is looking at a 23% surge when the market opens. Analysts are also providing a lift, with Cowen and Deutsche Bank raising their price targets to $90 each, while Needham bumped its target to $100. For reference, Acacia Communications, Inc. closed Thursday at $67.70 after hitting a record high of $73.50, and has more than doubled in value since opening for public trading back in May at $29. Today's pending price action could send some short sellers packing, since 24% of the stock's float is sold short.

BBRY has been all over the charts in 2016, bouncing from the low $6 range back up to $8 several times, with the shares last seen at $7.88. This morning, the stock is set to add almost over 2%, after Raymond James added it to its "Current Favourites" list, raised its rating to "outperform" from "market perform," and upped its price target to $10.50 from $8. There's certainly potential for additional bullish notes to come through if BlackBerry Ltd can make a meaningful move higher on the charts, as just one of the 16 covering brokerage firms recommends buying the stock.

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