Analyst Upgrades: Applied Materials, Inc., Ross Stores, Inc., and Mobileye NV

Analysts upwardly revised their ratings and price targets on Applied Materials, Inc. (NASDAQ:AMAT), Ross Stores, Inc. (NASDAQ:ROST), and Mobileye NV (NYSE:MBLY)

Josh Selway

Aug 19, 2016 at 9:53 AM

Analysts are weighing in on semiconductor stock Applied Materials, Inc. (NASDAQ:AMAT), retail stock Ross Stores, Inc. (NASDAQ:ROST), and automotive tech expert Mobileye NV (NYSE:MBLY). Here's a quick roundup of today's bullish brokerage notes on AMAT, ROST, and MBLY.

An impressive fiscal third-quarter earnings report has bullish analyst notes pouring in on AMAT. Among those that raised their price targets on the stock was B. Riley, which set its mark at $39 -- territory not seen in roughly 16 years. Applied Materials, Inc. has since added 3.6% to trade at $28.69, bringing its year-to-date gain to nearly 54%, and putting the stock on pace for its fourth straight post-earnings win. Plus, the shares earlier hit a 15-year peak of $29. Options traders appear well-positioned for today's upside move, too. Specifically, AMAT's Schaeffer's put/call open interest ratio (SOIR) sits at 0.55, meaning call open interest among options expiring within three months nearly doubles put open interest.

ROST is also surging in light of a strong earnings report, last seen 4.6% higher at $65.75, and earlier hitting a record peak of $65.93. A number of brokerage firms have since raised their price targets, with SunTrust Robinson setting the highest mark at $75. There's a chance additional bullish notes will lift Ross Stores, Inc. even higher, as almost half of covering analysts rate the stock a "hold" or a "strong sell" -- surprising, given ROST's 22% advance in 2016.

Finally, MBLY has been unable to take advantage of bullish analyst attention from Evercore ISI, which reiterated its "buy" rating after Volvo and Uber announced a partnership centered on self-driving cars. Most analysts are already bullish on Mobileye NV, but short interest is extremely elevated. By the numbers, over 18% of MBLY's float is sold short, equating to more than a week's worth of buying power, going by the stock's average daily volumes. As alluded to, MBLY was last seen 0.4% lower at $45.86, though its rising 60-day moving average remains underfoot as potential support.

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