Analysts upwardly revised their ratings and price targets on FOLD, GM, and AVGO
Analysts are weighing in on biotech Amicus Therapeutics, Inc. (NASDAQ:FOLD), auto maker General Motors Company (NYSE:GM), and semiconductor stock Broadcom Ltd (NASDAQ:AVGO). Here's a quick roundup of today's bullish brokerage notes on FOLD, GM, and AVGO.
Amicus Upgraded to "Outperform" At Baird
FOLD is down 0.1% at $5.34, even after an upgrade to "outperform" from "neutral" at Baird, which also hiked its price target to $10 from $7 -- citing "recent regulatory clarity" and "strengthening of the balance sheet" as two of the reasons for the bullish analyst attention. FOLD has dropped by nearly 44% since its mid-November high near $9.60, and short sellers have been hot to target the stock. In the last two reporting periods alone, short interest climbed 25% to a record 28.3 million shares -- or 25.4% of Amicus Therapeutics, Inc.'s float.
Goldman Sachs Hikes Price Target On General Motors
GM is up 1.4% at $37.15, following a price-target hike to $31 from $29 at Goldman Sachs -- and as President Donald Trump meets with auto executives. Longer term, GM is up 26.9% year-over-year, with more recent gains supported by its 30-day moving average. In fact, the stock touched an annual high of $38.16 one week ago after the company offered up a strong profit forecast. As such, short sellers have been jumping ship, with short interest on General Motors Company down more than 15% in the last two reporting periods. These bearish bets still account for almost four days' worth of pent-up buying demand, at the average pace of trading, meaning the stock's fire could be fueled by a continued short squeeze.
Broadcom Raised To $240 at Morgan Stanley
AVGO is trading 2.8% higher at $196.43 -- earlier notching a new all-time high of $196.45 -- after Morgan Stanley raised its price target on the stock to $240 from $210. AVGO has put in a strong performance over the past 12 months, tacking on 57%. In the option pits, speculative traders have bought to open calls over puts at a faster-than-usual clip in recent months, per Broadcom Ltd's 50-day call/put volume ratio of 1.81 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- higher than 87% of all other readings from the last year.
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