Analysts expect even more upside from Tesla, Microchip Technology, and Netflix stocks
Analysts are weighing in on Elon Musk's Tesla Inc (NASDAQ:TSLA), semiconductor stock Microchip Technology Inc. (NASDAQ:MCHP), and streaming content provider Netflix, Inc. (NASDAQ:NFLX). Here's a quick roundup of today's bullish brokerage notes on shares of TSLA, MCHP, and NFLX.
Pacific Crest Expects a 26% Rally For TSLA Stock
Pacific Crest reiterated its "sector weight" rating and raised its price target to $439 on Tesla stock, saying sentiment is "hitting the moon" ahead of next month's Model 3 launch. This price target represents 26% upside to last night's close of $347.32, which came after TSLA touched a record peak of $348.44. The stock is up 62.5% year-to-date, and there's plenty of room for more bullish analyst attention to come through and drive Tesla's share price higher. In fact, 73% of the brokerage firms tracking TSLA stock say it's a "hold" or worse. Elsewhere, a bill that was just introduced in New York could help Tesla quadruple its stores in the state.
MCHP Stock Eyes New Highs Thanks to Strong Guidance
Shares of Microchip Technology could be set for another big day, after the company raised its sales and earnings forecast for its fiscal first quarter. Susquehanna upped its price target to $98 from $92 in response, while Stifel raised its target to $89 from $88. MCHP stock yesterday touched a record high of $85.55 before closing at $84.51, up 63% year-over-year. Despite the shares' blistering pace on the charts, short sellers continue to target MCHP. During the last two reporting periods, short interest jumped by 11.8%, and now represents almost 12% of Microchip Technology's float
"Growth Potential" Fuels Bullish Bias for NFLX Stock Analysts
Netflix stock saw its price target raised to $190 from $165 at Cantor Fitzgerald, which also reaffirmed its "overweight" designation, waxing optimistic over the company's "long-term growth potential, particularly in (international) markets." NFLX shares hit a record high of $165.50 yesterday, before closing at $165.06. This time last year, they were trading below the $100 level. Still, short-term options traders remain unusually put-skewed on Netflix. This is according to its Schaeffer's put/call open interest ratio (SOIR) of 1.24, which ranks in the high 87th annual percentile.