Analyst Upgrades: GoPro, Micron Technology, Nike

Analysts upwardly revised their ratings on GPRO, MU, and NKE

Oct 15, 2014 at 8:50 AM
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Analysts are weighing in today on camera maker GoPro Inc (NASDAQ:GPRO), semiconductor concern Micron Technology, Inc. (NASDAQ:MU), and sportswear giant Nike Inc (NYSE:NKE). Here's a quick roundup of today's bullish brokerage notes on GPRO, MU, and NKE.

  • Despite having it rough recently -- with the shares down nearly 24% since hitting a record high of $98.47 on Oct. 7 -- GPRO received a price-target hike to $56 from $54 at J.P. Morgan Securities. However, the brokerage firm also affirmed its "neutral" rating, while Pacific Crest started coverage with a "sector perform" opinion. Overall, Wall Street is skeptical of GoPro Inc, as seven out of nine covering analysts have assigned "hold" assessments, versus just two "strong buys," and the stock's consensus 12-month price target of $82.63 is just 10% above the current share price of $75.03.

  • J.P. Morgan Securities upped its rating on MU to "overweight" from "neutral," due to strong demand for DRAM and NAND. Elsewhere, on the charts, the equity has outperformed, adding nearly 26% year-to-date to trade at $27.39. Meanwhile, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Micron Technology, Inc. has racked up a 10-day put/call volume ratio of 0.41, which ranks in the bearishly skewed 84th percentile of its annual range. Should these skeptics capitulate amid the stock's long-term strength, it could lead to tailwinds.

  • Finally, NKE was added to Goldman Sachs' "Conviction Buy" list, as the firm believes current fears about overseas markets have resulted in an attractive entry point. On the technical front, Nike Inc has advanced 15.4% year-over-year to rest at $85.09, and as recently as Oct. 6, hit a record high of $90.50. Nevertheless, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.27 -- which ranks higher than 89% of similar readings taken in the past 12 months -- reveals short-term traders have been more put-focused than usual, among options expiring in the next three months. A shift in opinion among these speculators could provide NKE with a boost.

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