Analyst Update: Agnico Eagle Mines, NetApp, TubeMogul

Analysts adjusted their ratings on Agnico Eagle Mines Ltd (USA) (AEM), NetApp Inc. (NTAP), and TubeMogul Inc (TUBE)

Feb 12, 2015 at 1:01 PM
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Analysts are weighing in today on mining magnate Agnico Eagle Mines Ltd (USA) (NYSE:AEM), tech firm NetApp Inc. (NASDAQ:NTAP), and advertising software company TubeMogul Inc (NASDAQ:TUBE). Here's a quick look at today's brokerage notes on AEM, NTAP, and TUBE.

  • The shares of AEM are up 5.6% this afternoon to reach $32.50, after the company released an upbeat fourth-quarter earnings report last night, highlighted by increased production. In response, no fewer than three brokerage firms upped their price target on the equity. Specifically, Raymond James lifted its target price to $41 and its rating to "strong buy," Cowen and Company raised its target price to $26.93 from $26.58, and Credit Suisse bumped its target price up to $38 while reiterating an "outperform" rating. On the charts, Agnico Eagles Mined Ltd is in the middle of an upswing, with the shares advancing an impressive 50.1% since hitting a multi-year low of $21.65 on Dec. 17. However, long puts are slightly more popular than usual, with AEM's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.21 sitting in the 57th percentile of its annual range.

  • Following last night's underwhelming fiscal third-quarter earnings report and lackluster guidance, the shares of NTAP are down nearly 8% today to hit $36.63. Taking notice were no fewer than 13 brokerage firms, which all cut their price targets on NetApp Inc. The most dramatic revisions came from J.P. Morgan Securities, which reduced its target price to $35 from $43.50 while underscoring a "neutral" rating, and Jefferies, which slashed its target price to $37 from $43.50 while keeping a "hold" rating. Looking back, the shares of NTAP have been declining, down roughly 11.2% year-over-year. Not surprisingly, sentiment in the equity's options pits is nearing a bearish peak, with NTAP's 10-day ISE/CBOE/PHLX put/call volume ratio of 4.35 sitting just 2 percentage points below the highest similar reading taken over the past 52 weeks.

  • TUBE is up 7.7% this afternoon to $14.71, after Citigroup adjusted its rating on the security to "buy" from "neutral." The upgrade is somewhat surprising, given that TubeMogul Inc is down about 38.3% since notching an all-time high of $23.83 on Dec. 24. Meanwhile, over the past two weeks, nearly five calls have been bought to open for every put. But, 23.6% of TUBE's available float is sold short, which would take nearly six sessions to cover at average trading volumes, so some of this call activity could be at the hands of short sellers hedging their bearish bets.
 

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