Analysts are weighing in today on tech wizard Apple Inc. (NASDAQ:AAPL), semiconductor firm Marvell Technology Group Ltd. (NASDAQ:MRVL), and party supply retailer Party City Holdco Inc (NYSE:PRTY). Here's a quick roundup of today's bullish brokerage notes on AAPL, MRVL, and PRTY.
- AAPL is fractionally higher in pre-market action -- preparing to add to its 20% year-to-date lead, as the shares settled at $132.54 on Friday. Helping the stock is a price-target increase at Cowen and Company to $140 from $135. Elsewhere, the company announced this morning that longtime designer Jony Ive has been promoted to the newly created position of chief design officer. Taking a look at the recent option trading activity on Apple Inc. reveals a somewhat bearish trend. During the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity has amassed a put/call volume ratio of 0.55, which is only 4 percentage points from an annual high.
- Last week, analysts waxed pessimistic on MRVL, following the company's first-quarter earnings report. This morning, however, the security is up 1.6% ahead of the bell -- thanks to Morgan Stanley, which raised its outlook to "overweight" from "equal rate," and moved its price target up to $17.50 from $15. Sentiment is mixed among the brokerage bunch. Nine firms say Marvell Technology Group Ltd. is a "buy" or better, while 11 have handed out "hold" ratings, and four others "sell" or worse opinions. On the charts, the equity has underperformed the S&P 500 Index (SPX) by over 19 percentage points in the past three months, finishing at $13.14 on Friday. Currently, MRVL's 14-day Relative Strength Index (RSI) sits in oversold territory, at 28.
- Several brokerage firms initiated coverage on Wall Street newcomer PRTY this morning. Notably, J.P. Morgan Securities started the shares with an "overweight" rating, and a price target of $26 -- a 19.3% premium to Friday's close at $21.80. Credit Suisse set its price target at the same level, while Deutsche Bank handed out a $25 price target, and called the shares a "buy." As a result, the stock is up 1.9% in electronic trading. Through Party City Holdco Inc's first few days of option trading, it's seen 280 calls bought to open at the ISE, CBOE, and PHLX, compared to just 13 puts.