Analysts adjusted their ratings on SunPower Corporation (SPWR), Celyad SA (ADR) (CYAD), and EMC Corporation (EMC)
Analysts are weighing in today on solar issue SunPower Corporation (NASDAQ:SPWR), drugmaker Celyad SA (ADR) (NASDAQ:CYAD), and tech stock EMC Corporation (NYSE:EMC). Here's a quick roundup of today's brokerage notes on SPWR, CYAD, and EMC.
- SPWR has soared 4.4% to trade at $28.15, after J.P. Morgan Securities resumed coverage on the stock with an "overweight" rating and $42 price target -- territory not charted since June 2014. At the same time, however, Baird cut its price target by $4 to $44. Technically speaking, SunPower Corporation sold off in late June and early July, but since hitting its most recent low of $25.50, has bounced over 10%. If this upside momentum continues, it could turn up the heat on short sellers -- 12.2% of SPWR's float is sold short, representing more than a week's worth of pent-up buying power, at typical volumes.
- CYAD is blowing up after UBS initiated coverage on the shares with a "buy" opinion and $82 price target -- a record high -- due to what they describe as "meaningful benefit" in the advancement of the company's heart failure treatment, C-Cure. At last check, the stock was 10% higher at $60.18 -- though, this is still lower than its IPO price of $68.56 from late June.
- OTR Global downgraded EMC to a "mixed" rating from "positive," while Summit Research lowered its assessment to "hold" from "buy," and slashed its price target to $26 from $34. The bearish attention has the shares off 2.1% at midday to trade at $25.41. Longer term, EMC Corporation has shed over 14% year-to-date -- and options traders are rolling the dice on more downside. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open nearly three puts for every call. EMC's resultant put/call volume ratio of 2.87 rests just 4 percentage points from a 52-week peak.