Analyst Update: World Fuel, SkyWest, and Amgen

Analysts adjusted their ratings on World Fuel Services Corp (INT), SkyWest, Inc. (SKYW), and Amgen, Inc. (AMGN)

Jul 31, 2015 at 2:27 PM
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Analysts are weighing in today on fuel logistics firm World Fuel Services Corp (NYSE:INT), airline company SkyWest, Inc. (NASDAQ:SKYW), and biotech concern Amgen, Inc. (NASDAQ:AMGN).

  • INT saw quarterly earnings fall to 42 cents per share, well short of Wall Street's expected earnings of 71 cents per share. Let's just say that analysts weren't the biggest fans of INT following the disappointment in the earnings spotlight. Evercore ISI cut its price target on INT to $42 from $52, BofA-Merrill Lynch cut World Fuel Services Corp to "underperform," Stephens lowered INT to "equal weight," and Credit Suisse lowered its target price for INT to $50 from $60. The stock has averaged a one-day post-earnings move of 4.5% over the past eight quarters. Today, however, INT has plunged 13.2% to sit at $40.98 -- exacerbated by a sell-off among energy names -- after earlier touching a three-year low of $33.83. The stock is now sitting south of its 50-month moving average, which hasn't been breached on a monthly closing basis since early 2009. 

  • SKYW is taking off today, after the firm said it swung to a second-quarter profit. SkyWest, Inc.'s solid performance earned it a handful of price-target hikes. Deutsche Bank and Evercore ISI both raised SKYW's target to $20 from $16, with the latter upgrading the stock to "buy." Cowen and Company raised SKYW's price target by $1 to $16, and Raymond James elevated its target to $18 from $16.50. Technically, SKYW has soared 18.5% to $16.58, and is now nearly 25% higher year-to-date. The stock is now bumping up against familiar resistance in the $17 neighborhood. We could see pessimism unwind toward SKYW in the options pits, as the company's Schaeffer's put/call open interest ratio (SOIR) of 1.14 is higher than 96% of the readings taken in the past year.

  • Finally, AMGN is 3.1% higher at $177.07, and earlier notched an all-time peak of $181.81. Earnings are the catalyst again, as Amgen, Inc. reported solid second-quarter figures and upped its full-year guidance. Analysts then jumped on the AMGN bandwagon, kicked off by Piper Jaffray raising the biotech's price target to $200 from $192 with an "overweight" rating. RBC, Cowen and Company, J.P. Morgan Securities, and Deutsche Bank all followed suit. In the past, the stock has battled resistance in the $170 region, which could now switch roles to act as support. 
 

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