Analyst Update: JPMorgan Chase, SolarCity, Myriad Genetics

Analysts adjusted their ratings on JPMorgan Chase & Co. (JPM), SolarCity Corp (SCTY), and Myriad Genetics, Inc. (MYGN)

Aug 25, 2015 at 12:17 PM
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Analysts are weighing in today on Dow component JPMorgan Chase & Co. (NYSE:JPM), renewable energy firm SolarCity Corp (NASDAQ:SCTY), and diagnostics expert Myriad Genetics, Inc. (NASDAQ:MYGN). Here's a quick roundup of today's brokerage notes on JPM, SCTY, and MYGN.

  • SCTY is more than 3.5% higher at $45.41, after Cowen and Company started coverage with a "market perform" rating and a $50 price target. News also surfaced that SolarCity Corp caught the eye of Chairman Elon Musk, who purchased 123,510 shares. The stock has since backed off from its intraday high of $47.82 and still faces significant overhead pressure from several trendlines. The good news for those bullish on the solar energy stock is that a rather significant 47% of its float is sold short. Should today's news cause bears to buy back their shorted shares, SCTY could benefit from a short-covering rally. The equity was recently the subject of heavy option activity, as well.
  • Our final stock for today is MYGN, which is more than 8% higher at $34.02, after Wells Fargo elevated the stock's rating to "outperform" from "market perform." Myriad Genetics, Inc. may be benefiting from short-covering activity. As with SCTY, 47% of MYGN's float is sold short. Moreover, the equity's short-interest ratio (SIR) of 71.20 suggests it would take 71 days to exhaust the current reserve of shorted shares, at typical volumes. On a longer-term technical basis, though, the stock is barely above its year-to-date breakeven mark.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Apple Inc., Canadian Solar Inc., and Bank of America Corp and Analyst Downgrades: Micron Technology, Inc., Schlumberger Limited, and Sunedison Inc

 

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