Analyst Upgrades: Apple, Canadian Solar, Bank of America

Analysts upwardly revised their ratings on Apple Inc. (NASDAQ:AAPL), Canadian Solar Inc. (NASDAQ:CSIQ), and Bank of America Corp (NYSE:BAC)

Aug 25, 2015 at 9:28 AM
facebook twitter linkedin

Analysts are weighing in on iPhone purveyor Apple Inc. (NASDAQ:AAPL), alternative energy concern Canadian Solar Inc. (NASDAQ:CSIQ), and financial firm Bank of America Corp (NYSE:BAC). Here's a quick roundup of today's bullish brokerage notes on AAPL, CSIQ, and BAC.

  • Monday's whipsaw price action for AAPL resolved with the stock down 2.5% at $103.12. The equity is poised to erase these losses today, after Wells Fargo upped its outlook to "outperform" from "hold." Specifically, the brokerage firm said the security's recent sell-off has "over-corrected" AAPL, and presents a "more attractive risk/reward." Additionally, Wells Fargo said CEO Tim Cook's comments regarding China have provided the brokerage firm with a more supportive outlook for the September quarter. Since topping out at a record high of $134.54 in late April, AAPL has shed 23.4% -- a move that's been well-documented. Option traders, meanwhile, have been growing increasingly antsy, and at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Apple Inc.'s 10-day put/call volume ratio of 0.66 sits just 4 percentage points from a 52-week peak.

  • CSIQ tracked the volatile path of its sector peers yesterday -- hitting a nearly two-year low of $14.16 along the way -- eventually settling down 6.4% at $16.28. Year-to-date, the shares are now staring at a 33% deficit, thanks in no small part to last week's steep earnings-related sell-off. Nevertheless, Cowen and Company started coverage on the stock with an "outperform" rating and a $28.50 price target -- sending Canadian Solar Inc. up 11% in electronic trading. The brokerage firm's upbeat outlook echoes the general consensus seen around the Street, with all four analysts that cover the shares maintaining a "strong buy" rating. What's more, the average 12-month price target of $41.79 stands in territory not charted since March 2014.

  • BAC is set to recover from yesterday's 5% plunge -- which had the stock panning new annual lows of $14.60, before closing at $15.29. At last check, the shares were up 6% ahead of the bell, following a big central bank move out of China and a round of bullish brokerage notes. In fact, Baird and Bernstein echoed the outlook given by KBW yesterday, and boosted their ratings to "outperform." Macquarie, meanwhile, upgraded the stock to "neutral" from "underperform," citing a positive risk/reward ratio. Longer term, shares of Bank of America Corp are down 14.5% year-to-date. In the options pits, short-term speculators have rarely been as call-skewed as they are now. In fact, BAC's Schaeffer's put/call open interest ratio (SOIR) of 0.53 rests lower than 98% of all similar readings taken in the past year.

Get the skinny on all the biggest stories of the morning… Sign up now to get Schaeffer's Midday Market Check delivered straight to your inbox!


Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!