Analyst Upgrades: Facebook Inc, Fitbit Inc, and Microchip Technology Inc.

Analysts upwardly revised their ratings on Facebook Inc (NASDAQ:FB), Fitbit Inc (NYSE:FIT), and Microchip Technology Inc. (NASDAQ:MCHP)

Sep 8, 2015 at 9:17 AM
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Analysts are weighing in on social media giant Facebook Inc (NASDAQ:FB), wearable fitness device specialist Fitbit Inc (NYSE:FIT), and semiconductor firm Microchip Technology Inc. (NASDAQ:MCHP). Here's a quick roundup of today's bullish brokerage notes on FB, FIT, and MCHP.

  • Moffett Nathanson echoed the outlook of 93% of the brokerage firms following FB, initiating coverage on the stock with a "buy" rating and $105 price target. While the shares are higher ahead of the bell -- thanks to a lift from the broader equities market -- they could run out of steam near the $90 mark, home to FB's 60-day moving average. This trendline has capped a handful of the equity's recent rally attempts, and, as noted, there's plenty of room for analysts to re-evaluate their upbeat outlooks, should the shares continue to struggle here. On Friday, Facebook Inc closed at $88.26.

  • After settling last week at $31.88, shares of FIT are nearly 9% higher ahead of the bell. Helping to boost sentiment is an upgrade to "overweight" from "equal weight" at Morgan Stanley, with the brokerage firm also raising its price target to $58 from $43. The stock could certainly use a boost, considering FIT has shed 38.6% since hitting a post-IPO high of $51.90 in early August. Against this backdrop, short sellers have been ramping up their bearish exposure. Short interest more than doubled in the last two reporting periods, and now accounts for 10.2% of Fitbit Inc's available float.

  • An upwardly revised fiscal second-quarter outlook and a bullish brokerage note has MCHP up more than 5% in electronic trading. Specifically, J.P. Morgan Securities upped its outlook to "overweight" from "neutral," and raised its price target to $54 from $51 -- never-before-seen territory. Longer term, shares of MCHP are down 9.1% year-to-date to trade at $41, but short-term speculators have shown a distinct preference for calls over puts. In fact, Microchip Technology Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 0.59 sits below 92% of all similar readings taken in the past year.

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