Analyst Update: Tesla, Goldman Sachs, Casey's General Stores

Analysts adjusted their ratings on Tesla Motors Inc (TSLA), Goldman Sachs Group Inc (GS), and Casey's General Stores Inc (CASY)

by Mark Fightmaster

Published on Sep 9, 2015 at 11:59 AM
Updated on Jun 29, 2020 at 3:48 PM

Analysts chimed in on electric vehicle producer Tesla Motors Inc (NASDAQ:TSLA), financial company Goldman Sachs Group Inc (NYSE:GS), and convenience store operator Casey's General Stores Inc (NASDAQ:CASY). Here's a quick roundup of today's brokerage notes on TSLA, GS, and CASY.

  • A day after its CFO Deepak Ahuja joined FireEye Inc's (NASDAQ:FEYE) board, TSLA was started with an "outperform" rating and target price of $340 at Oppenheimer. The brokerage noted that it views Tesla Motors Inc as a "transformative battery-powered product company with leading expertise in cell design, packaging, associated software, human-machine and machine-machine interaction design." Despite today's 1.1% jump to $250.99, the stock continues to face overhead resistance from its 10-week moving average. In recent weeks, this trendline has capped the shares' rally attempts. In fact, after hitting an all-time peak of $286.65 in late July, the stock has shed 12.4%, thanks -- in part -- to this moving average's resistance. Amid this downtrend, option bears have been piling on, per TSLA's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.08 -- in the 79th annual percentile.

  • GS is 1.8% higher at $189.21, after receiving an upgrade from BofA-Merrill Lynch. Specifically, Goldman Sachs Group Inc's rating was elevated to "buy" from "neutral" due to its attractive valuation, following the equity's a recent pullback. Technically, however, GS is facing significant overhead resistance. At the end of June, the stock tagged a seven-year high of $218.77; however, it quickly slipped below its 20-day moving average (which has capped its gains today), and has lost 13.5% from its peak. Analysts, nonetheless, have kept the faith. Twelve of 13 brokerages see GS as worthy of a "hold" or worse.
  • CASY tagged an all-time high of $114.90 this morning, after the company posted record first-quarter earnings. The results prompted a price-target hike to $111 from $109 at RBC, which also reiterated a "sector perform" rating. Casey's General Stores Inc is a solid, steady performer. The shares have continually journeyed higher atop their 10-month moving average. On the rare occasions that this trendline has faltered, the security's 20-month moving average has stepped up to provide support. Option players remain skeptical toward CASY, as the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.06 is higher than 73% of the readings taken during the past 52 weeks. Should this pessimism unwind in the wake of last night's upbeat earnings and today's upgrade, the stock could continue to challenge all-time highs. At last check, CASY was up 0.6% at $109.18.
For other stocks in analysts' crosshairs, read Analyst Upgrades: Fitbit Inc, Akebia Therapeutics Inc, and Dave & Buster's Entertainment, Inc. and Analyst Downgrades: Tetraphase Pharmaceuticals Inc, Flexion Therapeutics Inc, and MannKind Corporation

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