Analyst Upgrades: Fitbit Inc, Myriad Genetics, Inc., and Nordstrom, Inc.

Analysts upwardly revised their ratings on Fitbit Inc (NYSE:FIT), Myriad Genetics, Inc. (NASDAQ:MYGN), and Nordstrom, Inc. (NYSE:JWN)

Sep 15, 2015 at 9:00 AM
facebook X logo linkedin

Analysts are weighing in on wearable fitness device maker Fitbit Inc (NYSE:FIT), molecular diagnostics specialist Myriad Genetics, Inc. (NASDAQ:MYGN), and department store chain Nordstrom, Inc. (NYSE:JWN). Here's a quick roundup of today's bullish brokerage notes on FIT, MYGN, and JWN.

  • FIT is ready to rally 3% out of the gate, thanks to another glowing recommendation from the brokerage bunch. Specifically, Pacific Crest initiated coverage on the stock with an "overweight" rating and a $47 price target -- representing expected upside of nearly 47% to last night's close at $32. Longer term, the shares have struggled since hitting a post-IPO high of $51.90 in early August -- down 38% -- and are currently staring up at their 10-day moving average. Nevertheless, option traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have shown a preference for long calls over puts in recent weeks, per Fitbit Inc's top-heavy 10-day call/put volume ratio of 1.66.

  • MYGN received price-target hikes from Goldman Sachs (to $27), Jefferies (to $38), and Mizuho Securities (to $38), and it appears ready to capitalize on the bullish brokerage notes. At last check, the stock was up 1% in electronic trading, after settling last night at $39.27. Overall, the equity has performed well during the recent market turmoil -- thanks in no small part to upbeat analyst attention -- tacking on 30% since bottoming at an annual low of $30.30 on Aug. 7. Should the shares resume their uptrend, there's plenty of fuel for a short-covering rally to ensue. In fact, short interest accounts for almost half of Myriad Genetics, Inc.'s available float, and would take approximately 32 sessions to cover, at average daily trading volumes.

  • Stifel upgraded JWN to "buy" from "hold," sending the shares slightly higher in pre-market action. The stock could certainly use a boost, considering it's staring at a nearly 8% year-to-date deficit, and has spent the past several weeks churning beneath its 320-day moving average. In Nordstrom, Inc.'s options pits, put players have been active, as evidenced by the equity's 50-day ISE/CBOE/PHLX put/call volume ratio of 1.29 -- in the 72nd annual percentile. Echoing this is JWN's Schaeffer's put/call open interest ratio (SOIR) of 1.31, which ranks higher than 82% 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!

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI