Analyst Upgrades: Adobe Systems, Eli Lilly, Skyworks

Analysts upwardly revised their ratings on Adobe Systems Incorporated (NASDAQ:ADBE), Eli Lilly and Co (NYSE:LLY), and Skyworks Solutions Inc (NASDAQ:SWKS)

Sep 18, 2015 at 9:04 AM
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Analysts are weighing in on software specialist Adobe Systems Incorporated (NASDAQ:ADBE), pharmaceutical firm Eli Lilly and Co (NYSE:LLY), and semiconductor stock Skyworks Solutions Inc (NASDAQ:SWKS). Here's a quick roundup of today's bullish brokerage notes on ADBE, LLY, and SWKS.

  • ADBE's disappointing current-quarter forecast is overshadowing better-than-expected fiscal third-quarter results and price-target hikes from Evercore ISI (to $88) and Jefferies (to $92), sending the shares 3% lower in electronic trading. Heading into today's session, ADBE was sporting a 10.5% year-to-date advance to trade at $80.31. What's more, the shares hit a record high of $87.25 in mid-August, before pulling back to -- and bouncing from -- their 320-day moving average. Outside of a rare showing of pre-earnings call players, option traders have been lining up on the bearish side of the aisle in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Adobe Systems Incorporated's 10-day put/call volume ratio is docked at an annual high of 7.73.

  • It was a big day for drugmakers on Thursday, and LLY was no exception. The stock rallied 6.5% to close at $89.98 -- hitting a 14-year high of $92.85 along the way -- on news the company's type 2 diabetes drug, Jardiance, reduced the risk of heart attacks and strokes. Analysts chimed in overnight, with Jefferies boosting its price target to $115, and Citigroup raising its target price to $110 -- both representing a move to never-before-seen territory. Eli Lilly and Co could get an additional boost, should more analysts re-evaluate their ratings. Currently, five out of 12 brokerages maintain a lukewarm "hold" rating on the outperformer, while the average 12-month price target of $93.61 is within a chip-shot of the equity's present price.

  • JMP Securities raised its price target on SWKS to $130 from $125, representing expected upside of 43.3% to last night's close at $90.74, and a trek into uncharted waters. Although the security has tacked on an impressive 25% in 2015, this optimism isn't shared in the equity's options pits. In fact, Skyworks Solutions Inc's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.24 sits above all other comparable readings taken in the past year, meaning puts have been bought to open over calls at an annual-high clip. An unwinding of these bearish bets could translate into tailwinds for the Apple Inc. (NASDAQ:AAPL) supplier.
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