Analysts upwardly revised their ratings on Paypal Holdings Inc (PYPL), Marvell Technology Group Ltd. (MRVL), and Nike Inc (NKE)
Analysts are weighing in today on digital payment specialist Paypal Holdings Inc (NASDAQ:PYPL), semiconductor firm Marvell Technology Group Ltd. (NASDAQ:MRVL), and blue chip Nike Inc (NYSE:NKE). Here's a quick roundup of today's bullish brokerage notes on PYPL, MRVL, and NKE.
- PYPL is up 2.3% pre-market after Canaccord Genuity started coverage with a "buy" rating and $43 price target -- representing all-time-high territory. The stock could use a boost, given that it's lost one-fifth of its value since topping out at $42.55 on July 20, to close yesterday at $33.91. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have been initiating long calls like they're going out of style. Paypal Holdings Inc's 10-day call/put volume ratio of 13.87 indicates nearly 14 calls have been bought to open for every put over the last two weeks.
- MRVL announced last night restructuring plans that will include laying off roughly 17% of its workers. The move is being met with mixed reactions from the brokerage bunch, with Craig-Hallum upping its opinion on the shares to a "buy," and RBC Capital, Jefferies, and Morgan Stanley lifting their price targets. However, Nomura and BofA-Merrill Lynch reduced their price targets to $14 and $10, respectively. On the charts, Marvell Technology Group Ltd. has struggled, dropping close to 38% year-to-date to trade at $9.03 -- and recently gapping lower on news of an internal accounting probe. Amid this downtrend, option bears have been ramping up their activity. MRVL's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.28 ranks above three-quarters of comparable readings taken in the past year. Ahead of the bell, the stock is pointed 5.3% higher.
- NKE is on track to jump 8% at the open -- and notch a new record high -- following the company's standout earnings report and subsequent round of bullish brokerage attention. Specifically, Sterne Agee CRT upgraded the shares to a "buy," while no fewer than 11 analysts boosted their price targets -- with Susquehanna setting the highest bar, at $143. The expected bull gap is in keeping with Nike Inc's technical track record, as the stock has advanced 44% year-over-year. Put buyers could get burned on the news. During the last 10 weeks at the ISE, CBOE, and PHLX, NKE has amassed a put/call volume ratio of 1.10 -- just 5 percentage points from an annual peak.
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