Analyst Update: Evoke Pharma, Skyworks, Autodesk

Analysts adjusted their ratings on Evoke Pharma Inc (EVOK), Skyworks Solutions Inc (SWKS), and Autodesk, Inc. (ADSK)

Oct 1, 2015 at 1:39 PM
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Analysts are weighing in today on pharmaceutical firm Evoke Pharma Inc (NASDAQ:EVOK), chipmaker Skyworks Solutions Inc (NASDAQ:SWKS), and software firm Autodesk, Inc. (NASDAQ:ADSK). Here's a quick roundup of today's brokerage notes on EVOK, SWKS, and ADSK.

  • EVOK is 15% higher this afternoon, trading at $3.41, after Rodman & Renshaw started coverage on the stock with a "buy" rating and $27 price target. The brokerage made the move because it feels the company's gastroparesis drug is "substantially risk-mitigated." Technically, EVOK has been just as volatile as many of its sector peers, dropping 59% since its annual high of $8.32 in January. Don't expect upgrades to help push the stock higher, as the only two analysts following Evoke Pharma Inc rate it a "strong buy."
  • SWKS is 2.2% lower at $82.33 this afternoon. Shares of Skyworks Solutions Inc are struggling, despite Citigroup initiating coverage with a "buy" rating and $115 price target. This price target represents a nearly 40% gain from current levels, and would be a new all-time high for SWKS. In June, the shares hit a record mark of $112.88, but have fallen 27% since. Amid this poor performance, option players have been stocking up on puts over calls at a faster-than-normal pace. In fact, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.01 is higher than all but 5% of the readings taken during the past 52 weeks. By contrast, take a look at SWKS' analyst coverage, as 15 of 17 brokerages rate it a "buy" or better. Should the shares continue to slip, downgrades from this enthusiastic bunch could lead the stock lower.
  • ADSK is 2.7% lower this afternoon at $42.95 -- and just 11 cents above today's nadir, which was an annual low -- after Barclays cut the company's price target to $57 from $62. The stock had been performing well, hitting an all-time high of $65 in February, but has shed 34% since. While shares of Autodesk, Inc. flounder, short-term bulls are stockpiling options. ADSK's SOIR of 0.18 is lower than 96% of the readings taken during the past year. Option players aren't alone in their bullish bias, as 10 of the 13 analysts tracking ADSK rate it a "buy" or better. A capitulation among option bulls and/or a change of heart from analysts could result in further pressure on the stock.
For other stocks in analysts' crosshairs, read Analyst Upgrades: Synergy Pharmaceuticals Inc, Celgene Corporation, and Microsoft Corporation and Analyst Downgrades: QUALCOMM, EZchip Semiconductor Ltd, and Keurig Green Mountain Inc.
 

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