Analyst Upgrades: Apple, Kite Pharma, BioMarin Pharma

Analysts upwardly revised their ratings on Apple Inc. (AAPL), Kite Pharma Inc (KITE), and BioMarin Pharmaceutical Inc. (BMRN)

Nov 18, 2015 at 9:15 AM
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Analysts are weighing in on Mac maker Apple Inc. (NASDAQ:AAPL), as well as drugmakers Kite Pharma Inc (NASDAQ:KITE) and BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). Here's a quick roundup of today's bullish brokerage notes on AAPL, KITE, and BMRN.

  • Goldman Sachs added AAPL to its "Conviction Buy" list, saying it "would use any potential share price weakness around supply chain datapoints as an opportunity to build positions." This is just more of the same from a stock that's been rated a "buy" or better by 22 of 31 analysts, with not a single "sell" recommendation to be found. Also, Apple Inc.'s consensus 12-month price target of $148.64 sits in all-time-high territory. Technically speaking, the shares have advanced 3% year-to-date at $113.69, and are currently testing support at their 80-week moving average. Ahead of the bell, AAPL is pointed 1.4% higher.
  • KITE has been a beast on the charts, powering 43.5% higher quarter-to-date to close Tuesday at $79.89 -- thanks to a sharp bounce off its 320-day trendline in early October. This technical tenacity is being rewarded today, as Goldman Sachs initiated coverage on the stock with a "buy" rating and $111 price target -- in uncharted territory. Elsewhere, short interest on Kite Pharma Inc represents over 16% of its total float, or nearly seven days' worth of pent-up buying demand, at typical volumes. In other words, if the shares -- up 4.5% in electronic training -- can sustain their fourth-quarter momentum, a short-covering rally could ensue. In other news, KITE CEO Dr. Arie Belldegrun appeared on CNBC earlier to discuss the firm's development of "highly personalized" cancer immunotherapies.
  • Goldman Sachs also weighed in on BMRN, doling out a "buy" rating and $158 price target -- expressing more optimism than Oppenheimer, which late yesterday started coverage with a "market perform" opinion and $119 price target. Technically speaking, the stock hasn't done much to merit bullish consideration, considering it's pulled back 29% since hitting a record high of $151.75 in late July to trade at $107.32, and has been notoriously weak during the month of November. This morning, though, BioMarin Pharmaceutical Inc. is poised to pop 1.6% at the open. In the options pits, traders have been accumulating bearish positions in recent weeks. Specifically, across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BMRN has racked up a 10-day put/call volume ratio of 2.05 -- just 5 percentage points from a 12-month peak.
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