Analyst Upgrades: Avago, Costco, and Palo Alto Networks

Analysts upwardly revised their ratings on Avago Technologies Ltd (AVGO), Costco Wholesale Corporation (COST), and Palo Alto Networks Inc (PANW)

Dec 3, 2015 at 9:19 AM
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Analysts are weighing in on semiconductor firm Avago Technologies Ltd (NASDAQ:AVGO), retailer Costco Wholesale Corporation (NASDAQ:COST), and cybersecurity specialist Palo Alto Networks Inc (NYSE:PANW). Here's a quick roundup of today's bullish brokerage notes on AVGO, COST, and PANW.

  • AVGO is poised to jump 9.3% at the open, after the company's fiscal fourth-quarter earnings beat prompted no fewer than a dozen analysts to upwardly revise their price targets. Most ambitious was UBS, which set a target of $185 -- in record-high territory for the stock. It's been quite the year for Avago Technologies Ltd, which has advanced over 31% to settle Wednesday at $132.21, though in recent months, the shares have been churning between $110 and $135. With the equity on the verge of breaking out of its recent range, option bears may be feeling antsy. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AVGO has amassed a 10-day put/call volume ratio of 0.87 -- outstripping four-fifths of comparable readings from the past 12 months. An unwinding of this negativity could add fuel to the stock's fire.
  • COST, which will report earnings after the close next Tuesday, Dec. 8, is getting some love after reporting that November and quarterly sales rose 3% and 2%, respectively, year-over-year. The November results, in particular, topped expectations. The brokerage crowd is responding, too, with Deutsche Bank upgrading its rating on Costco Wholesale Corporation to "buy" from "hold," and upping its price target to $200 from $152 -- representing uncharted territory for the shares. Baird and Stifel each bumped their price targets, as well. As such, COST is pointed almost 2% higher pre-market, which would add to its 17.4% year-to-date lead, as of yesterday's settlement at $161.09. This could rattle skeptics at the ISE, CBOE, and PHLX, where the security has amassed a 10-day put/call volume ratio of 0.99 -- in the 70th percentile of its annual range.
  • PANW has soared nearly 56% year-to-date to sit at $190.79, and will look to build on that today, up 1.4% in electronic trading. Boosting the shares is FBR's decision to add Palo Alto Networks Inc to its "Top Picks" list, and upwardly adjust its price target to $235 from $210 -- territory never before explored by the stock. This analyst optimism is more of the same. Twenty-two of 27 brokerages rate the equity a "buy" or better, with not a single "sell" opinion to be found. Also, PANW's consensus 12-month price target of $207.44 resides in heights not previously charted.
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