Analyst Update: JinkoSolar Holding Co., Ltd., Etsy Inc, and Sorrento Therapeutics Inc

Analysts adjusted their ratings and price targets on JinkoSolar Holding Co., Ltd. (JKS), Etsy Inc (ETSY), and Sorrento Therapeutics Inc (SRNE)

by Alex Eppstein

Published on Dec 22, 2015 at 1:49 PM

Analysts are weighing in today on alternative energy issue JinkoSolar Holding Co., Ltd. (NYSE:JKS), e-tailer Etsy Inc (NASDAQ:ETSY), and drugmaker Sorrento Therapeutics Inc (NASDAQ:SRNE). Here's a quick roundup of today's brokerage notes on JKS, ETSY, and SRNE.

  • JKS is following its sector south, off 0.8% at $28.23. Also weighing on the solar stock is a price-target cut to $42 from $45 at Credit Suisse. However, from a long-term perspective, JinkoSolar Holding Co., Ltd. has been red-hot, gaining over 43% in 2015. Not surprisingly, option traders have tilted in a bullish direction at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). JKS' 10-day call/put volume ratio across those exchanges is a top-heavy 7.47, and outranks 94% of comparable readings from the prior 12 months.

  • ETSY has given back 0.9% at $8.64, after Roth Capital initiated coverage with a "sell" rating and $5.75 price target -- representing record-low territory for the shares. The skepticism is understandable, given the stock's underperformance. Specifically, Etsy Inc has lagged the broader S&P 500 Index (SPX) by 41.6 percentage points over the past 60 sessions. Short sellers see more downside in store, too. A healthy 9.3% of ETSY's float is sold short, which would take almost nine sessions to repurchase, at average volumes.

  • After being started at FBR with an "outperform" endorsement and a $22 price target, SRNE has jumped 17.4% to trade at $9.22. "We believe Sorrento has a lot of optionality and uncertainty but huge potential," the brokerage firm wrote. Today's bullish gap has trimmed SRNE's year-to-date deficit to 8.3%, and brought the shares near their 80-day moving average, which hasn't been toppled on a closing basis since Aug. 17. Optimism is commonplace among the analyst community. All three brokerages tracking Sorrento Therapeutics Inc have designated it a "strong buy," while its consensus 12-month price target of $27.20 nearly triples current trading levels.
For other stocks in analysts' crosshairs, read Analyst Upgrades: BlackBerry Ltd, Relypsa Inc, and Facebook Inc and Analyst Downgrades: Chipotle Mexican Grill, Inc., Apple Inc., and NetApp Inc.

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