Analyst Update: Barrick Gold, Titan Machinery, Hewlett Packard

Analysts adjusted their ratings and price targets on Barrick Gold Corporation (USA) (NYSE:ABX), Titan Machinery Inc. (NASDAQ:TITN), and Hewlett Packard Enterprise Co (NYSE:HPE)

by Josh Selway

Published on Mar 4, 2016 at 3:19 PM
Updated on Jun 29, 2020 at 4:36 PM

Analysts are weighing in on gold stock Barrick Gold Corporation (USA) (NYSE:ABX), heavy equipment seller Titan Machinery Inc. (NASDAQ:TITN), and tech stock Hewlett Packard Enterprise Co (NYSE:HPE). Here's a quick roundup of today's brokerage notes on ABX, TITN, and HPE.

  • More positive analyst attention has come ABX's way, as Goldman Sachs bumped its price target to $14.50 from $14. The shares have charted a steady path higher in 2016, adding another 0.6% today at $14, and earlier touched an annual high of $14.80, helped by gold's rally. This price action could lead to a mass exodus of put traders. For example, Barrick Gold Corporation's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands at 1.14 -- an annual high. An unwinding of pessimism could fuel an extended ABX rally. 
  • TITN has paved out a 14.9% surge today to trade at $12.31 -- on pace for its best day in nearly six months -- thanks to an upgrade to "outperform" at Baird, which also raised its price target to $16. The firm's analysts cited potential upside in revenue from Titan's agriculture equipment, on top of the stock's short-squeeze potential. Speaking of that, short interest accounts for almost one-fifth of Titan Machinery Inc.'s float, and it'd take bears a brow-raising 24 sessions to buy back their shares, at average daily volumes. Suffice it to say, Baird may be on to something. Looking back, TITN has now gained over 46% in the past month. 
  • Better-than-expected earnings have HPE 14% higher at $15.51. Bernstein has since weighed, upgrading the stock to "outperform" from "market perform" and raising its price target by $3 to $19. Goldman Sachs raised its price target to the same level, though Jefferies shaved its price target to $19.25 from $19.50, while leaving its "buy" rating intact. Hewlett Packard Enterprise Co is back in the black on a year-to-date basis thanks to this post-earnings rally, and option traders should be happy. Specifically, more than four calls have been bought to open for every put during the past two weeks at the ISE, CBOE, and PHLX. 
For other stocks in analysts' crosshairs, read Analyst Upgrades: Broadcom Ltd, LinkedIn Corp, and Smith & Wesson Holding Corp and Analyst Downgrades: Ambarella Inc, Ford Motor Company, and Nimble Storage Inc.

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