Analyst Upgrades: Wynn Resorts, Limited, Michael Kors Holdings Ltd, and ArcelorMittal SA (ADR)

Analysts upwardly revised their ratings and price targets on Wynn Resorts, Limited (WYNN), Michael Kors Holdings Ltd (KORS), and ArcelorMittal SA (ADR) (MT)

Mar 7, 2016 at 10:11 AM

Analysts are weighing in on casino interest Wynn Resorts, Limited (NASDAQ:WYNN), retail interest Michael Kors Holdings Ltd (NYSE:KORS), and steel and mining stock ArcelorMittal SA (ADR) (NYSE:MT). Here's a quick roundup of today's bullish brokerage notes on WYNN, KORS, and MT.

WYNN was upgraded to "buy" at UBS -- which also set a price target of $95 -- but the shares are currently 3.2% lower at $82.67. Wynn Resorts, Limited is up 23.5% so far this year, thanks in part to a strong earnings report last month. Still, nine out of 14 brokerage firms rate the stock a lukewarm "hold," and 21.8% of WYNN's available float is sold short -- pointing to potential buying power on the sidelines, should more analysts or short sellers abandon ship.

Nomura raised its price target on KORS to $64 from $60, boosting the stock 0.2% to $57.30. Michael Kors Holdings Ltd has already added 42.7% in 2016 -- with February's impressive earnings helping the shares -- and last week topped its 80-week moving average for the first time since August 2014. And today's rally might have some option traders sweating. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX, KORS has a 50-day put/call volume ratio of 1.25 -- higher than 99% of all readings taken in the last 12 months.

MT is 4.8% higher at $5.08, thanks to a broad rally in mining names and after Jefferies upgraded the stock to a "hold" and raised its price target to $4.50 -- still a discount to ArcelorMittal SA's current value. The stock has been on a downtrend for most of the past year, but a rally in the last month -- including an ongoing six-day winning streak -- has MT up 15% year-to-date. In fact, the equity has outperformed the S&P 500 Index (SPX) by 27 percentage points over the last three months, but not a single analyst rates MT better than a "hold." Still, option traders appear optimistic -- at the ISE, CBOE, and PHLX, the security's 50-day call/put volume ratio of 4.88 is in the 93rd percentile of its annual range.

Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

Follow @Schaeffers

The $25K Day Trading Barrier is Gone

The long-standing Pattern Day Trader (PDT) rule that required many traders to maintain a $25,000 account balance is no longer standing in the way.

That means more traders can actively pursue short-term opportunities without the barrier that kept so many on the sidelines.

Now it's all about having the right strategy.

Dynamite Day Trading Signals helps you hit the ground running with up 2 options trade alerts per week, built to capture fast-moving opportunities.

👉 Sign up now to receive the next trade