Analyst Upgrades: Chesapeake Energy, Urban Outfitters, Panera

Analysts upwardly revised their ratings and price targets on Chesapeake Energy Corporation (NYSE:CHK), Urban Outfitters, Inc. (NASDAQ:URBN), and Panera Bread Co (NASDAQ:PNRA)

Josh Selway

Mar 8, 2016 at 10:07 AM

Analysts are weighing in on oil-and-gas stock Chesapeake Energy Corporation (NYSE:CHK), retailer Urban Outfitters, Inc. (NASDAQ:URBN), and restaurant stock Panera Bread Co (NASDAQ:PNRA). Here's a quick roundup of today's bullish brokerage notes on CHK, URBN, and PNRA.

CHK is off 11.3% today at $4.64, as a price-target cut at Credit Suisse to $3 from $4 is overshadowing Susquehanna's price-target hike to $4.50 from $3.50. The stock is coming off a wild week in which it soared 88%, but appears to be coming back down to earth this morning. This isn't terribly surprising, considering CHK's 14-Day Relative Strength Index (RSI) of 75 sits firmly in overbought territory. Still, option traders may be hoping Chesapeake Energy Corporation can regain that momentum, as its Schaeffer's put/call open interest ratio (SOIR) of 1.45 lands in the low 17th percentile of its annual range -- hinting at a pronounced preference for calls over puts among short-term speculators.

URBN has surged 12% to $31.53 out of the gate, after the company's fourth-quarter earnings topped the Street's expectations. The shares are now at a six-month high, and set to close above their 200-day moving average, which had blocked several breakout attempts since their bear gap last May. No fewer than 15 brokerage firms have since raised their price targets on URBN, with Brean Capital and Baird setting the bar the highest at $35. More bullish attention could come, too, if Urban Outfitters, Inc. keeps rolling. That's because 17 of the 25 brokerage firms that track the stock say it's only worth a "hold" rating.

PNRA is up 1.9% today at $219.44, and earlier hit a record high of $220.44, after Morgan Stanley upgraded the stock to "overweight," while lifting its price target to $250 from $204. The shares are now up 12.7% in 2016, beating out the S&P 500 Index (SPX) by almost 16 percentage points in the past three months. Option traders, though, have taken a decidedly bearish stance on the stock. Panera Bread Co'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 3.02, which tops 89% of all readings from the past year.

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