Analyst Upgrades: Adobe Systems, Chevron, Wynn Resorts

Analysts upwardly revised their ratings and price targets on Adobe Systems Incorporated (ADBE), Chevron Corporation (CVX), and Wynn Resorts, Limited (WYNN)

Mar 18, 2016 at 10:03 AM
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Analysts are weighing in on software issue Adobe Systems Incorporated (NASDAQ:ADBE), oil stock Chevron Corporation (NYSE:CVX), and casino interest Wynn Resorts, Limited (NASDAQ:WYNN). Here's a quick roundup of today's bullish brokerage notes on ADBE, CVX, and WYNN.

  • No fewer than seven brokerage firms raised their price targets on ADBE, after the company reported fiscal first-quarter earnings above expectations and issued upbeat guidance. Susquehanna set the highest target, at $115 -- well into record-high territory. Adobe Systems Incorporated has gapped 5.7% higher to $95.06, and earlier touched an all-time peak of $98. Option bears could be kicking rocks along with short sellers. Short interest on ADBE surged 62.7% in the past two reporting periods.
  • CVX is up 0.6% at $97.44, thanks to an oil rally and a price-target hike to $96 from $94 at Goldman Sachs. Meanwhile, Nomura initiated coverage on Chevron Corporation with a lukewarm "neutral" rating and $85 price target -- a significant discount to the security's current value. The shares have been on the rise since mid-January, and are on pace to end this historically bullish week with a 2.6% gain. But short-term option traders may not be so pleased. CVX has a Schaeffer's put/call open interest ratio (SOIR) of 1.39 -- in the 97th percentile of its annual range -- indicating traders of options expiring in the next three months have been especially put-heavy.
  • WYNN is 7.2% higher at $95.15, bringing its year-to-date lead to 37.3%, thanks to some bullish analyst attention. Macquarie lifted its view of the Macau gaming sector to "neutral" from "overweight," and Deutsche Bank hiked its price target to $94 from $82. Wynn Resorts, Limited could stand to benefit from further bullish analyst attention -- despite its strong technical performance this year, 11 of the 16 brokerage firms following the stock still rate it a "hold" or worse. A short squeeze could keep WYNN's rally going, too -- these bearish bets still account for nearly one-fifth of the equity's available float.
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