Analysts upwardly revised their ratings and price targets on Tesla Motors Inc (TSLA), Nike Inc (NKE), and Cyberark Software Ltd (CYBR)
Analysts are weighing in on electric car company
Tesla Motors Inc (NASDAQ:TSLA), athletic apparel firm
Nike Inc (NYSE:NKE), and cybersecurity stock
Cyberark Software Ltd (NASDAQ:CYBR). Here's a quick roundup of today's bullish brokerage notes on TSLA, NKE, and CYBR.
- Optimism is building on TSLA ahead of the company's March 31 Model 3 reveal. Argus, for example, boosted its rating on the stock to "buy" from "hold," and set a price target at $333 -- well into record-high territory. The upgrade has shares of TSLA up 2.1% out of the gate to $237.65 -- extending their lead over the critical 200-day moving average, which was toppled last Friday for the first time this year. A continued shift in sentiment could create additional tailwinds for Tesla Motors Inc. Currently one-third of the equity's float is sold short, while 64% of analysts maintain a "hold" or worse opinion.
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Ahead of tomorrow's quarterly earnings announcement, NKE was added to J.P. Morgan Securities' "U.S. Equity Analyst Focus" list as a growth strategy pick. The brokerage firm also raised its price target on the shares to $72 from $67.50 -- a 13% premium to NKE's current perch at $63.91. Technically, NKE has bounced 16% from its Feb. 8 year-to-date low of $55.04. Short-term option traders, meanwhile, are much more call-skewed than usual. Specifically, Nike Inc's Schaeffer's put/call open interest ratio (SOIR) of 0.53 sits below 97% of all comparable readings taken in the past year.
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Goldman Sachs initiated coverage on a number of cybersecurity stocks, and for CYBR, this resulted in an upbeat "buy" recommendation and $51 price target. As such, the shares have edged higher amid a more bearish start for the broader equities market, last seen up 1.2% at $42.13. Longer term, CYBR has rallied more than 33% off its earnings-induced Feb. 12 annual low of $31.50, and short sellers have been jumping ship. In fact, short interest is down 19.9% in the most recent reporting period, but still represents a healthy 9% of Cyberark Software Ltd's available float. A continued unwinding of these bearish bets could help fuel CYBR's fire.
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