Analyst Upgrades: Advanced Micro Devices, Michael Kors

Analysts upwardly revised their ratings and price targets on Norfolk Southern Corp. (NYSE:NSC), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Michael Kors Holdings Ltd (NYSE:KORS)

Apr 22, 2016 at 10:00 AM
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Analysts are weighing in on freight firm Norfolk Southern Corp. (NYSE:NSC), semiconductor stock Advanced Micro Devices, Inc. (NASDAQ:AMD), and retail stock Michael Kors Holdings Ltd (NYSE:KORS). Here's a quick roundup of today's bullish brokerage notes on NSC, AMD, and KORS.

  • NSC is up 8.1% at $89.33 this morning, after the company presented a surprise earnings beat, thanks in part to effective cost-cutting measures. And while the stock is still down 14.7% in the past 12 months, analysts are raising their expectations. UBS, for example, upgraded Norfolk Southern Corp. to "buy" from "neutral," and was one of at least nine brokerage firms to raise its price target, upping it to $102 from $84. This post-earnings pop should benefit bullish options traders. NSC's Schaeffer's put/call open interest ratio (SOIR) sits at 0.28 -- just 2 percentage points from an annual low. 
  • AMD has rocketed 31.1% higher a new 12-month high of $3.45 -- on pace for its biggest single-day jump ever, as well as a close atop its 30-month moving average -- after the company reported better-than-expected quarterly revenue, on top of an impressive current-quarter forecast. Advanced Micro Devices, Inc. also announced a $293 million licensing agreement with the joint venture it formed with China's Tianjin Haiguang Advanced Technology. Analysts have since rushed to the scene, with no fewer than 11 upwardly revising their expectations. Most notably, Craig Hallum raised its opinion to "buy" from "hold," and its price target to $6 from $3. More upgrades may be on the way for AMD, since 78% of analysts rate it a "hold" or worse. 
  • KORS is failing to take advantage of a price-target hike to $50 from $45 at Mizuho, with the shares down 0.5% at $51.37. As such, the stock is threatening to lose its recent foothold atop its 320-day moving average. Off the charts, it appears some of the bearish sentiment surrounding Michael Kors Holdings Ltd is starting to unwind. For instance, short interest fell by almost 5% over the past two reporting periods -- though short sellers still control more than a weeks' worth of buying power, going by average daily volumes. 
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