Analyst Upgrades: CBS Corporation, Etsy Inc, and Oclaro, Inc.

Analysts upwardly revised their ratings and price targets on CBS Corporation (NYSE:CBS), Etsy Inc (NASDAQ:ETSY), and Oclaro, Inc. (NASDAQ:OCLR)

by Josh Selway

Published on May 4, 2016 at 9:10 AM

Analysts are weighing in on media giant CBS Corporation (NYSE:CBS), e-tailer Etsy Inc (NASDAQ:ETSY), and network technology manufacturer Oclaro, Inc. (NASDAQ:OCLR). Here's a quick roundup of today's bullish brokerage notes on CBS, ETSY, and OCLR.

  • CBS is 2.6% higher in electronic trading, after the company's first-quarter earnings and revenue topped expectations. CBS Corporation's first-quarter numbers were boosted by increased ad spending for high-profile events, such as the Super Bowl, the Grammy Awards, and the 2016 presidential election. While the shares have performed well in 2016, they remain 11% lower on a year-over-year basis, as of Tuesday's close at $55.66. Analysts have high expectations, with at least 11 raising their price targets this morning -- including a hike to $75 at Credit Suisse, which represents all-time-high territory. Options traders, on the other hand, are more downbeat. Specifically, CBS' 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at an elevated 5.41, just 5 percentage points from a 12-month high. 

  • ETSY reported its first-ever quarterly profit last night, sending the shares soaring 17% in electronic trading. However, even this potential surge will do little to make up for the stock's long-term drought. Specifically, the stock opened for public trading at $31 last April, but closed Tuesday at just $8.40. Still, Etsy Inc's strong quarter caught analysts' attention, with Goldman Sachs and RBC both raising their price targets to $11, while Wedbush raised its mark to $10. This upcoming price action is also good news for short-term options traders, as ETSY's Schaeffer's put/call open interest ratio (SOIR) of 0.14 marks an annual low.
     
  • B. Riley was one of at least six brokerage firms to raise its price target on OCLR, setting the bar at $7.50 -- four-year-high territory for the stock. This comes after the company reported better-than-expected fiscal third-quarter earnings and raised its current-quarter outlook. After settling Tuesday at $5.12, the shares are set to open 7.4% higher, which would put them near their multi-year high of $5.54, seen at the start of April. This is exactly what short sellers didn't want to hear. A brow-raising 27.3% of Oclaro, Inc.'s float is sold short, which would take almost three weeks to buy back, at the equity's average daily volumes. 
Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

a schaeffer's exclusive

PLAY TRENDS LIKE A PRO!

5 tips to leverage profits in this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Bull Notes Keep Coming After FTSV Stock's Absurd Rally
FTSV has casually added 500% in two months
Beyond Meat Heads North of the Border
There's a lot of skepticism surrounding BYND shares
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.