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

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. 

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