Analyst Upgrades: Tesla Motors Inc, Zynga Inc, and Qorvo Inc

Analysts upwardly revised their ratings and price targets on Tesla Motors Inc (NASDAQ:TSLA), Zynga Inc (NASDAQ:ZNGA), and Qorvo Inc (NASDAQ:QRVO)

by Josh Selway

Published on May 5, 2016 at 9:19 AM

Analysts are weighing in on Elon Musk's Tesla Motors Inc (NASDAQ:TSLA), mobile game maker Zynga Inc (NASDAQ:ZNGA), and semiconductor specialist Qorvo Inc (NASDAQ:QRVO). Here's a quick roundup of today's bullish brokerage notes on TSLA, ZNGA, and QRVO.

  • TSLA is up 2% ahead of the open, after the company reported a smaller-than-expected first-quarter loss, with CEO Elon Musk saying Tesla plans to hit its production target of 500,000 vehicles by 2018 -- two years ahead of schedule. On the flip side, Tesla said two of its production executives will be leaving the company. The subsequent analyst attention has all been positive, though, with no fewer than six analysts raising their price targets, including a hike to $338 from Baird. This would mark an all-time high for Tesla Motors Inc, which closed Wednesday at $222.56 -- settling below its 200-day moving average for the first time since March 30. Unlike short seller Jim Chanos, options traders will be glad to see the stock's upside move, as TSLA's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 1.31 -- in the 85th percentile of its annual range

  • ZNGA last night reported better-than-expected first-quarter earnings results, boosting the shares 13% in electronic trading. This pending move will put the stock -- which closed Wednesday at $2.30 -- in four-month-high territory and just below its year-to-date breakeven level. Zynga Inc received respective price-target increases to $3.30 and $2.45 from UBS and Goldman Sachs, but more bullish attention come be forthcoming. Specifically, 70% of covering brokerage firms call ZNGA a "hold" or "sell." 
     
  • At least nine brokerage firms have raised their prices targets on QRVO, following the company's impressive fiscal fourth-quarter earnings and current-quarter forecast. Among the bullish analysts was D.A. Davidson, which set the highest mark at $70, helping the shares gain 7.8% in pre-market trading. Qorvo Inc -- which recently dipped below its 50-day moving average -- is also looking up at its descending 200-day moving average, a trendline the shares haven't topped since their July bear gap. In fact, QRVO has lost almost half its value since hitting a decade-plus high of $88.35 in June to trade at $44.51, likely explaining the stock's elevated short-interest ratio. At average daily volumes, it would take QRVO short sellers more than seven days to cover their positions. 
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