Analyst Upgrades: Tesla Motors Inc, Depomed Inc, and Transocean LTD

Analysts upwardly revised their ratings and price targets on Tesla Motors Inc (TSLA), Depomed Inc (DEPO), and Transocean LTD (RIG)

May 9, 2016 at 9:53 AM
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Analysts are weighing in on electric automaker Tesla Motors Inc (NASDAQ:TSLA), drug stock Depomed Inc (NASDAQ:DEPO), and drilling expert Transocean LTD (NYSE:RIG). Here's a quick roundup of today's bullish brokerage notes on TSLA, DEPO, and RIG.

  • TSLA is down 1% this morning at $212.77, even after Dougherty initiated coverage with a "buy" rating and a $500 price target -- representing an all-time high. On the charts, it's been a mixed bag for Tesla Motors Inc, which sped higher off its February lows, but has since reversed lower after flirting with the $270 level in early April -- and breached its key 200-day moving average ​not long ago. Options traders anticipate even more downside. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open 1.11 puts for every call -- a ratio that outstrips nine-tenths of all others from the past year.
  • Mizuho upped its opinion on DEPO to "buy" from "neutral," and also lifted its price target to $19 from $18. The move has sent the stock 9.8% higher out of the gate at $17.03. This is a welcome sight for shareholders -- including this activist hedge fund -- as Depomed Inc was staring at a 14.5% year-to-date loss heading into today's session. On the other hand, short sellers may be feeling the heat. During the last two reporting periods, short interest on DEPO spiked 16.8%, and currently accounts for 27.5% of the stock's float. Separately, rumors are circulating Horizon Pharma PLC (NASDAQ:HZNP) could be willing to take another stab at DEPO.
  • RIG received price-target hikes to $11 at UBS, Evercore ISI, and Iberia Capital. The bullish analyst attention has done little good for the stock, last seen 5.1% lower at $10.16, and down close to 18% on a year-to-date basis. On the sentiment front, Transocean LTD's bearish bandwagon is crowded. Seventeen of 18 analysts rate the shares a "hold" or worse, while almost 30% of its float is sold short -- which would take roughly one week to cover, at RIG's average trading volumes.
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