Analysts upwardly revised their ratings and price targets on Freeport-McMoRan Inc (FCX), Range Resources Corp. (SCWX), and Secureworks Corp (SCWX)
Analysts are weighing in on mining stock
Freeport-McMoRan Inc (NYSE:FCX), energy interest
Range Resources Corp. (NYSE:RRC), and cybersecurity firm
Secureworks Corp (NASDAQ:SCWX). Here's a quick roundup of today's bullish brokerage notes on FCX, RRC, and SCWX.
- For the second day in a row, FCX is on the receiving end of bullish brokerage attention. This time around, Jefferies boosted its rating on the stock to "buy" from "hold," and raised its price target to $15 from $12.50 -- 34% upside to the security's current perch at $11.18. Freeport-McMoRan Inc shares have added 65% so far this year, including 1.3% today, though they've struggled since being rejected by the $14 level at the beginning of May. Bearish options betting has picked up during this month-to-date downtrend. Traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open exactly one put for every call in the past two weeks, outranking four-fifths of all readings from the past year.
- Just a day after diving on a major acquisition announcement, RRC has received one upbeat note from the brokerage community. Specifically, Raymond James upgraded its rating to "outperform" from "market perform." Meanwhile, Bernstein slashed its price target to $44 from $49, though that's still a 17.6% premium to the stock's current trading price at $37.42 -- off 0.7% this morning. On the charts, Range Resources Corp. is currently testing its ascending 40-day moving average. If the shares can bounce from that level, additional bullish brokerage attention could ensue. At present, 13 of 22 analysts rate the stock a "hold" or worse. Looking forward, RRC will hold its annual shareholder meeting tomorrow.
- Yesterday, SCWX soared 11% to finish at $13.81 -- its second-highest closing price since publicly debuting in late April. Today the shares have quickly tacked on another 1.9% at $14.07, after a raft of bullish analysts weighed in on the stock. Specifically, at least eight brokerages initiated coverage on Secureworks Corp with the equivalent of a "buy" opinion -- including Stifel, J.P. Morgan Securities, and Pacific Crest, which each also handed out an $18 price target. On the flip side, Credit Suisse is more skeptical, starting coverage with a "neutral" rating.
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