Analysts upwardly revised their ratings and price targets on Cisco Systems, Inc. (CSCO), salesforce.com, inc. (CRM), and American Eagle Outfitters (AEO)
Analysts are weighing in on tech stocks
Cisco Systems, Inc. (NASDAQ:CSCO) and
salesforce.com, inc. (NYSE:CRM), as well as retailer
American Eagle Outfitters (NYSE:AEO). Here's a quick roundup of today's bullish brokerage notes on CSCO, CRM, and AEO.
- CSCO is set to pop 5.1% out of the gate -- and move into the green on a year-to-date basis -- after the tech company's strong earnings report and upbeat current-quarter guidance was met with applause from analysts. Among those weighing in was Barclays, which boosted its price target to $31 from $29. Additionally, the brokerage firm said CSCO has been its "supertanker" pick, given "its strength as a 'picks-and-shovel' provider to the cloud." Leading up to last night's results, options traders were optimistic toward Cisco Systems, Inc., which closed at $26.72. This glass-half-full approach is evident elsewhere, too, with short interest accounting for less than 1% of CSCO's available float.
- CRM also received a bevy of bullish brokerage attention, after the cloud company reported earnings above the consensus estimate and boosted its full-year forecast. Several analysts are projecting a move into triple-digit territory, including Credit Suisse, which upped its price target for salesforce.com, inc. to $115 from $100. Against this backdrop, CRM stock is 6.1% higher in electronic trading -- after closing at $77.87 last night -- and could take aim at its Nov. 19 record high of $82.90. Options traders, meanwhile, are more put-heavy than usual toward CRM. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.75 rests in the 86th annual percentile.
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While a number of retail stocks have struggled this earnings season, AEO is set to jump 15.7% at the open -- and possibly log its best day in four years -- after the company posted better-than-expected first-quarter earnings. What's more, the stock received no fewer than three price-target hikes, with Cowen and Company -- which lowered its outlook earlier this week -- offering up the most optimistic target of $18. Stifel, meanwhile, cut its price target to $18 from $20. AEO could certainly use a boost on the charts, considering the shares have surrendered nearly 22% since hitting a March 21 year-to-date high of $17.13 to trade at $13.39. Today's projected price action could have some of the weaker bearish hands calling it quits. Short interest on American Eagle Outfitters edged up 2.9% in the most recent reporting period, and now accounts for more than 23% of the stock's available float.
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