Analyst Update: Ciena, Qlik Tech, Weatherford International

Analysts revised their ratings and price targets on Ciena Corporation (CIEN), Qlik Technologies Inc (QLIK), and Weatherford International Plc (WFT)

Jun 3, 2016 at 2:12 PM
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Analysts are weighing in on tech stocks Ciena Corporation (NYSE:CIEN) and Qlik Technologies Inc (NASDAQ:QLIK), as well as oil concern Weatherford International Plc (NYSE:WFT). Here's a quick roundup of today's brokerage notes on CIEN, QLIK, and WFT.

  • CIEN is up 4.3% today at $20.89, breaking out above its 200-day moving average and into positive year-to-date territory, as it extends its post-earnings rally. No fewer than seven brokerage firms have increased their price targets on the stock, with Cowen and Company setting the highest mark, at $33 -- a level the shares haven't seen since 2008. Ciena Corporation could gain even more traction should short sellers abandon their positions. These bearish bets currently account for nearly 11% of the stock's total float, or about six sessions' worth of trading, at CIEN's average daily pace.
  • QLIK has added 0.2% at $30.14 despite a slew of downbeat analyst notes, including a downgrade to "underperform" from CLSA, and to the equivalent of a "neutral" rating at five other brokerages. In addition, no fewer than four of these analysts also cut their price targets. This negative attention follows the company's announcement on Thursday that it will be bought by private-equity firm Thoma Bravo in a cash deal worth about $3 billion, or $30.50 per share, expected to close during the third quarter of this year. Qlik Technologies Inc recently rallied more than 100% from its mid-February five-year low of $15.77 to its late-May high of $32.87, before pulling back sharply on yesterday's news.
  • WFT received an upgrade to "overweight" at Piper Jaffray, along with a price-target hike to $8 from $7.20 at Simmons, boosting the shares 2.5% to $6.04 -- even as oil prices slump. As a result, the stock has pared its year-over-year loss to 56.5%. Weatherford International Plc options traders have been eyeing a bounce in recent weeks. Specifically, WFT's 10-day call/put volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) clocks in at a top-heavy 10.82 -- higher than 98% of all readings in the past year.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Ambarella Inc, Five Below Inc, and Shire PLC and Analyst Downgrades: JA Solar Holdings Co., Ltd., Trina Solar Limited, and Zumiez Inc.

 

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