Analyst Upgrades: Amazon.com, Cliffs Natural, and JinkoSolar

Analysts upwardly revised their ratings and price targets on Amazon.com, Inc. (AMZN), Cliffs Natural Resources Inc (CLF), JinkoSolar Holding Co., Ltd. (JKS)

Jun 10, 2016 at 11:33 AM
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Analysts are weighing in on e-tailer Amazon.com, Inc. (NASDAQ:AMZN), mining stock Cliffs Natural Resources Inc (NYSE:CLF), and solar stock JinkoSolar Holding Co., Ltd. (NYSE:JKS)Here's a quick roundup of today's bullish brokerage notes on AMZN, CLF, and JKS.

  • AMZN is down 1.4% at $717.24, as broad-market headwinds overshadow an "outperform" initiation at William Blair, adding yet another endorsement to the stock's arsenal. Prior to today, 26 of 31 analysts considered AMZN worthy of a "buy" or better rating, without a single "sell" in sight. Amazon.com, Inc. stock shot up by over 67% within the past year, and on Monday touched a record high of $731.50. Still -- and despite its historical dominance in June -- option bears have been eyeing AMZN of late, as the stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) of 1.01 is in the 70th percentile of its annual range.
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  • CLF is up 3.4% at $5.28, muscling its way to gains after a tumble at the open. CLF yesterday raised its sales volume prediction for the year, and announced it would re-open a facility in Minnesota ahead of schedule (subscription required). Macquarie upgraded the stock to "outperform" from "neutral" and hiked its price target to $7.50 from $4 -- territory not charted since early 2015. Cliffs Natural Resources Inc has more than doubled since the beginning of 2016, and is now testing the waters in the $5.50-$6 area, which stifled a late-April rally. Prior to today, CLF had outperformed the greater S&P 500 Index (SPX) by 93.2 percentage points over the last 60 sessions. Despite the mining stock's meteoric rise, 38.8% of its float is sold short -- keeping the door open for a short squeeze.  More upgrades could fuel additional upside, too, as CLF has only one "strong buy" rating, compared to seven "holds" or worse.

  • JKS is down 3.5% at $20.55, shrugging off an upgrade to "overweight" by J.P. Morgan Securities. The stock has spent 2016 running into resistance at its 320-day moving average, and -- like many other solar stocks -- has lost over a quarter of its value so far this year. Investors are skeptical of JinkoSolar Holding Co., Ltd., with 15.9% of the stock's float currently sold short -- an amount that would take 6.5 days of trading, at JKS' average daily volume, to cover. 
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