Analyst Upgrades: Advanced Micro Devices, Amazon, Relypsa

Analysts upwardly revised their ratings and price targets on Advanced Micro Devices, Inc. (AMD), Amazon.com, Inc. (AMZN), and Relypsa Inc (RLYP)

Jun 16, 2016 at 10:01 AM
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Analysts are weighing in on semiconductor stock Advanced Micro Devices, Inc. (NASDAQ:AMD), online retailer Amazon.com, Inc. (NASDAQ:AMZN), and biotech Relypsa Inc (NASDAQ:RLYP)Here's a quick roundup of today's bullish brokerage notes on AMD, AMZN, and RLYP.

  • AMD is up 3.2% at $4.57, after Canaccord Genuity upgraded the stock to "buy" from "hold," and hiked its price target to $6 from $3.25. "We remain impressed with the new management team," stated analyst Matthew Ramsay (subscription required). "AMD is set up … to benefit for upcoming 4K/VR-related gaming console refreshes." Year-over-year, Advanced Micro Devices, Inc. shares have nearly doubled in value, increasing 91% and touching an annual high of $4.71 on May 31. Even before today's Canaccord Genuity upgrade, AMD had outperformed the greater S&P 500 Index (SPX) by 56.8 percentage points over the last 60 sessions.
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  • AMZN is down 0.3% at $712.43, even after KeyBanc/Pacific Crest hiked its price target to $820 from $800, citing Amazon's latest changes and cost-saving measures with delivery methods. "Amazon continues to innovate in last-mile delivery," according to the analysts. Amazon.com, Inc. is up over 66% year-over-year, and continues to fare well in the month of Junetouching a record high of $731.50 earlier this month. Analysts have been overwhelmingly positive toward the stock, with 27 of 31 rating AMZN a "buy" or better, and without a single "sell" rating to be seen. Options buyers are more bearish than usual, however, with AMZN's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) of 1.12 sitting in the 90th percentile of its annual range.

  • RLYP is trading at $18.71, up 3.1%, after the drugmaker reported May hospital sales data on Veltassa, its hyperkalemia drug. Subsequently, Wedbush reiterated its "outperform" rating and $51 price target -- more than double RLYP's current price -- with analysts saying they are "especially encouraged by the continued growth in outpatient subscriptions filled, which we believe is a barometer for reimbursement success." Still, Relypsa Inc shares have lost nearly half of their value year-over-year, with rally attempts being contained by the stock's 50-week moving average since August. Speculative players seem pessimistic on the stock, with short interest up 24.1% over the last two reporting periods, and shorted shares now accounting for over 54% of the stock's float.
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