Analyst Upgrades: Corning Incorporated, Verizon Communications Inc., and Western Digital Corp

Analysts upwardly revised their ratings and price targets on Corning Incorporated (GLW), Verizon Communications Inc. (VZ), and Western Digital Corp (WDC)

by Kirra Fedyszyn

Published on Jul 7, 2016 at 9:25 AM

Analysts are weighing in on glassware manufacturer Corning Incorporated (NYSE:GLW), telecommunications stock Verizon Communications Inc. (NYSE:VZ), and data storage specialist Western Digital Corp (NASDAQ:WDC). Here's a quick roundup of today's bullish brokerage notes on GLW, VZ, and WDC.

  • GLW is up 2.9% in electronic trading after Goldman Sachs added the stock to its "Americas Conviction Buy" list, noting upbeat expectations for the company's revenue growth, beginning with second quarter earnings -- due later this month. While Corning Incorporated has added a healthy 10% on the charts so far this year, as of Wednesday's close at $20.11, today's attention from Goldman Sachs is a change of pace from the brokerage corner, where 10 out of 12 analysts still rate the stock a "hold" or worse. But options traders have been more optimistic in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), GLW's 50-day call/put volume ratio of 4.53 sits higher than 97% of the past year's readings.

  • VZ is pointed 0.4% lower from its Wednesday close at $56.26, despite a price-target hike to $58 from $53 at Citigroup. The company announced changes to its wireless plans yesterday, including options for more data, along with price increases of $5 to $10 dollars per month. The shares of Verizon Communications Inc. have added nearly 22% so far in 2016 -- rallying hard since a bounce off their 140-day moving average in late May -- and hit another 16-year high of $56.95 on Tuesday. Meanwhile, short-term options traders have reached a put-skewed peak -- the stock's Schaeffer's put/call open interest ratio (SOIR) of 3.89 stands at a 12-month high.

  • WDC is set to pop 6.1% at the open, paring some of its 42% year-over-year loss, as of its close at $45.46 on Wednesday. The company upped its fiscal fourth-quarter outlook last night, leading Craig-Hallum to raise its price target on the stock by $2 to $56 -- a level the shares haven't seen since mid-January. The brokerage bunch was already largely in Western Digital Corp's bullish corner, however, with roughly 70% of analysts handing out a "buy" or better recommendation. And while short interest still represents more than 8% of the stock's total float, these bearish positions fell by 51% during the two most recent reporting periods.
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