Analyst Upgrades: Corning, Verizon, Western Digital

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

Jul 7, 2016 at 9:25 AM
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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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