Analysts upwardly revised their ratings and price targets on Facebook Inc (FB), Marvell Technology Group Ltd. (MRVL), and GoPro Inc (GPRO)
Analysts are weighing in on tech stocks
Facebook Inc (NASDAQ:FB),
Marvell Technology Group Ltd. (NASDAQ:MRVL), and
GoPro Inc (NASDAQ:GPRO). Here's a quick roundup of today's bullish brokerage notes on FB, MRVL, and GPRO.
- FB is 2.5% higher at $126.39, fresh off an all-time high of $128.33, after the company's impressive quarterly earnings brought price-target hikes from no fewer than 23 brokerage firms. Piper Jaffray set its sights highest, at $185 -- deep into record-high territory. The single dissenter was Monness Crespi Hardt, which lowered its rating on Facebook Inc to "neutral," citing expectations of "diminishing upside." FB has commanded wide bullish attention of late, though some pre-earnings traders were hoping to profit from a post-earnings volatility crush. The shares don't appear to be turning back anytime soon, either, after finding a foothold above the round $120 level last week.
- After releasing its delayed fiscal fourth-quarter results just weeks ago, MRVL missed analyst estimates for its fiscal first-quarter earnings, but gave an upbeat current-quarter outlook, boosting the shares 2% to $11.90. Plus, at least 10 analyst raised their price targets, including Brean Capital, which set its new target at $15 -- a level the shares haven't seen since April 2015. Should the stock widen its 35% year-to-date advance, it could benefit from further upbeat analyst attention, considering 13 out of 18 brokerages rate Marvell Technology Group Ltd. a "hold" or worse. And options traders haven't been particularly optimistic, either, per the stock's 50-day put/call volume ratio of 1.00 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- just 4 percentage points from a 52-week peak.
- GPRO has added 3.7% to $12.00, after its slimmer-than-expected quarterly loss led Wedbush to increase its price target on the stock to $14.50 from $13.00. The shares have spent 2016 struggling beneath the $14 mark, hitting a record low of $8.62 in late May. Though call buying has been a popular strategy over the long term in GoPro Inc's options pits, a surge of put buying hit the stock ahead of earnings. Short sellers could be hitting the bricks, too, if GPRO can keep its rally going, as these bearish bets account for nearly one-third of the stock's available float.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check