Analyst Upgrades: Tesla Motors Inc, Etsy Inc, and Micron Technology, Inc.

Analysts upwardly revised their ratings and price targets on Tesla Motors Inc (TSLA), Etsy Inc (ETSY), and Micron Technology, Inc. (MU)

by Alex Eppstein

Published on Aug 1, 2016 at 9:24 AM

Analysts are weighing in on electric automaker Tesla Motors Inc (NASDAQ:TSLA), online retailer Etsy Inc (NASDAQ:ETSY), and chip stock Micron Technology, Inc. (NASDAQ:MU). Here's a quick roundup of today's bullish brokerage notes on TSLA, ETSY, and MU.

  • Following the approval of its SolarCity Corp (NASDAQ:SCTY) buyout offer, TSLA saw its "outperform" rating and $338 price target (record-high territory) reiterated at Baird. Despite expressing some short-term reservations, the brokerage firm nonetheless said, "[we] would be buyers on weakness as TSLA continues to show strong technological innovation." On Friday, though, Tesla Motors Inc settled at $234.79, still in negative year-to-date territory. Whether or not the stock can muscle higher in the short-term could largely be determined Wednesday night, when the company announces earnings. Heading into the event, 28% of TSLA's float is sold short, or seven times its average daily trading rate.

  • Citigroup initiated coverage on ETSY with a "buy" rating and a $14 price target -- a 39% premium to Friday's close at $10.06. Ahead of the open, the shares are pointed 3.4% higher, and have already advanced 22% so far in 2016. Looking ahead, Etsy Inc will report earnings tomorrow night, and bullish expectations are sky-high among options traders. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open nearly 32 calls for every put. The resultant call/put volume ratio of 31.89 ranks just 11 percentage points shy of an annual high.

  • MU's price target was raised to $16 at Mizuho, reflecting the stock's recent run up the charts. Since their May lows below $9.50, the shares have surged 47% to trade at $13.74. Options traders at the ISE, CBOE, and PHLX are counting on more upside from Micron Technology, Inc., too. Amid mounting M&A speculation, the stock's 10-day call/put volume ratio has risen to 10.64, outstripping 98% of all other readings taken in the past year.
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