Analyst Upgrades: Apple Inc., Etsy Inc, and Fitbit Inc

Analysts upwardly revised their ratings and price targets on Apple Inc. (AAPL), Etsy Inc (ETSY), and Fitbit Inc (FIT)

Aug 3, 2016 at 9:24 AM
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Analysts are weighing in on iPhone peddler Apple Inc. (NASDAQ:AAPL), e-commerce stock Etsy Inc (NASDAQ:ETSY), and fitness fanatic Fitbit Inc (NYSE:FIT). Here's a quick roundup of today's bullish brokerage notes on AAPL, ETSY, and FIT.

  • UBS raised its fiscal 2017 and 2018 iPhone sales estimates on AAPL, citing high retention rates and a large user base. While the stock has recently picked up momentum on an earnings beat, ending yesterday at $104.48, it remains 9% lower on a year-over-year basis. With optimism running extremely high toward Apple Inc., any near-term disappointments could trigger a wave of selling. For instance, AAPL looks vulnerable to downgrades, with an astounding 88% of analysts calling the shares a "buy" or better.

  • Huge revenue growth and an upbeat outlook at ETSY have prompted at least five bullish analyst notes, sending the stock 5.4% higher pre-market. Among the upbeat brokerages is Citigroup, which recently initiated coverage on the shares. This time around, Citigroup lifted its price target by $2 to $16, explaining that revenue estimates for Etsy Inc were "far too conservative." On the charts, it appears the shares will open at their highest level since October after settling Tuesday at $12.71. If that happens, short sellers could continue to stream toward the exits. During the latest reporting period, short interest on ETSY fell 13.2%, but still accounts for almost 7% of the stock's float.

  • FIT is also fresh off of a well-received earnings report, pointed 7.9% higher ahead of the open. On the sentiment front, Deutsche Bank bumped its price target up to $29 from $28, while Leerink trimmed its outlook to $16 from $18. Heading into the earnings event, Fitbit Inc was down 55.5% in 2016 at $13.16, prompting extreme short selling. In fact, over 34% of the stock's float is sold short, and would take over six sessions to cover, at FIT's average daily trading rate. These bearish bettors could be forced to take cover if the shares gap higher at the opening bell -- which, incidentally, has never happened after earnings in FIT's short life as a publicly traded company.
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