Analysts upwardly revised their ratings and price targets on Endo International plc - Ordinary Shares (ENDP), Microchip Technology Inc. (MCHP), and Chevron Corporation (CVX)
Analysts are weighing in on biotech
Endo International plc - Ordinary Shares (NASDAQ:ENDP), semiconductor stock
Microchip Technology Inc. (NASDAQ:MCHP), and Dow component
Chevron Corporation (NYSE:CVX). Here's a quick roundup of today's bullish brokerage notes on ENDP, MCHP, and CVX.
- ENDP is up 12% ahead of the open, after the drugmaker posted better-than-expected second-quarter profit and revenue. Goldman Sachs and Deutsche Bank responded with respective price-target increases to $22 and $31, while Mizuho Securities added that "business now appears more stable and less risky ... which could lead to a stock rally." On the other hand, Leerink trimmed its price target to $22 from $23. This is still above Endo International plc's Monday close of $18.19, though, and more bullish notes could be forthcoming, since the majority of analysts rate the stock a "hold." Then again, this bearish outlook makes sense given ENDP's technical history.
- Bullish analyst notes are pouring in on MCHP, following the company's impressive second-quarter earnings results and strong outlook. No fewer than 10 brokerage firms raised their price targets on the stock, with the highest mark of $74 coming from B. Riley. This represents all-time-high territory for Microchip Technology Inc., which closed last night at $56.63 -- 21.7% higher in 2016. This is all terrible news for short sellers, who control over 10% of the stock's float, which equates to 9.4 days' worth of buying power, going by MCHP's average daily trading volumes.
- CVX is edging higher in electronic trading, thanks to news that Piper Jaffray upgraded the stock's rating to "overweight." Chevron Corporation has already added a solid 12.5% year-to-date, closing at $101.20 on Monday, and appears to be getting a lift from its rising 120-day moving average. Despite this positive technical setup, options traders have taken a decisively bearish stance on Chevron Corporation. For instance, the stock's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 3.48, which is just 3 percentage points from an annual high. An unwinding of this pessimism could lift CVX shares even higher.
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