Analyst Update: Craft Brew Alliance Inc, Yelp Inc, and NetApp Inc.

Analysts are weighing in on alcoholic beverage company Craft Brew Alliance Inc (NASDAQ:BREW), review site Yelp Inc (NYSE:YELP), and tech stock NetApp Inc. (NASDAQ:NTAP). Here's a quick roundup of today's brokerage notes on BREW, YELP, and NTAP.

• BREW is up 21.2% at $17.52, after announcing it had inked distribution and brewing contracts with Anheuser Busch Inbev SA (ADR) (NYSE:BUD). BREW said it anticipates annual cost savings of about $10 million over the next decade, and analysts say the deal could set the groundwork for BUD to buy the firm, in which it owns a 32% stake. Meanwhile, Cowen and Company issued a price-target hike for Craft Brew Alliance Inc to $19 from $16 and reiterated its "outperform" rating. BREW is now up over 106% so far in 2016, and today's high of $18.66 was just a chip-shot off its 9-year high of $18.70 touched in October 2014. Although the stock's average options volume is relatively light, on an absolute basis, near-term option players have been exceptionally call-biased, with BREW's Schaeffer's put/call open interest ratio (SOIR) of 0.05 sitting in the absolute bottom of its annual range. BREW's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) also shows an elevated appetite for bullish bets, with 116.89 calls bought to open for every put during the past two weeks.

• YELP is down 1.2% at $37.17, as broad-market headwinds overshadow a reiterated "buy" endorsement and a price-target hike to $48 from $40 at MKM -- in annual-high territory. MKM analyst Rob Sanderson said "a large opportunity remains open" for Yelp Inc, which has shown "solid execution" over the past three quarters. YELP has nearly doubled in the past six months, and touched an annual high of $38.87 on Monday. Short interest represents 13.7% of YELP's total available float, suggesting more gains could be in store if short sellers continue to cover their bets. 

• NTAP is down 0.5% at $34.83, even after another round of bullish analyst attention. Goldman Sachs upgraded NTAP to "neutral" from "sell," hiked its price target to $32 from $26, and touted the company's more balanced risk/reward profile, while UBS raised its price target on the stock to $30 from $21. NTAP is currently up 32% in August, and yesterday marked a new annual high of $35.26. As such, the equity's 14-day Relative Strength Index (RSI) checked in at a lofty 91, well into "overbought" territory, suggesting today's breather may have been in the cards. Option players have been getting quite the bang for their buck, with NTAP's Schaeffer's Volatility Index (SVI) of 25% sitting lower than 96% of all other annual readings from the past year, implying near-term options have been pricing in historically low volatility expectations. NTAP's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 93, however, indicating NTAP has tended to exceed volatility expectations over the past 12 months.