Analyst Upgrades: Alibaba Group Holding Ltd, Autodesk, Inc., and Pure Storage Inc

Analysts upwardly revised their ratings and price targets on Alibaba Group Holding Ltd (BABA), Autodesk, Inc. (ADSK), and Pure Storage Inc (PSTG)

Aug 26, 2016 at 9:15 AM
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Analysts are weighing in on internet retailer Alibaba Group Holding Ltd (NYSE:BABA), software stock Autodesk, Inc. (NASDAQ:ADSK), and tech firm Pure Storage Inc (NYSE:PSTG). Here's a quick roundup of today's bullish brokerage notes on BABA, ADSK, and PSTG.

  • BABA saw its price target bumped to $130 from $95 at MKM Partners. The positive attention is well-deserved, considering the stock -- which closed at $93.94 yesterday -- has soared since bottoming around $60 in February. Options traders have been on Alibaba Group Holding Ltd's bullish bandwagon, too. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BABA's 10-day call/put volume ratio checks in at 2.81 -- with long calls nearly tripling puts -- in the high 95th percentile of its annual range.

  • Fresh off an upbeat earnings report, ADSK shares have jumped 4.4% in pre-market trading. Giving the stock an additional lift is a round of price-target hikes from the like of Barclays, Goldman Sachs, and at least six other brokerage firms. As a result, bearish options traders could be on pins and needles. Autodesk, Inc. has racked up an ISE/CBOE/PHLX put/call volume ratio of 1.37 over the past 10 days, registering in the top quartile of its 12-month range. Plus, the stock has come roaring back from its early summer sell-off, rallying 28% from its June bottom at $49.82 to hover at $63.70.

  • PSTG reported a narrower-than-expected second-quarter loss and its sales came in above estimates, prompting a raft of upbeat analyst attention. Specifically, no fewer than six brokerage firms raised their price targets on the stock -- though Morgan Stanley and Raymond James cut their respective price targets to $21 and $16. Pure Storage Inc is poised to gap 14% higher at the open, which would effectively close its bear gap from earlier this month on a negative note from OTR Global. Plus, a round of short covering could add fuel to the fire, with 18.6 million shares sold short -- almost 30 times the equity's typical daily trading level. Yesterday, PSTG closed at $11.83, down 15% from its mid-August highs near $14.
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