Analyst Update: Ambarella Inc, BlackBerry Ltd, and Allegheny Technologies Incorporated

Analysts revised their ratings and price targets on Ambarella Inc (NASDAQ:AMBA), BlackBerry Ltd (NASDAQ:BBRY), and Allegheny Technologies Incorporated (NYSE:ATI)

Aug 29, 2016 at 1:49 PM
facebook X logo linkedin


Analysts are weighing in on tech stock Ambarella Inc (NASDAQ:AMBA), smartphone maker BlackBerry Ltd (NASDAQ:BBRY), and metal producer Allegheny Technologies Incorporated (NYSE:ATI). Here's a quick roundup of today's brokerage notes on AMBA, BBRY, and ATI.

  • Ahead of AMBA's turn in the earnings confessional Thursday night, the stock saw its price target boosted to $85 at Craig-Hallum. This upbeat outlook -- as well as an analyst-induced pop for AMBA customer GoPro Inc (NASDAQ:GPRO) -- has the stock up 2.7% at $70.82. This positive price action is just more of the same for the shares of Ambarella Inc, which have doubled since their mid-May lows near $35.30. Should the security extend this momentum -- possibly in the wake of another strong earnings reaction -- short sellers could be encouraged to cover their bearish bets. Currently 22% of AMBA's float is sold short, representing nearly nine sessions' worth of pent-up buying demand, at the stock's average pace of trading.
  • J.P. Morgan Securities boosted its price target on BBRY to $8 from $7, roughly in line with the equity's current price of $7.94. Technically, the shares are up 27.4% from their year-to-date low at $6.23 -- hit during the late-June broad-market sell-off. More recently, BBRY seems to have found a foothold in the $7.85-$7.90 region, which served as resistance in the first half of this month. While analysts been growing increasingly optimistic toward BBRY of late, options traders have shown a preference for long calls over puts in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BlackBerry Ltd's 50-day call/put volume ratio of 6.24 ranks in the 80th annual percentile.
  • Deutsche Bank raised its rating on ATI to "buy" from "hold" and its price target to $20 from $15, with the brokerage firm waxing optimistic over the company's cost-cutting measures. At last check, the stock was up 10.1% at $18.33. However, while the equity is within a chip-shot of taking out its annual high of $19.49 from last August, it is running into familiar resistance in the $18.40-$18.50 neighborhood, which has resisted Allegheny Technologies Incorporated's advances for most of the past 12 months. Today's bull gap is likely catching skeptics off guard, too. Not only is 19.1% of the stock's float sold short, but its 10-day put/call volume ratio of 3.96 at the ISE, CBOE, and PHLX ranks just 8 percentage points from a 52-week peak.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI