Analyst Upgrades: Micron Technology, Inc., Broadcom Ltd, and GoPro Inc

Analysts upwardly revised their ratings and price targets on Micron Technology, Inc. (NASDAQ:MU), Broadcom Ltd (NASDAQ:AVGO), and GoPro Inc (NASDAQ:GPRO)

Josh Selway

Aug 29, 2016 at 10:01 AM

Analysts are weighing in on semiconductor stocks Micron Technology, Inc. (NASDAQ:MU) and Broadcom Ltd (NASDAQ:AVGO), as well as tech stock GoPro Inc (NASDAQ:GPRO). Here's a quick roundup of today's bullish brokerage notes on MU, AVGO, and GPRO.

MU continues to push higher, adding 1.9% this morning to trade at $16.82 -- fresh off a year-to-date high of $17.25 -- after Stifel and Deutsche Bank raised their price targets to $18 and $20, respectively. Looking back, the stock hasn't traded above $20 in over a year, but analysts have been targeting the round level recently. Indeed, the brokerage crowd -- similar to options traders -- is mostly upbeat on Micron Technology, Inc. At the moment, two-thirds of covering analysts recommend buying the stock.

AVGO has also been burning up the charts recently, gaining roughly 25% since bottoming near $142 in June. Today, the stock is up another 0.4% at $177.82, thanks to price-target increases at Brean Capital and RBC, which set their respective marks at $200 and $190. Both targets represent all-time-high territory for the shares, but bullish expectations are the norm for Broadcom Ltd. For example, the stock's 50-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 1.57 -- higher than four-fifths of the past year's readings. Looking ahead, the company is slated to report earnings Thursday evening.

GPRO is up 1.3% this morning, last seen at $14.91, after Goldman Sachs raised its price target to $12.50 from $11. GoPro Inc has been making strides on the charts in recent weeks, outpacing the S&P 500 Index (SPX) by nearly 33 percentage points in the past three months. While options traders have already taken a bullish stance, more optimistic attention from the analyst community could lift GPRO even higher. That is, just five of 15 covering analysts recommend buying the stock, meaning future upgrades are a possibility.

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