Analyst Upgrades: Ambarella Inc, Broadcom Ltd, and Ciena Corporation

Analysts upwardly revised their ratings and price targets on Ambarella Inc (NASDAQ:AMBA), Broadcom Ltd (NASDAQ:AVGO), and Ciena Corporation (NYSE:CIEN)

Sep 2, 2016 at 9:17 AM
facebook twitter linkedin


Analysts are weighing in on tech stocks Ambarella Inc (NASDAQ:AMBA), Broadcom Ltd (NASDAQ:AVGO), and Ciena Corporation (NYSE:CIEN). Here's a quick roundup of today's bullish brokerage notes on AMBA, AVGO, and CIEN.

  • AMBA has lost 1.8% in electronic trading, even though the company topped Wall Street's earnings and sales forecasts, and offered a solid current-quarter revenue outlook. What's more, Deutsche Bank, Morgan Stanley, and Canaccord Genuity all raised their price targets, with the latter setting the highest mark of $86 -- territory not explored in over a year. At $71.78, Ambarella Inc is up almost 29% in 2016, and although short interest has been declining sharply for months, roughly 22% of the stock's float remains sold short

  • Fellow chipmaker AVGO is also moving lower in pre-market action, despite seemingly strong quarterly results. Specifically, the company topped analysts' expectations for earnings and revenue, and provided an upbeat sales outlook, but the stock is still down 0.6% ahead of the open. A post-earnings plunge wouldn't be totally unexpected, as options traders have been bracing for such a move. Meanwhile, a number of brokerage firms raised their price targets on Broadcom Ltd, including a hike to $220 at J.P Morgan Securities -- representing all-time-high territory. Speaking of all-time highs, AVGO hit one earlier this week at $179.42, and settled just below it yesterday at $177.09.  

  • After soaring yesterday on an earnings beat of its ownCIEN is getting sized up by analysts. B. Riley was one of at least six brokerage firms to raise its price target on the stock, putting it at $28.50 -- and in five-year-high territory -- though Morgan Stanley weighed in with a downgrade to "equal weight" from "overweight." Coming into today, analysts were already extremely bullish on CIEN, with 12 of 13 rating it a "buy" or better, and zero calling it a "sell." Still, Ciena Corporation has edged 2% lower ahead of the open, as the shares struggle to close their huge bear gap from December. Plus, CIEN's 14-day Relative Strength Index (RSI) checks in at 72, in overbought territory. The stock settled yesterday at $23.17, its highest close of 2016.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 

300x250 - Banner 3 - v1